Power One strikes gold in historic uranium territory

Power One Resources (TSX-V: PWRO) announced the first-ever discovery of gold mineralization at its Pecors property, located about 10 km east of Elliot Lake, Ontario. This significant finding broadens the project's exploration scope, which has historically focused on uranium and base metals, positioning Pecors as an appealing multi-metal target.

"This is a game-changer for Pecors," Dr. Wazir Khan, company CEO stated, highlighting the rarity of identifying gold on a property with a uranium legacy, especially as gold spot prices approach US$ 4,100 per ounce. Power One controls one of the largest contiguous land packages in the Elliot Lake district, a region renowned for its rich history in uranium mining and increasingly recognized for critical and precious metals. In addition to uranium, the presence of nickel, copper, platinum group metals (PGMs), and rare earth elements (REEs) enhances the property's polymetallic potential.

The company's 2023 drill program initially targeted shallow, near-surface REE deposits at Pecors. However, during this program, drilling unexpectedly encountered a gold-bearing system, marking a historic milestone as the first gold discovery on the property. Following the passing of the project manager, the core was relocated to a secure off-site facility. Power One is working diligently with relevant parties to recover the core for re-logging, re-sampling, and expanded testing, as assays already completed covered only select elements.

The drill program itself indicated remarkable results, with highlights including 1.025 g/t gold over 1.5 metres in hole P02401, starting at 242 metres downhole, alongside multiple anomalous intercepts ranging from 0.035 to 1.25 g/t gold in hole P02403.

This gold discovery comes at a strategic time amid record-high gold prices, fueled by inflation, global instability, and central bank acquisitions. "Gold is continuing to outperform, and this discovery adds a new layer of potential at Pecors," Khan remarked, indicating that the project is in the early stages of what appears to be a very large, polyphase system.

Pecors extends over an 18 km by 4 km magnetic anomaly within the historically significant Elliot Lake uranium camp, known as one of Canada's most prolific uranium districts. The region produced over 300 million pounds of U₃O₈ from the 1950s through the 1990s and was once a global leader in uranium production. However, in 1959, the United States announced plans to cut all Canadian uranium imports by 1962, impacting local mining operations. Today, Elliot Lake presents opportunities for nickel, copper, and PGMs, commodities that were largely untapped due to earlier lower prices.

The mineralization at Pecors is hosted in quartz-pebble conglomerates and arkose of the Matinenda Formation, intruded by Nipissing diabase sills. Significant features include narrow conglomerate zones averaging 4–5 feet thick over approximately 1,300 feet of strike and uranium grades averaging 0.05% U₃O₈. This combination of characteristics and the extensive magnetic anomaly highlights the property's potential for polymetallic exploration, particularly for Ni-Cu-PGMs which were not thoroughly tested during the uranium-focused mining era.

Power One also noted the presence of a historical, non-NI 43-101 uranium resource estimated by Rio Tinto in 1977, comprising approximately 20 million tons grading 0.037% U₃O₈, equating to about 14.8 million pounds of U₃O₈. The company treats this estimate as historical information only, adhering to NI 43-101 guidelines. Power One has not conducted sufficient exploration work to classify this historical estimate as current.

In addition to gold, confirmed mineralization includes nickel, copper, and PGMs — specifically 0.33 g/t platinum + palladium +gold, 0.11% copper, and 0.04% nickel over 12 metres in hole P15-23. The property also shows potential for rare earth elements aligned with nearby known REE zones and hints of hydrocarbon presence, enhancing its overall polymetallic potential.

The Pecors property is strategically located just east of the Eco Ridge deposit, which is also hosted in the Matinenda Formation and contains known mineralization of uranium, yttrium, and light REEs. Owned by Radio Fuels Resources, the Eco Ridge deposit offers significant strategic upside for Power One, as its geological and structural similarities could indicate the potential for analogous polymetallic systems.

Going forward, Power One plans to re-log and re-sample the drill core to refine geological understanding, conduct further sampling of the gold-bearing zone, re-assay for REEs, uranium, and other metals, perform structural analysis to elucidate the controls on the gold system, and plan follow-up drilling to ascertain the extent and continuity of the gold zones.

Prices for shares of Power One Resources last traded at $0.03, dropping -0.005(-14.286%).

More information is posted at www.P1rc.com/