Western Areas Ltd Positive nickel prices outlook
Positive nickel prices outlook: Western Areas Ltd (ASX: WSA) stock corrected over 3.2% on September 28, 2016 after rallying over 9.8% in the last one month (as at September 27, 2016). The rally has been otherwise supported by recovering nickel prices coupled with a positive outlook. Meanwhile, high grade nickel-copper sulphide mineralisation has been confirmed at Cathedrals, Stricklands and Investigators nickel-copper discoveries located on E29/638, wherein Western Areas Limited has 25% stake while St George has 75%. Recently, New fixed loop electromagnetic (FLEM) survey at Mt Alexander would enable the deep penetrating SAMSON system. The project has potential to detect conductive targets at depths of 500m or more. FLEM survey would cover the entire Cathedrals Belt where all shallow EM conductors drilled to date have been nickel-copper supplied mineralization. New exploration license has been granted east of the Cathedrals Prospect on the Cathedrals Belt trend.
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