The share price of S&P/ASX 200 Index (ASX: XJO) mineral explorer Chalice Mining Ltd (ASX: CHN) isnât going anywhere today. Itâs been frozen as the company prepares to inform the market of an update on its mineral resource estimate.
The Chalice Mining share price last traded at $6.28.
And there it will stay until the company reveals its news or the market opens on Wednesday, whichever comes sooner.
So, what might we expect from the anticipated announcement? Letâs take a look.
ASX 200 mining share frozen ahead of mineral resource news
The Chalice Mining share price has been placed into a trading halt on Monday.
The market might be expecting to hear news of the company’s flagship Julimar Project â previously found to house nickel, copper, platinum group elements (PGE), cobalt, and gold.
Chalice Mining previously said it expects to post an update on the projectâs Gonneville depositâs resources in the current quarter.
Drilling completed in the December quarter saw potential for the deepening of the depositâs resource pit shell at its northern end. It intersected several broad zones of sulphide mineralisation beyond the known resource.
The expected resource update will incorporate 157 infill and wide-spaced step-out drill holes and 109 close spaced reverse circulation drill holes in the expected starter pit area.
Further, initial drilling at the greenfield Hooley Prospect also intersected PGE-dominant sulphide mineralisation last quarter.
Of course, thereâs no guarantee the awaited announcement is related to the Gonneville deposit, or the broader Julimar Project.
No doubt ASX 200 mining fans will be watching the stock closely over the coming days in anticipation of the expected mineral resource update.
Chalice Mining share price snapshot
The Chalice Mining share price has underperformed the broader market slightly in recent times.
The stock is trading flat so far this year. Though, itâs fallen 11% over the last 12 months.
For comparison, the ASX 200 is also trading flat year to date and has posted a 6% fall since this time last year.
The post Guess which ASX 200 mining share is on ice pending a mineral resource estimate appeared first on The Motley Fool Australia.
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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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