Early-stage surface sampling has identified new potential drill targets within the Julimar complex and drill testing of the Hartog prospect is expected to commence by September.
Macquarie highlights ongoing drilling results, ahead of the release of the maiden resource for the Gonneville discovery, presents key near-term catalysts for Chalice Mining.
The Outperform rating is maintained, while the target price rises to $9.90 from $9.20. This stems from a modest increase in the regional exploration valuation to reflect the new Drummond target and a change in project funding assumptions.
Target price is $9.90.Current Price is $8.40. Difference: $1.50 – (brackets indicate current price is over target). If CHN meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).