Drilling at the Springfield nickel prospect hit meta-komatiite-hosted nickel sulphides including 8m at 0.64% nickel, 469 parts per million cobalt and 45 parts per billion platinum and palladium, within a broader interval of 17m at 0.4% nickel, 295ppm cobalt and 32ppb platinum and palladium from 96m downhole.

The company drilled 13 holes at East Menzies targeting mainly gold for campaign mining, and including five holes at Springfield targeting nickel.

Nickel sulphide mineralisation has been intersected over 3.5km by 1.5km area.

"This is a strong indication that REZ has identified a large and shallow nickel deposit with prospects for open cut development," REZ managing director and CEO J Daniel Moore said.

"The nickel and gold opportunities within REZ's Menzies tenements are resulting from the consolidation of 40-50 small prospecting holdings into the extensive 100%-owned package we have today. This has also opened the way to modern approaches for exploration and the sorts of drill hits we are now enjoying."

REZ is awaiting precious metal assays for four holes and will prepare the Springfield nickel hole for a downhole electromagnetic survey.

Further drilling is planned.

The company will likely need more cash as it had just A$1.4 million at the end of March.

Shares in REZ rose as much as 216% to an 11-month high of 3.8c and last traded 125% higher at 2.7c. At that price, the company's market capitalisation is still only $16 million.