The Chalice Mining Ltd (ASX: CHN) share price has started 2021 in sensational form.
In afternoon trade the mineral exploration company’s shares are up 11% to $4.34.
Why is the Chalice Mining share price surging higher?
Investors have been fighting to get hold of the company’s shares on Monday following the release of an update on its Julimar operation.
This morning Chalice Mining announced that it has received a key access approval to additional exploration areas at its 100%-owned Julimar Nickel-Copper-Platinum Group Element (PGE) project which is located ~70km north-east of Perth in Western Australia.
According to the release, the Minister for Environment has consent to initial non-ground disturbing activities within the Julimar State Forest under the approved Stage 1 Conservation Management Plan (CMP).
Management notes that this approval paves the way for the first ever Ni-Cu-PGE exploration activities within the State Forest. It also advised that its exploration activities will have negligible impact on vegetation, fauna, or recreational activities within the area, and will be governed by the approved CMP.
Why explore there?
The company has high hopes for this particular area. This follows the first-ever airborne electromagnetic (AEM) survey over the area in September, which identified several large-scale EM anomalies. These have been named Hartog, Baudin, and Jansz.
These were located directly along strike from the company’s “world-class” Gonneville PGE-Ni-Cu-Co-Au discovery.
Management believes the three targets represent high quality greenfield discovery opportunities over ~20km of strike length across the interpreted Julimar layered mafic-ultramafic intrusive complex.
The highest priority is the Hartog anomaly, given its similar EM signature to the Gonneville discovery.
What now?
Initial exploration activities within the Julimar State Forest will commence in the coming weeks and are anticipated to be completed in the first quarter of 2021.
Chalice’s 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.”
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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