When I play roulette, and I’ve been known to, I like to place my bets across several spots on the table.

A little on red, a little on the ‘3rd 12′, a little on ’19 to 36’, and finally a chip on 34, and I’m ready for the ball to roll.

Resource investing invariably features a whole lot of people going all in on a single number.

“I like gold, and I like it pre-drilling, and in Quebec,” one investor will say, while another will be all in on nickel or uranium.

For mine, spreading your bets keeps you in the game longer, while you wait for that high risk/high reward number to come up. That USUALLY means betting on a wide variety of companies.

But sometimes a hero comes along and lets you cover the table with just one ticker.

Bonus points if that ticker comes with a low market cap, and the project has a track record of past production, and it has mutiple metals in the ground from multiple geological settings, all at the same time.

Yes, folks, dogs and cats CAN live together.

That’s the deal at Power One Resources (PWRO.V), where their Pecors property in Elliott Lake, Ontario, shows significant potential for nickel, copper, and platinum group metals, while also boasting a very real history of uranium production back in the 50’s, before the Americans decided to kill the import market.

The Pecors was a burgeoinng hub of Canadian Uranium exploration in the 1950’s, with mass exploration planned and production beginning to roll, to the point where the region was consdiered a global leader in uranium production. That is, until 1959, when the United States government went native and announced they would cut all Canadian uranium imports by 1962, in favour of their local industry. Hurried permits, grants, and subsidies followed, leaving the Canadian uranium fields to lie fallow as commodity prices sunk underwater.

Eventually, over the years, folks forgot about the Pecors, until Power One CEO Karim Rayani went looking for nickel and found that project had enough of the stuff to be considered interesting, with a uranium kicker that might be worth exploring by itself.

The project “presents an opportunity for Ni-Cu-PGMs, as these commodities were never exhausted or tested much [back in the day,] due to the low commodity prices,” says Rayani. “I feel Elliot Lake may just be one of the greatest sleepers in today’s commodity cycle for economic-grade nickel-copper-PGM, with the objective of a Tier 1 discovery.”

And that’s without even considering the uranium potential.

PWRO isn’t picking favourites. It’s looking at everything.

POWER ONE COMPLETES DRILLING ON ITS FLAGSHIP ASSET – THE PECORS NICKEL-COPPER-PGM PROJECT LOCATED IN ELIOTT LAKE, ONTARIO

“The Pecors property holds a massive 5.7-kilometre-long-by-4.2-kilometre-wide magnetic system, which hosts significant potential for nickel-copper-platinum-group-metal mineralization with a very large historical uranium resource with rare earth oxides,” says Rayani. “Having two completely different geological settings makes this a very rare treasure box waiting to be exploited.”

[..] Drill hole PO-24-03 targeted the Pecors magnetic anomaly itself for continuation of the results of P-15-23, which reported 0.33 gram per tonne platinum plus palladium plus gold and 0.11 per cent copper and 0.04 per cent nickel over 12 metres.

The Pecors channel is reported to host 20 million tons grading 0.037 per cent triuranium octoxide (0.074 pound per ton) U3O8 or 14.8 million lb of U3O8. This resource was based on limited drilling and was estimated by Rio Tinto in 1977 with the potential to expand this resource. [..] This estimate is viewed as a historical resource only, and the figures cannot be relied upon as an accurate estimate of the volume or grade of the mineralized material.

That’s all good, but are there any properties around that have been advanced further, so we can see what comparables may be like?

This style of mineralization appears similar to the East Bull PGM deposit to the east where Quest Critical Metals Inc. (formerly Canadian Palladium) reports a total indicated resources of 16.5 million tonnes at a grade of 0.93 g/t PdEq (see Quest Critical Metals news release dated Feb. 22, 2023).

The property also lies immediately east of Radio Fuels Corp.‘s Eco Ridge project where indicated resources total 22,306,000 tonnes grading 0.045 per cent U3O8 and 1,613 parts per million rare earth oxides and inferred resources of 36,955,000 tonnes grading 0.046 per cent U3O8 and 1,560 ppm REO.

Rayani isn’t overloaded with exploration cash but is doing what he can with what he has, getting drill programs moving and ensuring the historical numbers can, eventually, be corroborated and updated.

Until then, this is a 4c stock with a paltry $1.3 million market cap that, should any one of those drills ever land in a sweet spot, could get crazy in a hurry.

My take: I wouldn’t go all in on Power One – it’s not at that point just yet. But in line with my ‘spread my bets across the table’ philosophy, I think this one is cheap enough and unique enough, and being worked enough, to warrant a few chips that will cover a lot of bases in one hit.

19 to 36, kids.

— Chris Parry

FULL DISCLOSURE: Power One Resources is an Equity.Guru marketing client and we’re watching closely for dips to go in hard