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Chalice Mining Ltd (ASX:CHN), an ASX gold stock, experienced a significant uptick in its share price, rising 13.5% from $1.49 to $1.69. This positive movement follows the company's announcement that it has received all necessary approvals to commence the next phase of exploration drilling at its Julimar Nickel-Copper-Platinum Group Elements (PGE) Exploration Project in Western Australia.
The Julimar Exploration Project surrounds the Gonneville Deposit, a notable greenfield Ni-Cu-PGE discovery made by ASX CHN in 2020. With the approval of the Stage 3 Conservation Management Plan and Program of Work for exploration drilling across the full 30-kilometer interpreted strike length of the Julimar Complex, the company anticipates initiating low-impact drilling shortly.
Chalice Mining outlined that the drilling operations will be conducted within non-vegetated areas, utilizing low-impact techniques that have no adverse effects on vegetation or the environmental values of the Julimar State Forest.
The company plans to employ diamond drill rigs to target high-grade Ni-Cu-PGE discoveries at the Torres, Jansz, and Baudin targets, located between 10 kilometers and 20 kilometers from the Gonneville Project. Additionally, broad, shallow aircore (AC) drilling will be conducted to assess the full extent of prospective ultramafic-mafic geology, which serves as the host rocks for Ni-Cu-PGE mineralization, across the Julimar Complex.
Chalice Mining expects the drilling program to span at least six months, indicating a sustained focus on exploration activities. Despite the recent boost in share price, the ASX 200 gold stock remains down 70% over the past 12 months, reflecting the challenging conditions faced by the company in the preceding period.
The positive investor sentiment is primarily linked to the approval of exploration activities, signaling a proactive approach by Chalice Mining in advancing its Julimar Exploration Project. As exploration progresses, investors will closely monitor developments and results from the drilling program, which could further influence the company's market performance
