Two of the latest holes returned nickel sulphide mineralised intercepts greater than 90m and both had a high-grade core, the company said.

One returned 92.57m at 0.77% nickel, including 53.5m at 1.11% nickel, 0.12% copper, 0.03% cobalt, 0.22g/t platinum and 0.55% palladium, with PGE analysis for some sub-intervals pending.

The results follow Balmoral's new polymetallic finds 7km northwest of Grasset reported last month. 

The high-grade core of Grasset's existing resource comprises an indicated 3.45 million tonnes grading 1.56% nickel, 0.17% copper, 0.03% cobalt, 0.34g/t platinum and 0.85g/t palladium to a vertical depth of just under 500m metres.

The company is planning additional drilling to further expand the H3 and H1 zones later this quarter.

It had close to C$3.9 million (US$2.9 million) in cash and equivalents at the end of September, which it believed was sufficient for its planned operating needs over the coming year.

It then received $500,000 (US$377,000) in cash as part of the sale of its 1% NSR royalty on the Fenelon mine property in Quebec to Ely Gold Royalties.

Balmoral last year turned its attention from its Bug and Martiniere West gold deposits to focus its exploration efforts on near-surface gold potential at its Martiniere, Grasset and Detour East properties, and to the Grasset Ultramafic Complex as the nickel price strengthened.

Shares in the company, which were trading above 40c 12 months ago, had dropped sharply in March after the release of an initial gold resource for Martiniere.

They spent much of 2018 below the 20c mark and lost 11.4% or 2c yesterday to close at 15.5c, capitalising it around $21.5 million.