The Chalice Mining Ltd (ASX: CHN) share price is having a strong session on Wednesday.
In afternoon trade, the ASX 200 mining share is up 3% to $7.59.
This means the Chalice Mining share price is up over 20% year to date and trading within a whisker of its 52-week high.
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Why is this ASX 200 mining share rising today?
Investors have been buying this ASX 200 mining share on Wednesday after it was the subject of a bullish broker note out of Bell Potter.
According to the note, the broker has retained its speculative buy rating with an improved price target of $12.00.
Based on the current Chalice Mining share price, this implies potential upside of 58% for investors over the next 12 months.
What did the broker say?
Bell Potter highlights that the company has just announced a major resource upgrade for the Gonneville deposit at its 100% owned Julimar Nickel-Copper-PGE project.
It believes this is a major positive development and reinforces Gonneville's status as a tier one, globally significant Ni-PGE deposit. It commented:
This is a major positive development for CHN, in our view. It delivers a material increase in the size of the Resource and the Indicated and Measured category has increased by ~63Mt (~26%) over the previous Resource. Importantly, 95% of the Resource above a depth of 200m is now classified as Indicated, hence available for conversion to Reserves to underpin the Scoping Study.
This latest Resource update reinforces Gonneville's status as a Tier-1, globally significant Ni-PGE deposit and should be a positive catalyst for the strategic partnering process that CHN has stated is underway.
All in all, the broker believes this could make Chalice Mining one of the top mining shares to buy right now.
