Power One Files for Drilling Permit to Deep Test Pecors Magnetic Anomaly

Power One Resources Corp. has filed an updated drill permit application with the Ontario Ministry of Mines to return to its Pecors Project in the Elliot Lake uranium district. The permit targets a deep test of the Pecors magnetic anomaly, specifically the Zd1 anomaly identified via a 2018 ZTEM survey. The planned program involves a single vertical hole approximately 1,500 meters deep to target Ni-Cu-PGE mineralization.

Logistics for the drill program are planned within the next month, following the permit review period. This announcement follows the May 13, 2026 update regarding the intent to deep-test the anomaly and builds upon the November 2025 gold discovery and December 2025 hydrogen/hydrocarbon review.

Power One Resources Corp. (PWRO) has filed for a drilling permit, a procedural step that follows the company’s earlier announcement of its intent to drill. This filing aligns with standard industry practice and does not constitute new, market-moving information. The announcement confirms management’s commitment to testing the deep-seated Zd1 anomaly, which historically showed Ni-Cu-PGE intercepts in 2015 and recently showed gold mineralization in 2023-2024.

The news does not alter the company's fundamental financial reality. Power One remains in the exploration stage with zero revenue, a working capital deficit of $338,324, and only $13,497 in cash. The material impact is limited to exploration progress. The company faces a critical need to raise capital to fund the upcoming drilling program and cover operational overhead. Without a concurrent financing, the exploration advance cannot proceed.

Power One Resources Corp. is an exploration-stage company focused on critical minerals, uranium, and gold in Canada. Its flagship asset is the Pecors Project, located in the historic Elliot Lake uranium district of Ontario. The property spans over 2,300 hectares and features a massive regional magnetic anomaly, reported as 12km x 4km or 5.7km x 4.2km. This anomaly is interpreted as a deep gabbroic or mafic intrusive body beneath thick Huronian sediments.

Historical data includes a 1977 Rio Tinto uranium resource estimate of approximately 20 million tonnes at 0.037% U3O8, as well as 2015 drilling that intersected Ni-Cu-PGE mineralization. Recent exploration from 2023 to 2024 identified the first gold mineralization on the property, expanding the project's scope to a multi-metal system. The company is also evaluating natural hydrogen and hydrocarbon potential based on historic bitumen staining and serpentinized units.

Power One also holds a secondary asset, the Wicheeda West Project in British Columbia, where it maintains a 25% interest subject to a joint venture agreement with Primary Hydrogen Corp.