Power One Resources (TSX-V:PWRO) announced it has completed drilling at its flagship Pecors nickel-copper-platinum group metals (Ni-Cu-PGM) project in Elliot Lake, Ontario.
The Pecors property hosts a 5.7 kilometer long by 4.2 kilometer wide magnetic system with significant potential for Ni-Cu-PGM metals mineralization plus a large historical uranium resource.
Three diamond drill holes were completed during the inaugural drill program totalling 1,300 meters, with assays pending.
Two drill holes aimed to test a VTEM electromagnetic conductor believed to contain uranium mineralization linked to pyrite at the base of Huronian sediments, near the Archean basement rocks.
Both holes extended into the Archean basement to investigate magnetic highs potentially acting as magmatic conduits for the Pecors Magnetic Anomaly, which is known to host magmatic Ni-Cu-PGM mineralization.
The third drill hole directly targeted the Pecors Magnetic Anomaly, following up on previous results that reported 0.33 g/t PGM and 0.11% Cu with 0.04% Ni over 12 meters.
Power One CEO Karim Rayani described the Pecors property as a “very rare treasure box waiting to be exploited” due to it having two very different geological settings.
“Uranium exploration was heavily concentrated in the camp in the 50's so much so Elliott Lake was a global leader in uranium production, however, in 1959 the United States announced by 1962 they would cut all Canadian uranium imports,” Rayani said in a statement.
“Fast forward to today, this presents an opportunity for Ni-Cu-PGM's as these commodities were never exhausted or tested much due to the low commodity prices back then. I feel Elliot Lake may just be one of the greatest sleepers in today's commodity cycle for economic grade Ni-Cu-PGM discovery with the objective of a tier 1 discovery.”