Wash the chimney with a power washer or a hose. Remove dirt and grit before beginning to paint. If the chimney has moss on it, scrub away the moss with a stiff bristle brush.
Place one-third of the 50-pound bag of lime and one-third of the 10-pound bag of salt in the bucket. Mix the lime and salt with a paint stick. Wear a dust mask and protective eyeglasses during this process.
Add water to the 5-gallon bucket and mix until the whitewash is pasty and thin. Mix the water, lime and salt with your mortar-mixer drill attachment to make mixing easier.
Cover the surrounding foliage around the chimney with tarps. You may also wish to tape tarps to the house beside the chimney to prevent the whitewash from dripping and splattering. Decide if this is right for you based on the consistency of the whitewash; the step is optional.
Paint the whitewash onto the chimney with a stiff bristle brush. Start at the bottom of the chimney. As you progress upward, use a ladder. Once you reach the part of the chimney level with the roof, climb onto the roof to finish the job. Use the ladder to reach the lowest point of your roof. Ask a friend to help you position a bucket of whitewash on the roof and then paint the remaining portion of the chimney.