Power One Commences Drilling at Its Pecors, Nickel-Copper-PGM- Uranium Project IN Elliot Lake, Ontario
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NEWS RELEASE TSX-V: PWRO
POWER ONE COMMENCES DRILLING AT ITS PECORS, NICKEL-COPPER-PGM-
URANIUM PROJECT IN ELLIOT LAKE, ONTARIO
Vancouver, BC, July 11th, 2024 – Power One Resources Corp. (PWRO: TSX-V) (“Power One” or
the “Company”) is pleased to announce that drilling has commenced at its Pecors Property
located in Ell iot Lake, Ontario. Drilling was paused late last year due to numerous freeze-thaw
conditions. Drilling has now resumed with 1400 meters planned, targeting up to 4 holes.
“We are very excited to get the drills turning after a long-awaited program, numerous freeze thaw
conditions that lasted into the new year caused significant delays . Stated, Mr. Karim Rayani,
Chief Executive Officer. “The Pecors Property is a dynamic piece of ground holding a massive 7km
by 3 km wide anomaly. The project holds significant potential for Ni -Cu-PGM mineralization and
uranium and rare-earth oxide mineralization in two completely different geological settings. The
nearby Eco Ridge Project with almost 60 Mt of uranium and rare -earth oxide resources further
adds merit to the Project area. Power One Looks forward to a busy year of announcements.
The Pecors Property (Figure 1) , located east of Elliot Lake, contains significant uranium
mineralization where drilling in 2007 returned values of 4.3 pounds (lbs.) (0.194% U 3O8) per
tonne (t) over 4 m starting at 104.49m downhole and 5.9 lbs./t (0.246% U3O8) over 0.94 m starting
at 122.64m. Uranium is hosted within the quartz -pebble conglomerate of the Matine nda
Formation at shallow depths within the Pecors Channel. ‘Channels’ within the Elliot Lake uranium
camp were mined extensively in the 1950’s where production grades averaged 0.100% U3O8.
Figure 1. Regional location of the Pecors Property, and neighboring companies.
Power One Resources Corp.
1100 – 1111 Melville Street
Vancouver, BC V6E 3V6
Vancouver: (604) 716-1036
Toronto: (416) 477-1220
Website: www.p1rc.com
Email: [email protected]
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The Pecors Channel is reported to host 20,000,000 tons grading 0.037% U 3O8(0.074 lbs per ton)
U3O8 or 14,800,000 lbs. of U 3O8. This resource was based on limited drilling and was estimated
by Rio Tinto in 1977 with the potential to expand this resource. It is concluded that the estimate
is not compliant with the requirements of NI 43 -101, and it is believed that a qualified person
(“QP”) has not done sufficient work to classify the historical estimate as current mineral
resources or reserves. 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.
Power-One or the QP is not treating this estimate as current mineral resources or reserves.
The Pecors Property also hosts significant PGM -Ni-Cu mineralization related to the Pecors
Magnetic anomaly , a large regional magnetic high extending 18 km long and 4 km wide and
largely hidden beneath Huronian sediments (Figure 2). The source of the magnetic anomaly has
been confirmed to be at least partially comprised of lithologies of gabbroic affinity by
International Montoro drilling in 2015. Hole P15-23 drilled by International Montoro intersected
0.33 g/t Pt+Pd+Au and 0.11% Cu and 0.04% Ni over 12m wi thin contact style mafic intrusive
mineralization. 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 Me tals news
release dated February 22, 2023).
Figure 2. Pecors magnetic anomaly and inverted depth to surface. Location of 2015 drilling included.
The Property also lies immediately east of Radio Fuels Corp. (CSE:CAKE) Eco Ridge Project where
indicated resources total 22.306 Mt grading 0.045% U3O8 and 1,613 ppm REO (rare-earth oxides)
and inferred resources of 36.955 Mt grading 0.046 % U 3O8 and 1,560 ppm REO
(https://radiofuels.ca/).
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The d rill is on site and operations have commenced. Drill hole targets have been finalized
following interpretation of the results from a 2008 VTEM and Magnetic heliborne survey. (Table
1 and Fig 3 ). Drill targets are focused on conductors favourable for hosting significant
concentrations of uranium at the base of the Huronian sediments associated with pyrite
mineralization and the underlying basement intrusive rocks for sulphide -bearing PGE
mineralization. Approximately 1,000-1,400 metres are planned across 3-4 drill holes.
Table 1. Proposed drill hole location coordinates
SN Drill Hol # Easting (m)
Northing (m) Azi Dip Length (m)
1 PO-24-01 391100 5137690 180 75 350
2 PO-24-02 390825 5137550 180 75 350
3 PO-24-03 392300 5138510 180 60 350
4 PO-24-04 392700 5138530 180 60 350
Total 1400
Figure 3. Diamond drill locations over total field magnetics and VTEM survey in 2008.
Qualified Person
Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43 -
101, has reviewed and approved the technical contents of this news release on behalf of the
Company.
The QP and the Company has not completed sufficient work to verify the historic information on
the Property comprising the Pecors Project, particularly regarding historical exploration,
neighboring companies, and government geological work.
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About Power One
Power One Resources Corp . is a resource issuer listed on the TSX Venture Exchange under the
symbol (PWRO). The Company’s flagship asset, the Pecors hosts significant potential for PGM-Ni-
Cu mineralization related to the Pecors Magnetic anomaly, a large regional magnetic high
extending 18 km long and 4 km wide and largely hidden beneath Huronian sediments. The
Property also lies immediately east of Radio Fuels Corp., Eco Ridge Project where indicated
resources total 22.306 Mt grading 0.045% U 3O8 and 1,613 pp m REO (rare -earth oxides) and
inferred resources of 36.955 Mt grading 0.046 % U 3O8 and 1,560 ppm REO are recorded. The
Company also holds the Wicheed a Properties , a Rare Earth Prospect in the Cariboo Mining
Division, in British Columbia holding one of the largest land positions next door to Defense Metals
Corp.’s deposit in the Rocky Mountain Rare-Earth Metal Belt.
ON BEHALF OF THE BOARD
Power One Resources Corp.
“Karim Rayani”
Karim Rayani
President, CEO and Director
Tel: 604 716 0551
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain forward looking statements including but not limited to comments
regarding the timing and content of upcoming work programs, geological interpretations, receipt of
property titles, etc. Forward-looking statements address future events and conditions and therefore involve
inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in
such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.