Power One finds gold mineralization at Pecors

Executive Summary

• Power One Resources Corp. announced its first-ever discovery of gold mineralization at its Pecors property in the Elliot Lake district, Ontario, expanding the project's scope from uranium/base metals to a multi-metal system.
• The discovery was made during a 2023-2024 drill program originally targeting rare earth elements (REEs), which unexpectedly encountered gold-bearing zones.
• The company plans to relog and resample drill core to refine geological understanding and conduct follow-up drilling to assess the extent and continuity of the gold zones.

Key Details

• Gold Discovery Highlights (2023-2024 Drilling):
  • Hole P02401: 1.025 g/t Au over 1.5 metres starting at 242 metres downhole.
  • Hole P02403: Multiple anomalous intercepts ranging from 0.035 to 1.25 g/t Au.
• Project Location & Context:
  • Pecors property is located east of Elliot Lake, Ontario, in one of Canada's premier uranium jurisdictions.
  • The property spans an 18km x 4km magnetic anomaly and is adjacent to the Eco Ridge deposit (owned by Radio Fuels Resources Corp., a subsidiary of Palisades Goldcorp Ltd.).
  • The region has a history of producing over 300 million pounds of U3O8; however, Ni-Cu-PGMs were largely untested due to historical low commodity prices.
• Additional Mineralization:
  • Nickel, Copper, and PGMs: 0.33 g/t Pt+Pd+Au, 0.11% Cu, and 0.04% Ni over 12 metres in hole P15-23.
  • Historical Uranium Resource: A 1977 Rio Tinto estimate of ~20 million tons grading 0.037% U3O8 (14.8 million lbs U3O8) is cited as historical information only, not a current resource.
  • Rare Earth Elements (REEs): Stratigraphically aligned with nearby known REE zones.
  • Hydrocarbon Indicators: Ultramafic geological signatures suggest potential hydrocarbon presence.
• Operational Updates:
  • The 2023-2024 drill program was impacted by the passing of the project manager; core was relocated to a secure off-site facility.
  • Power One is working to recover core for relogging, resampling, and expanded testing.
  • Assays completed to date covered only select elements; further sampling for gold, REEs, uranium, and other metals is planned.
• Next Steps:
  • Relog and resample drill core.
  • Conduct further sampling of gold-bearing zones and reassay for REEs, uranium, and other metals.
  • Perform structural analysis to understand controls on the gold system.
  • Plan follow-up drilling to assess extent and continuity.

Notable Quotes

• "This is a game-changer for Pecors. To identify gold for the first time on a property with a uranium legacy is a rare and valuable breakthrough --especially as gold spot prices test $4,100 (U.S.) per ounce." — Wazir Khan
• "Gold is continuing to outperform, and this discovery adds a new layer of potential at Pecors. We are in the early stages of unlocking what appears to be a very large, polyphase system." — Wazir Khan