Sabre is the latest addition, contributing 24,500t of contained nickel within 1.8 million tonnes grading 1.4% nickel.

Diamond core drilling to increase Sabre is underway.

Sabre is a channelised komatiite hosted nickel deposit sharing the same genesis, mineralisation style and host stratigraphy as Cannon's three other Fisher East nickel deposits of Musket, Camelwood, and Cannonball.

The new deposit is 6km south of Musket and the four deposits are all located on an 8km section of the basal komatiite/sediment contact on 100% Cannon tenure.

Cannon was spun out of gold explorer Rox Resources last year.

The company's most recent fundraising brought in A$4 million with new shares priced at 40c each.

Shares in Cannon were up 7% to 44c in early trade, capitalising the company at $37 million.