Chalice Mining Share Price Rises on Potential New Targets at Julimar

Chalice Mining Share Price Rises on Potential New Targets at Julimar

Shares trading in Chalice Mining Ltd [ASX:CHN] have continued their hot run over the past two weeks after announcing it has secured access to new targets in the Julimar State Forest.

At time of writing, the CHN share price is up 4.10% or 16 cents to trade at $4.06 per share.

chalice mining CHN

Source: Tradingview

The final month of 2020 was kind to gold explorers like CHN, as we saw confidence in the market wane as COVID-19 cases ticked up around the world.

CHN aren’t done growing Julimar yet

Today, CHN announced that it has received approval from the Minister for Environment for initial non-ground disturbing exploration activities within the Julimar State Forest.

The explorer plans to target three large-scale airborne electromagnetic (EM) anomalies located within the State Forest to the north of its Gonneville discovery.

CHN discovery

Source: Chalice Mining

In mid-December, CHN acquired three properties within the Julimar Project it deemed important for step-out and resource definition.

The properties, plus associated livestock and farming assets, were acquired for consideration comprising of $7 million in cash and 2,303,010 ordinary fully paid Chalice shares.

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CHN Managing Director, Alex Dorsch, commented:

This access approval has been eagerly anticipated and is highly significant, as it allows us to finally start to understand the true scale of the Julimar discovery. The targets to the north of the world-class Gonneville discovery have the potential to add material value to the project and we are incredibly excited to be the first on the ground.

The strength and scale of the EM target at Hartog has drawn significant interest and we believe it could represent a different section of the intrusive complex which may be prospective for new styles of nickelcopper-PGE mineralisation.

What’s in store for CHN in the New Year?

We could see a strong few months for explorers like CHN to begin 2021 on the back of a strong return of the gold price.

Take at look at the graph below:

CHN year share price

From the beginning of December, the spot gold price has climbed 7.70% and could be on track to regain the key US$2,000 per ounce mark.

The story is similar for other rare earths too.

While there is gold present at Julimar, one focus of operations is platinum group elements, which have also had strong performances through December.

Julimar ASX:CHN

Source: Tradingview

With the rise in coronavirus cases globally and a shaky rollout of the new vaccine, gold and other rare earths could be in for a solid resurgence this year.

With the fervour returning in the gold price, 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.


Lachlann Tierney,

For The Daily Reckoning Australia