- Chalice Mining (CHN) shares continue to rise on the market this morning after the company announced the “biggest nickel sulphide find in over 20 years”
- After rising by as much as 19 per cent on the market yesterday, Chalice rose a further 10 per cent this morning, before sliding a few percentage points to $9.46 at midday
- The share price has risen 5856 per cent since March 16, 2020 when the stock was sitting at 16 cents prior to the announcement of the Gonneville discovery
- The business identified a 330-million-tonne deposit with 0.94 grams palladium, platinum, and gold (3E), 0.16 per cent nickel, 0.1 per cent copper, and 0.016 per cent cobalt
- Shares in Chalice are up 6.67 per cent to $9.28
Shares in Chalice Mining (CHN) have continued to spike on the market this morning after announcing the “largest nickel sulphide discovery in over 20 years”.
After gaining as much as 19 per cent on the market yesterday, Chalice climbed another 10 per cent this morning before falling a few percentage points, with shares trading at $9.34 in midday trade.
It caps an amazing year for the firm, which was trading at $3.14 a year ago before skyrocketing to $9.14 in early June. Following a drop to $5.83 in October, the stock has risen to $9.34 in the last two days of trade as investors respond favourably to the recent statement.
Zooming out farther reveals the extent of the company’s growth. Until early April 2020, the company’s shares were worth less than a dollar. Since March 16, 2020, when the stock was trading at 16 cents prior to the announcement of the Gonneville discovery, the share price has increased by 5856 per cent.
Yesterday’s publishing of a preliminary mineral resource estimate for Gonneville, near the Julimar State Forest on Perth’s north-eastern suburbs, solidified Chalice’s status as a probable takeover target for major miners.
The discovery of the Chalice-owned farmland is the first of what the company considered to be an entirely new district.
The deposit, which is promising for nickel, copper, cobalt, gold, and platinum group elements (PGEs), is the greatest nickel sulphide find in over 20 years and the largest PGE discovery in Australian history, according to the business.
The business has now identified a 330-million-tonne deposit with 0.94 grams palladium, platinum, and gold (3E), 0.16 per cent nickel, 0.1 per cent copper, and 0.016 per cent cobalt.
Gonneville has 10 million ounces of 3E, 530,000 tonnes of nickel, 330,000 tonnes of copper, and 53,000 tonnes of cobalt at these grades.
“Given its sheer scale, the attractive suite of six payable metals it contains and its premier location close to world-class infrastructure and services in Perth, Chalice clearly has the potential to become a leading global player in the green metals space,” Chalice Managing Director and CEO Alex Dorsch said.
“It is also important to emphasise that the current resource covers just seven per cent of the Julimar Intrusive complex, which has been interpreted to cover a strike length of more than 26 kilometres.”
Chalice General Manager of Development Bruce Kendall said mineralisation is still open to the north within the Julimar State Forest, with the company awaiting approvals to start drilling.
“Despite the scale and significance of the maiden Gonneville Resource, we believe that the broader Julimar project is still at a very early stage in its discovery history – and we are very excited about the discovery and growth opportunities within the extensive Julimar Complex,” he said.
Shares in Chalice are up 6.67 per cent to $9.28 at 12:59 pm AEDT.