Chalice Gold Share Price Continues Up with New Julimar Horizon

Chalice Gold Share Price Continues Up with New Julimar Horizon

The share price of Chalice Gold Mines Ltd [ASX:CHN] has continued its strong uplift with a significant new discovery at its Julimar Nickel-Copper-PGE Project.

Today’s news marks the second major addition to the Julimar Project in just two weeks.

Although today’s addition is not as extensive as the previous, it has had a similar impact on the share price.

At the time of writing, the CHN share price is up 9.62%, or 25 cents, to trade at $2.85 per share.

CHN shares have made a return of ~1,200% year-on-year.

ASX CHN Share Price - Chalice Gold Mines

Source: Tradingview.com

Significant new PGE-copper-gold horizon

Today’s release relates to CHN’s Gonneville discovery, with the company uncovering a new growth opportunity at the site.

Ongoing step-out drilling has turned up some promising results over a ~1.2km strike.

Highlights include:

  • 33m at 2.1g/t palladium (Pd), 0.5g/t platinum (Pt), 0.2g/t gold (Au), 0.2% nickel (Ni), 0.5% copper (Cu), 0.02% cobalt (Co) from 81m
  • 0m at 2.5g/t Pd, 0.5g/t Pt, 0.2g/t Au, 0.3% Ni, 0.3% Cu, 0.02% Co from 139m
  • 0m at 2.3g/t Pd, 0.6g/t Pt, 0.2g/t Au, 0.2% Ni, 0.5% Cu, 0.02% Co from 170m

CHN say that all new mineralisation remains open and further infill drilling is currently underway.

Discover why this gold expert is predicting a HUGE spike in Aussie gold stock prices. Download your free report now.

Chalice Gold Mines - Julimar Project

Source: Chalice Gold Mines

Chalice Managing Director, Alex Dorsch, said:

The Gonneville PGE-Ni-Cu-Co-Au discovery continues to grow and recent drilling has delivered exciting new target horizons. Several new mineralised zones are emerging on the eastern contact with initial wide-spaced PGE…

The flow of drill results will continue as we step-up activity again with a 5th rig arriving shortly. We are on track to meet the mid-2021 guidance for a maiden Mineral Resource and continue to prioritise growth of high-grade mineralised zones.

How is Julimar shaping up?

Prior to CHN, Julimar had never been explored for Ni-Cu-PGE mineralisation.

Now CHN is poised to produce one of the rarest and most valuable precious metals — palladium.

Along with a host of other precious and base metals too.

Palladium is currently in short supply which drove spot prices to a recent record high of US$2,856/oz in February 2020.

The spot price currently sits at around US$2,300/oz.

Demand is largely being driven by regulations requiring increased use of the metal, particularly as an auto-catalyst in gasoline and gasoline-hybrid vehicles.

But with demand of around 11.5Moz in 2019 and only a global supply of 10.8Moz, CHN could find themselves in a very fortuitous position if they reach production.

And that’s just one of a handful of metals identified at Julimar.

With the fervour returning in the gold price after trailing off at the end of September, we could see stocks like CHN lift further this month. Our resident gold expert, Shae Russell, reckons other Aussie gold stocks could be set to spike too as Australia becomes the next ‘gold epicentre’. If you want to learn more, download your free report here.

Regards, 

Lachlann Tierney,
For The Daily Reckoning Australia