More nickel in Musket for Cannon

CANNON Resources is set to start a 9000m diamond core and RC drill campaign aimed at further boosting the recently 44% increased nickel resource at the Musket nickel deposit.
More nickel in Musket for Cannon More nickel in Musket for Cannon More nickel in Musket for Cannon More nickel in Musket for Cannon More nickel in Musket for Cannon

Previous drilling at Musket

Staff Reporter

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.