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The Chalice Mining Ltd (ASX: CHN) share price is soaring 13.3% higher in early trade today.
Chalice Mining shares closed yesterday at $3.75 and are currently trading for $4.25.
This comes after the ASX resource explorer reported on its latest, promising drill results.
What exploration results were reported
The Chalice Mining share price is on the rise after the company revealed it had intersected a new nickel-copper-platinum group element (PGE) sulphide zone at its Julimar Ni-Cu-PGE Project, located in Western Australia.
The visual results come from initial diamond drilling at the Dampier Target, some 10km north of the proven Gonneville Deposit. Assays for the new holes at Dampier are expected within six weeks.
The explorer reported that across three wide-spaced holes it had intersected a 15m to 80m wide zone of disseminated sulphides (averaging 1-3% sulphide), with locally abundant matrix sulphides (up to 20% to 30% sulphide) within an interlayered sequence of ultramafic to mafic intrusive rocks.
This is the first significant indication of orthomagmatic sulphide mineralisation outside of the Gonneville Deposit itself and is considered an exciting result which demonstrates the highly prospective nature of the Julimar Complex for additional Ni-Cu-PGE discoveries.
Exploration activities are continuing at the Hartog-Dampier targets. Thirteen of 70 planned diamond drill holes have been completed so far, with assays pending for five holes.
The Chalice Mining share price could be getting an extra boost as the company noted it’s yet to test several high-priority targets at Hartog-Dampier. It currently has four diamond drill rigs at the site with three additional rigs drilling at the Gonneville PGE-Ni-Cu-Co-Au Deposit.
Chalice highlighted that its drilling program in the Julimar State Forest uses “small footprint diamond drill rigs”. The exploration doesn’t entail any mechanised clearing of local vegetation or excavation.
Chalice Mining share price snapshot
Today’s big lift in the Chalice Mining share price will come as welcome news to shareholders who’ve held on during a difficult year.
Despite the boost, shares in the ASX explorer remain down 43% in 2022. That compares to a year-to-date loss of 14% posted by the All Ordinaries Index (ASX: XAO).
Taking a step back, investors who bought Chalice Mining shares on 31 January 2020 – before the onset of the COVID-19 pandemic – will be sitting on gains of almost 1,500%.