Mincor jumps on nickel discovery

Shares in Mincor Resources have jumped as much as 30 per cent today after the nickel miner said it had made a potential discovery below its Mariners nickel mine near Kambalda.

Mincor climbed up 32 cents to a high of $1.375 before easing to $1.245 at 13:38 AEST.

The company said it has encountered intersections grading seven per cent, 10.34 per cent and 3.38 per cent nickel in the area beneath the mine during exploration drilling, which "could herald a major new discovery".

"This clearly demonstrates that strong high-grade mineralisation continues at depth at Mariners," managing director David Moore said.

"The intersection could have profound implications for the future of the Mariners mine and, if extended by further drilling, could result in a substantial increase in the life of this very successful and productive high-grade mining operation.

"This is the best possible start to our big Kambalda-wide exploration push that will gather pace over the coming months."