Why has the Chalice Mining share price rocketed 33% in a month?

Shares in S&P/ASX 200 Index (ASX: XJO) mineral explorer Chalice Mining Ltd (ASX: CHN) have been on a roll over the last month.

The Chalice Mining share price has gained 32.72% in that time to close Monday’s session at $5.07.

For comparison, the ASX 200 has lifted 6% over the last 30 days.

So, what’s been driving the materials giant’s stock higher lately? Let’s take a look.

Plenty of positive news

The Chalice Mining share price has been rocketing higher recently on the back of multiple exciting releases.

Just over a month ago, the company announced it had uncovered a new nickel-copper-platinum group elements sulphide zone at its Julimar Project in Western Australia. The find marked the first significant sign of orthomagmatic sulphide outside the project’s Gonneville Deposit.

Chalice Mining updated its mineral resource estimate for the Gonneville Deposit on 8 July. Around 70% of the deposit’s resource is now marked as ‘indicated’ – up from about 45%. That brought a significant boost in geological confidence.

Additionally, the company advised drilling and remodelling resulted in an approximate 5% increase in the deposit’s resource mass and contained nickel equivalent metal.

There has also been recent news of an entirely different project. Chalice Mining received a 51% stake in Venture Minerals Ltd (ASX: VMS) ‘s South West Project in mid-July before committing to the second stage of the companies’ joint venture last week.

That could see the ASX 200 company’s stake upped to 70% in return for spending $2.5 million on exploration activities. Such activities will follow up on recently identified nickel and copper targets.

But the Chalice Mining share price’s most significant gain over the last 30 days came from the company’s quarterly results. The stock leapt 8% when the company dropped its earnings report for the three months ended 30 June.

Chalice Mining share price snapshot

However, its recent gains haven’t been enough to boost the stock back into the longer-term green.

The Chalice Mining share price is still 43% lower than at the start of 2022. It’s also fallen 25% since this time last year.

The post Why has the Chalice Mining share price rocketed 33% in a month? appeared first on The Motley Fool Australia.

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More reading

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Motley Fool contributor Brooke Cooper 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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