The Chalice Mining Ltd (ASX: CHN) share price is in the green today, currently up by 2.24% to $9.59.
In earlier trading, it jumped as high as $9.92 — a gain of almost 6% on the previous close.
Investors are responding positively to an announcement in which the mineral exploration company outlined progress at its Julimar Nickel-Copper-Platinum Group Element (PGE) Project.
What's got Chalice Mining charging higher?
The Chalice Mining share price is rising after the company reported a significant new discovery at its 100%-owned Julimar site, located around 70km north of Perth.
Chalice says step-out drilling has intersected a new shallow zone of high-grade sulphide mineralisation. The discovery is considered significant. This is because the zone is "located immediately south of the 6.5km long Hartog AEM anomaly", within the Julimar State Forest.
In addition, Chalice advised its conservation management plan for initial drilling at these targets has been finalised. It is now under consideration by the WA State Government, with approval expected shortly.
While waiting for approval, Chalice has continued step-out and infill drilling at its Gonneville deposit with 6 rigs.
A total of 225 diamond drill holes and 460 reverse circulation (RC) drill holes for approximately 180,000 metres have been completed.
Assay results are pending for a further 66 completed drill holes after the company obtained results for 129 holes. Lab turnaround times are currently averaging approximately four weeks, according to the announcement.
Speaking on the news pushing up the Chalice Mining share price, director and CEO Alex Dorsch said:
Extensional drilling in an area previously considered to consist only of metasediments has intersected a tantalising new shallow zone of sulphide mineralisation, which is interpreted to be the potential southern extent of a new Hartog zone. The moderate nickel, copper and cobalt grades observed are considered particularly encouraging.
We believe that the new ultramafic unit intersected is very unlikely to be Gonneville, given that it is separated by around 70m of metasediments and appears to be highly deformed and geochemically different. The new discovery has once again upgraded the prospectivity of the >6.5km long Hartog target immediately north of the new intersections.
Chalice Mining share price snapshot
The Chalice Mining share price has soared by 138% in the last 12 months and 148% this year to date.
Chalice shares have also gained 45% in the last month and are up around 2% in the past week.
