The Western Areas Ltd share price has rebounded today

The Western Areas Ltd (ASX: WSA) share price has bounced back from yesterday’s sell-off with a 2% gain to $1.96 in morning trade.

Today’s gain limits the nickel producer’s year-to-date decline to approximately 36%.

Its shares climbed higher today following an announcement that it has trebled the defined high grade massive sulphide mineral resource at its Cosmos Odysseus Project.

According to the release, the total Odysseus mineral resource estimate now stands at 7.9Mt at 2.5% Ni for 199,174 nickel tonnes at a cut-off of 1.5% Ni.

Management has stated that the amount of massive sulphides included from limited drilling and the increase in total nickel tonnes was beyond expectations when it acquired the asset.

Despite the positive news, a subdued outlook for nickel prices continues to weigh heavily on its shares. Western Areas is one of the most shorted shares on the Australian share market with short interest of 16.7%.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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