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The outlook for nickel not only looks pretty rosy at the moment but continues to hold firm for the long-term," he said.

There also positive trends predicted ahead, with IBISWorld stating "new firms are expected to enter the industry seeking new nickel resources".

However "a dose of realism is also needed and while there is always pressure to unearth the next big discovery, our junior explorers have time on their side - particularly if they are venturing into Western Australia's Fraser Range," Smith said.

"While Sirius Resources ignited that region when it struck nickel sulphide mineralisation at Nova just over two years ago, Fraser Range is still a very fresh nickel province and we should not expect the Sirius success to be replicated in any sort of hurry.

"Two years in a whole new province isn't a long time to get to understand its geology and my sense is that nickel explorers already in or planning to enter the province have a two-year window or so in order to make the level of discoveries that can keep market sentiment interested in both nickel, and the Fraser Range."