Chalice Mining Limited (AU:CHN) shares rose as much as 12% by midday, after the Australian miner announced strong exploration results at its Julimar Nickel-Copper-Platinum Group Element (PGE) Project in Western Australia.
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The survey pointed to a major extension at the project’s Gonneville Intrusion, with significant copper, nickel, and platinum deposits. Chalice is now considering bringing on board a joint venture partner to support potential development of a mine at Gonneville.
Chalice Mining share price forecast
According to TipRanks’ analyst rating consensus, Chalice Mining stock is a Strong Buy. The average Chalice Mining share price forecast of AU$6.83 implies over 58% upside potential.
Chalice Mining stock is receiving favourable mentions on financial blogs. TipRanks data shows that financial blogger opinions are 97% Bullish on Chalice Mining, compared to a sector average of 73%.
Final thoughts
The transition to sustainable energy resources is fuelling demand for metals, such as copper and nickel, for electric wiring and battery manufacturing. That bodes well for any potential mine at the Gonneville site.