Shares in Sirius Resources have shot up after its latest nickel discovery in Western Australia.
Sirius on Wednesday announced it had discovered a "massive" nickel sulphide mineralisation at its Polar Bear project in WA's southeast.
"The high grade massive nickel sulphide mineralisation is accompanied by significant levels of copper, cobalt, platinum and palladium," the company said in a statement on Wednesday.
At 1430 AEST, Sirius shares were 46.5 cents, or 13.52 per cent, higher at $3.905.
Its shares finished 51 cents, or 14.83 per cent, higher at $3.95.
Sirius chief executive Mark Bennett said the company would intensify its nickel exploration at Polar Bear, based on the latest find.
"To get a result like this with the first hole into a 10 kilometre long target horizon has exceeded all our expectations and bodes very well for the nickel potential at Polar Bear," Mr Bennett said.
Shares in Sirius skyrocketed from five cents a share to $5 a share during the 2012/13 financial year due to excitement over its discovery of two major deposits in the Frasers Range, which also sparked a rush of junior mining explorers to the region.
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