Shares in Chalice Mining hit a new all-time high on Wednesday as investors and analysts continued to crunch the numbers on its massive Gonneville nickel, copper, PGE (including gold) and copper find at Julimar, northeast of Perth.
The shares jumped 14% to peak at $9.95 after Tuesday’s 28% plus leap.
The shares later eased to be up just over 4.9% at $9.13.
Gonneville’s maiden resource, 45% of it in the indicated category, came in at 330 million tonnes of ore at 0.94grams to the tonne of platinum, palladium and gold, 0.16% nickel, 0.1% copper and 0.016% cobalt (0.58% nickel equivalent (1.7 million tonnes) or 1.6g/t palladium equivalent (17 million ounces)).
In total that makes 10 million ounces palladium, platinum and gold (the largest ever find of PGE minerals in Australia), 530,000 tonnes of nickel (the largest sulphide nickel find in the world this century, according to the company) 330,000 tonnes of copper and 53,000 tonnes of cobalt (the largest cobalt find in Australia).
Reuters reports that brokerage Jefferies calls the deposit a globally significant resource with potential tonnage and grade upside.
While comparatively lower-grade than some of its peers, it has the advantage of being near-surface, which is quite unique, it added.
Other analysts said the average grades across the PGE are higher than those in South Africa and equal to some of the grades in Zimbabwe.
