The Chalice Mining Ltd (ASX: CHN) share price has hit a new record high this morning. Shares in the Aussie gold miner jumped more than 10 per cent at the open after a pre-market announcement.
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Why is the Chalice Mining share price rocketing higher?
Chalice Mining has started a program of ground electromagnetic (EM) surveying on the South West Nickel-Copper-Platinum Group Element (Ni-Cu-PGE) Project. Venture Minerals Limited (ASX: VMS) owns the site with Chalice working as a joint venture partner.
Chalice has commenced the surveying over selected areas of the "Julimar lookalike" magnetic anomaly (Thor Target) and other interpreted mafic-ultramafic intrusions.
The Chalice Mining share price shot higher in August after announcing the Julimar Ni-Cu-PGE Project discovery. Chalice announced that it had struck a significant sulphide zone, the first in the region.
Chalice is planning a total of ~42 line kilometres of moving loop EM in the initial stage. Any anomalies will be infilled to define targets for follow-up surface geochemical sampling or drilling.
The Chalice Mining share price is soaring on the back of this morning's news. Similarly, the Venture Minerals share price is up more than 13% in early trade.
The program is expected to be completed within 4 to 6 weeks, subject to weather constraints. It represents the first stage of the joint venture earn-in with Chalice earnings up to 70% by spending $3.7 million on exploration over 4 years.
The two main prospects within Venture Minerals' project are Thor and Odin with both containing areas of potential Ni-Cu-PGE prospectivity.
Today's announcement has investors hoping for more strong discoveries in the region. It comes after the success of the Julimar discovery which has propelled Chalice shares 153.7% higher in the last 6 months.
Foolish takeaway
The Chalice Mining share price is surging this morning after the Venture Minerals update. It comes as the Aussie miner begins ground EM surveying over a "Julimar lookalike" area in the South West Ni-Cu-PGE Project.
