Mincor surges on nickel discovery
UPDATE 1.20pm: Shares in Mincor Resources surged after the company announced drilling results which it said might indicate a new high-grade nickel discovery at its Cassini prospect in the Kambalda nickel district east of Perth.
Mincor cited two drill intersections including 6.42 metres at 7.25 per cent nickel and 5.16 metres at 6.45 per cent nickel just 9km from the company's operating Mariners mine.
"Seven of the nine intersection points have encountered mineralisation of a width and grade that would typically be considered economic," the company said in a statement.
Managing director David Moore said the results from the first hole of the New Year were a "game-changer" for Cassini.
"Intersections of this quality are rare and in Kambalda they almost always result ultimately in the development of a mine," he said.
"Obviously there is still a long way to go before we can be sure of that at Cassini, but we are increasingly confident that we have made a significant new greenfields discovery - the first in Kambalda for many years.
"Nothing illustrates the importance of our dominant Kambalda land position better than this discovery.
"We still have literally dozens of exploration targets to test in the district."
Mr Moore said the company was building up a formidable pipeline of organic growth opportunities.
The company operates two nickel mines in the Kambalda district, Mariners and Miitel.
Mincor shares were up five cents, or 8.2 per cent, to 66 cents at the close after touching an intraday high of 73 cents.
