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%.

A Big, Fat, Fully Franked Dividend

This company's dividend is almost the stuff of legends. Since it started paying dividends in 2007, it has increased its payout to shareholders every single year, a run that includes 21 consecutive dividend increases.

Based on the last 12-months of dividends, its shares are currently offering a fully-franked 4.8% yield, which grosses up to almost 7% when those franking credits are included. And in stark contrast to the likes of Commonwealth Bank and Telstra, this company just increased its dividend by over 13%, and guided for 2017 profits to grow by 20%!

Discover the name of this "new breed" of blue chip along with 2 others in our new FREE report "The Motley Fool's Top 3 Blue Chips Stocks For 2017."

Click here to receive your copy.

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.