Precious metals tearaway Chalice Gold Mines has made its big...

Precious metals tearaway Chalice Gold Mines has made its big discovery, and now it's time for a chunky equity raising.

Chalice Gold was crossing funds on a capital raising on Monday night. Ryan Stuart

Street Talk understands the company is on the hunt for a $100 million cash injection and had brokers Bell Potter and Macquarie Capital crossing fund managers on the deal on Monday evening.

While the price on the offer was yet to be determined, sources said the raising was slated to launch as early as Tuesday.

The company is developing its wholly-owned nickel/copper/cobalt/gold project at Julimar, 70km north-east of Perth.

The Chalice team has been undertaking exploration activities at the project all year, and the exploration results have sent its share price up almost 1600 per cent since January, to close at $4.06 on Monday.

RELATED QUOTES

CHNChalice Gold Mines

$4.060 4.91%

1 year1 day

Dec 19Jun 20Nov 200.0002.0004.000

Updated: Nov 30, 2020 – 11.31pm. Data is 20 mins delayed.

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Chalice has come a long way since it last fronted equity investors in May this year, for a $30 million funding round.

Back then its shares were trading around $1.05 and the company had a $300 million market capitalisation. Now, Chalice is worth almost $1.2 billion.

The company is looking to define a maiden resource at its Julimar project next year and continue to develop its pipeline of potential mineral discoveries.

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