UPDATE 1.20pm: Shares in nickel miner Panoramic Resources have soared on news of a major discovery at its Savannah North project in the East Kimberley.
The company highlighted three intersections including 89.3 metres at 1.6 per cent nickel, 0.76 per cent copper and 0.12 per cent cobalt at 704.9 metres from the surface.
Panoramic described the find as a "significant new zone of mineralisation" and a "potential game changer".
Managing director Peter Harold said the initial Savannah North results were very exciting and opened up a previously unexplored area.
Further positive drill results could have a significant impact on the mine life of the Savannah project, he said.
Panoramic also operates the Lanfranchi nickel mine near Kambalda.
Shares in the company emerged from a trading halt this morning to close up 16.5 cents, or 70.21 per cent, at 40 cents.