Permit provides for drilling from two approved drill locations as Power One advances planned approximately 1,500-metre deep test of the Zd1 geophysical target
VANCOUVER, British Columbia, Sept. 16, 2026 (GLOBE NEWSWIRE) — Power One Resources Corp. (TSXV: PWRO) (“Power One” or the “Company“) is pleased to announce that it has received the exploration permit required to advance diamond drilling at its 100%-owned Pecors Project, located approximately 14 kilometres east of Elliot Lake, Ontario.
The receipt of the permit represents a significant milestone in the Company’s plan to return to Pecors and undertake a materially deeper test of the large Pecors magnetic anomaly.
As previously announced, Power One’s initial priority is a single vertical diamond drill hole approximately 1,500 metres in depth, designed to test the deep-seated (Zd1) geophysical anomaly identified through three-dimensional inversion modelling of historical ZTEM resistivity data.
The permit provides for mechanized diamond drilling from two approved drill pad locations, providing the Company with flexibility to undertake additional drilling from the permitted locations as geological information, exploration results and technical interpretation warrant.
“Receiving the drill permit moves Pecors into the next stage of exploration,” commented Wazir Khan, CEO and Director of Power One. “Previous drilling confirmed that the Pecors magnetic system contains gabbroic rocks with nickel, copper and PGE mineralization, but subsequent geophysical work identified deeper targets that were not adequately tested by those holes. Our immediate objective is to drill approximately 1,500 metres and directly test the Zd1 target at depth. Every phase of exploration has added another layer of understanding of this system.”
LARGE-SCALE PECORS MAGNETIC SYSTEM
The Pecors magnetic anomaly is a large regional magnetic high measuring approximately 12 kilometres long by 4 kilometres wide, the majority of which is concealed beneath thick sequences of Huronian sedimentary rocks.
Multiple generations of exploration and geophysical work have progressively developed the geological model at Pecors.
A helicopter-borne VTEM magnetic and electromagnetic survey completed by Geotech in 2008 identified several electromagnetic anomalies.
Lake-sediment sampling conducted by the Ontario Geological Survey in 2010 identified a Ni-Cu-Co anomaly in Pecors Lake, interpreted as potentially originating from a nearby source.
A 2011 three-dimensional inversion of the magnetic survey data subsequently suggested a large trough-like magnetic body extending to depths exceeding approximately 1,700 metres.
Figure 1. The large Pecors magnetic anomaly within the Power One Pecors Project area.
2015 DRILLING CONFIRMED GABBRO AND NI-CU-PGE MINERALIZATION
Two deep holes drilled in 2015 provided the first significant subsurface test of the Pecors magnetic anomaly.
The drilling intersected gabbroic rocks beneath the Huronian sedimentary sequence, confirming that the magnetic anomaly is at least partially associated with a substantial mafic intrusive system.
Historical drilling in P-15-22 returned 0.351 g/t PGE, 1,053 ppm copper and 395 ppm nickel over 12.0 metres beginning at 917.5 metres downhole, within gabbroic lithologies.
P-15-22 entered the gabbro at approximately 595.5 metres depth. The second deep hole, P-15-23, remained within gabbro when drilling ended at approximately 1,317 metres, representing the drilling capability available to the historical operator at the time.
The historical drilling therefore established both the considerable vertical extent of the gabbroic system and the presence of nickel-copper-PGE mineralization within it.
Importantly, however, subsequent geophysical work identified deeper anomalous features that the 2015 drilling did not adequately test.
ZTEM IDENTIFIES DEEP-SEATED Zd1 AND Zd2 TARGETS
In 2018, Geotech completed a helicopter-borne ZTEM survey over the property.
Three-dimensional inversion modelling of the ZTEM resistivity data, modelled vertically from surface to approximately 1,500 metres, identified two deep-seated anomalous features designated Zd1 and Zd2.
Comparison of the ZTEM inversion model with the 2015 drill traces indicates that the historical holes did not adequately test these anomalous features.
Figure 2. 3D ZTEM resistivity cross-section for Line 1150 showing historical 2015 drill holes P15-22 and P15-23. The historical holes provided important geological information regarding the Pecors intrusive system but did not adequately test the subsequently identified deep-seated ZTEM targets.
Figure 3. 3D ZTEM resistivity section view showing anomalous features.
PLANNED 1,500-METRE HOLE DESIGNED TO DIRECTLY TEST Zd1
Power One’s planned approximately 1,500-metre vertical diamond drill hole represents a materially deeper and more targeted test of the Pecors system.
RECENT GOLD DISCOVERY BROADENS THE PECORS EXPLORATION MODEL
The deep Ni-Cu-PGE target represents only one component of the broader exploration opportunity at Pecors.
More recent drilling and subsequent analytical work resulted in the first reported discovery of gold mineralization at Pecors, materially broadening the exploration model for the property.
Results included 1.025 g/t Au over 1.5 metres in hole P02401, together with additional anomalous gold intervals.
The gold discovery is significant to the Company’s evolving geological interpretation because it demonstrates that mineralization at Pecors is not restricted to the historically recognized uranium-bearing horizons or the deeper Ni-Cu-PGE-bearing gabbroic intrusive rocks.
MULTIPLE GENERATIONS OF DATA SUPPORT THE PECORS EXPLORATION MODEL
- a regional magnetic anomaly measuring approximately 12 km by 4 km;
- a 2008 helicopter-borne VTEM magnetic and electromagnetic survey;
- 2011 3D magnetic inversion modelling suggesting a body extending to depths exceeding approximately 1,700 metres;
- historical Ni-Cu-PGE mineralization within the gabbro;
- a 2018 helicopter-borne ZTEM survey and subsequent 3D inversion modelling;
- identification of the deep-seated Zd1 and Zd2 geophysical targets;
- historical references to bitumen and hydrocarbon-related indicators that remain largely unevaluated.
NEXT STEPS
With the exploration permit now received, Power One is advancing preparations for the upcoming drill program.
The Company’s immediate objective is to complete the planned single approximately 1,500-metre vertical diamond drill hole targeting Zd1.
The permit encompasses two approved drill pad locations, providing the Company with flexibility to undertake additional drilling from those permitted locations should results from the initial hole, geological observations or subsequent technical interpretation warrant follow-up testing.
The planned deep hole is expected to provide important new geological information regarding the nature, scale and composition of the Pecors intrusive system and will assist the Company in refining its broader exploration model.
Power One will provide further updates regarding drill contracting, mobilization and the anticipated commencement of drilling as preparations advance.
QUALIFIED PERSON
The scientific and technical information contained in this news release has been reviewed and approved by Mike Kilbourne, P.Geo., a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Kilbourne is an independent consulting geologist and is at arm’s length to the Company.
Historical information referenced in this release has been derived from historical exploration records and previous public disclosure. The Qualified Person has not completed sufficient work to independently verify all historical information referenced herein, and such information should not be relied upon as necessarily indicative of future exploration results.
ON BEHALF OF THE BOARD OF DIRECTORS
POWER ONE RESOURCES CORP.
Wazir Khan
CEO & Director
+1 604 716 0551 Email: [email protected]
ABOUT POWER ONE RESOURCES CORP.
Power One Resources Corp. is a Canadian exploration company focused on advancing high-potential mineral projects in Canada. The Company’s flagship Pecors Property, located near Elliott Lake, Ontario, represents a large-scale, multi-commodity exploration opportunity highlighted by an approximately 12-kilometre-long by 4-kilometre-wide magnetic anomaly interpreted to reflect a large buried intrusive complex. Previous drilling and geophysical work have demonstrated the potential for magmatic nickel-copper-platinum group element (“Ni-Cu-PGE”) mineralization at depth, and Power One is advancing plans to drill-test the system with a proposed hole of up to approximately 1,500 metres. The Company has secured a drill permit covering two drill-pad locations and multiple holes, providing flexibility to systematically evaluate this large geophysical target.
Recent exploration has broadened the geological potential of Pecors beyond its original Ni-Cu-PGE thesis. The discovery of gold mineralization during the Company’s 2024 exploration program, together with uranium mineralization and indications of additional commodities across the broader property, suggests Pecors may represent a substantially larger and more complex polymetallic mineralizing system than previously recognized. Power One believes the scale of the geophysical anomaly, combined with the diversity of mineralization identified to date, supports evaluating Pecors as a potential large polymetallic intrusive-related system rather than as a single-commodity target. The Company’s proposed deep drilling program is designed to test the core of the Pecors anomaly while continuing to build a more comprehensive understanding of the scale, composition and mineral potential of the overall system.
Power One also maintains exposure to the Wicheeda North Project, located approximately 80 kilometres north of Prince George, British Columbia, within an emerging rare earth element district and in proximity to Defense Metals Corp.’s Wicheeda Rare Earth Element Project. Power One has optioned Wicheeda North to Primary Hydrogen Corp. under an agreement whereby Primary Hydrogen may earn up to a 75% interest in the project through staged cash, share and exploration expenditure commitments. Upon completion of the earn-in, Power One would retain a 25% interest and the parties would form a joint venture to advance the project. The arrangement provides for continued exploration investment at Wicheeda North while allowing Power One to focus its capital and technical resources on unlocking the potential of its flagship Pecors Project.
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