The Chalice Mining Ltd (ASX: CHN) share price has been a strong performer on Thursday.
In afternoon trade, the mineral exploration companyâs shares are up over 7% to $3.95.
This means the Chalice Mining share price is now up approximately 11% over the last two trading sessions.
Whatâs going on with the Chalice Mining share price?
There appear to be a couple of catalysts for the strong gain by the Chalice Mining share price today.
The first is a rebound in the resources sector. For example, at the time of writing, the S&P/ASX 200 Resources index is up a sizeable 2.2%.
This compares favourably to the benchmark ASX 200 index and its 0.5% gain.
What else?
Also potentially boosting the Chalice Mining share price is a broker note out of Bell Potter from earlier this week.
In response to recent drilling updates, the broker has retained its speculative buy rating and lofty $11.73 price target. This is almost triple where the companyâs shares currently trade.
Bell Potter commented:
This is another positive update from CHN, with the latest Resource showing growth and improvement on all metrics: tonnes, grade and quality. It is also in-line with our expectations, with the main focus being the lift in the quality of the Resource. This is, in our view, a top priority and will support ongoing mining studies.
The high grade Resource provides project development optionality, flexibility to maximise project cash flows and is supportive of potential underground operations. The update has delivered all the key features we were expecting and is a key project development milestone.
The post What’s behind the Chalice Mining share price jumping 7% today? appeared first on The Motley Fool Australia.
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More reading
- What had the Chalice Mining share price glowing today?
- Here are the top 10 ASX shares today
- Why is the Chalice Mining share price racing higher today?
- Top broker says the Chalice Mining share price can rise almost 200%
- 5 things to watch on the ASX 200 on Friday
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.
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