Pioneer Resources (ASX:PIO) is likely to trade substantially higher after outlining a strong new nickel target at its 75% owned Fairwater project in the Fraser Range of Western Australia.
The target was defined from soil geochemistry which returned elevated nickel, copper, chrome and platinum assays.
It shares structural anomalies with Sirius Resources' (ASX:SIR) Nova-Bollinger discoveries, exhibiting an 8 kilometre long concentric oval host structure, interpreted as a possible mafic-ultramafic intrusive complex.
Pioneer now plans aircore drilling to test the soil anomaly, and has also expanded its Fraser Range footprint by pegging an additional 92 square kilometres of land adjacent to current holdings.
Pioneer is somewhat of a forgotten Fraser Range nickel explorer, however the revelation of a new target of this magnitude combined with its modest valuation of under $6 million should re-ignite market interest.
News: Pioneer Resources defines standout new nickel-copper target in Fraser Range
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