11 16:19 ET - News Release
Mr. Karim Rayani reports
POWER ONE COMPLETES DRILLING ON ITS FLAGSHIP ASSET - THE PECORS NICKEL-COPPER-PGM PROJECT LOCATED IN ELIOTT LAKE, ONTARIO
Drilling has been completed at Power One Resources Corp.'s Pecors project located in Elliott Lake, Ont. Three diamond drill holes have been completed to date totalling 1,300 metres. Assays are pending on all drill holes.
"We are very excited to report we have completed our inaugural drill campaign at Elliot Lake, and look forward to analyzing the data stated," said Karim Rayani, chief executive officer. "The Pecors property holds a massive 5.7-kilometre-long-by-4.2-kilometre-wide magnetic system, which hosts significant potential for nickel-copper-platinum-group-metal mineralization with a very large historical uranium resource with rare earth oxides -- having two completely different geological settings makes this a very rare treasure box waiting to be exploited. Uranium exploration was heavily concentrated in the camp in the fifties so much so Elliott Lake was a global leader in uranium production; however, in 1959, the United States announced by 1962 they would cut all Canadian uranium imports. Fast-forward to today: This presents an opportunity for Ni-Cu-PGMs as these commodities were never exhausted or tested much due to the low commodity prices back then. I feel Elliot Lake may just be one of the greatest sleepers in today's commodity cycle for economic-grade nickel-copper-PGM discovery with the objective of a Tier 1 discovery."
Drill holes PO-24-01 and PO-24-02 objectives were twofold targeting a versatile time domain electromagnetic conductor axis interpreted to host uranium mineralization associated with pyrite at the base of the Huronian sediments in contact with the Archean basement rocks. Both of these holes continued into the Archean basement to investigate magnetic highs interpreted as magmatic conduits for the Pecors magnetic anomaly proved to host magmatic hosted Ni-Cu-PGM mineralization.
Drill hole PO-24-03 targeted the Pecors magnetic anomaly itself for continuation of the results of P-15-23, which reported 0.33 gram per tonne platinum plus palladium plus gold and 0.11 per cent copper and 0.04 per cent nickel over 12 metres.
The Pecors channel is reported to host 20 million tons grading 0.037 per cent triuranium octoxide (0.074 pound per ton) U3O8 or 14.8 million lb of U3O8. 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 National Instrument 43-101, and it is believed that a qualified person 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 qualified person 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 kilometres long and four kilometres wide and largely hidden beneath Huronian sediments. The source of the magnetic anomaly has been confirmed to be at least partially composed 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 per cent Cu and 0.04 per cent Ni over 12 m within 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 Metals news release dated Feb. 22, 2023).
The property also lies immediately east of Radio Fuels Corp.'s Eco Ridge project where indicated resources total 22,306,000 tonnes grading 0.045 per cent U3O8 and 1,613 parts per million rare earth oxides and inferred resources of 36,955,000 tonnes grading 0.046 per cent U3O8 and 1,560 ppm REO.
Qualified person
Mike Kilbourne, PGeo, 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 have not completed sufficient work to verify the historic information on the property comprising the Pecors project, particularly regarding historical exploration, neighbouring companies and government geological work.
About Power One Resources Corp.
Power One is a resource issuer listed on the TSX Venture Exchange under the symbol PWRO. The company's flagship asset, the Pecors project, hosts significant potential for PGM-Ni-Cu mineralization related to the Pecors magnetic anomaly, a large regional magnetic high extending 18 km long and four km wide and largely hidden beneath Huronian sediments. The property also lies immediately east of Radio Fuels' Eco Ridge project, where indicated resources total 22,306,000 tonnes grading 0.045 per cent U3O8 and 1,613 ppm rare earth oxides and inferred resources of 36,955,000 grading 0.046 per cent U3O8 and 1,560 ppm REO are recorded. The company also holds the Wicheeda 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.
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