Investors rediscovered their appetites for Panoramic Resources (ASX: PAN) today, with the stock closing 19% higher at 46.5c on the back of high-grade drilling results at its Lanfranchi nickel project near Kambalda in WA.
Panoramic said it had intersected a "potentially significant new area of high-grade nickel sulphide mineralisation" with results such as 6.1m at 5.73% nickel and 6.8m at 5% nickel.
"It is still early days, but this is potentially very significant given the size and open-ended character of the EM conductor," Panoramic MD Peter Harold said.
The news will cheer shareholders, who have seen the value of their holding hit by the falling nickel price in recent months.
But with many analysts tipping nickel to be one of the better performers in the commodity space this year, Panoramic's drilling in this new area is sure to be watched keenly.
The company noted that the style and grade of the new mineralisation was "very similar" to the Schmitz orebody located to the north.
Panoramic said it had intersected a "potentially significant new area of high-grade nickel sulphide mineralisation" with results such as 6.1m at 5.73% nickel and 6.8m at 5% nickel.
"It is still early days, but this is potentially very significant given the size and open-ended character of the EM conductor," Panoramic MD Peter Harold said.
The news will cheer shareholders, who have seen the value of their holding hit by the falling nickel price in recent months.
But with many analysts tipping nickel to be one of the better performers in the commodity space this year, Panoramic's drilling in this new area is sure to be watched keenly.
The company noted that the style and grade of the new mineralisation was "very similar" to the Schmitz orebody located to the north.