Musket's latest resource estimate is 2.4 million tonnes grading 1.9% nickel and 0.5 grams per tonne platinum group elements, for 45,400t of contained nickel.
The previous estimated totaled 31,600t of contained nickel.
Cannon now has a total of 91,800t of contained nickel at the three deposits making up the Fisher East project - Musket, Camelwood and Cannonball - located northeast of BHP's nickel operations at Mt Keith.
Cannon was spun out of gold explorer Rox Resources last year.
The company started the current quarter with A$6.2 million cash.
Shares in Cannon were up 17% to 48c in morning trade, capitalising the company at $41 million.
