Cougar Metals NL's shares surged by more than 33% on Sept. 11 after it announced an updated resource estimate for the Pyke Hill nickel-cobalt project in Western Australia.

The property hosts measured and indicated resources of 10.5 million tonnes at 0.99% nickel and 0.08% cobalt containing 103,300 tonnes of nickel and 8,900 tonnes of cobalt. The nickel and cobalt envelopes were interpreted using cutoffs of 0.8% nickel and 0.08% cobalt, respectively.

Cougar said the resource, which lies entirely within granted mining lease M39/159, is defined by a total of 249 drillholes for 9,824 meters.

The company now plans to undertake a preliminary economic assessment of the project.