Panoramic up on resource upgrade

Panoramic Resources shares inched upwards after the nickel miner announced a significant resource upgrade and high-grade drilling results from its Lanfranchi nickel project near Kambalda.

The latest drilling results at Panoramic's Cruickshank Resource, 6.5 kilometres northeast of Lanfranchi, lifted the total contained nickel in the project by 26 per cent to 33,560 tonnes.

The company also reported a 3 per cent increase in group production over the previous quarter, and a 10 per cent reduction in cash costs.

At close of trade today Panoramic shares had increased 2.5 per cent, to trade at $2.06.