Power One Commences Drilling at Its Pecors, Nickel-Copper-PGM-Uranium Project in Elliot Lake, Ontario

VANCOUVER, July 11, 2024 - Power One Resources Corp. (TSX-V:PWRO) ("Power One" or the "Company") is pleased to announce that drilling has commenced at its Pecors Property located in Elliot Lake, Ontario. Drilling was paused late last year due to numerous freeze-thaw conditions. Drilling has now resumed with 1400 meters planned, targeting up to 4 holes.

"We are very excited to get the drills turning after a long-awaited program, numerous freeze thaw conditions that lasted into the new year caused significant delays. Stated, Mr. Karim Rayani, Chief Executive Officer. "The Pecors Property is a dynamic piece of ground holding a massive 7km by 3 km wide anomaly. The project holds significant potential for Ni-Cu-PGM mineralization and uranium and rare-earth oxide mineralization in two completely different geological settings. The nearby Eco Ridge Project with almost 60 Mt of uranium and rare-earth oxide resources further adds merit to the Project area. Power One Looks forward to a busy year of announcements.

The Pecors Property (Figure 1), located east of Elliot Lake, contains significant uranium mineralization where drilling in 2007 returned values of 4.3 pounds (lbs.) (0.194% U₃O₈) per tonne (t) over 4 m starting at 104.49m downhole and 5.9 lbs./t (0.246% U₃O₈) over 0.94 m starting at 122.64m. Uranium is hosted within the quartz-pebble conglomerate of the Matinenda Formation at shallow depths within the Pecors Channel. 'Channels' within the Elliot Lake uranium camp were mined extensively in the 1950's where production grades averaged 0.100% U₃O₈.

Figure 1. Regional location of the Pecors Property, and neighboring companies.

The Pecors Channel is reported to host 20,000,000 tons grading 0.037% U₃O₈(0.074 lbs per ton) U₃O₈ or 14,800,000 lbs. 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 NI 43-101, and it is believed that a qualified person ("QP") 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 QP 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 km long and 4 km wide and largely hidden beneath Huronian sediments (Figure 2). The source of the magnetic anomaly has been confirmed to be at least partially comprised 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% Cu and 0.04% Ni over 12m 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 February 22, 2023).

Figure 2. Pecors magnetic anomaly and inverted depth to surface. Location of 2015 drilling included.

The Property also lies immediately east of Radio Fuels Corp. (CSE: CAKE) Eco Ridge Project where indicated resources total 22.306 Mt grading 0.045% U3O8 and 1,613 ppm REO (rare-earth oxides) and inferred resources of 36.955 Mt grading 0.046 % U3O8 and 1,560 ppm REO (https://radiofuels.ca/).

The drill is on site and operations have commenced. Drill hole targets have been finalized following interpretation of the results from a 2008 VTEM and Magnetic heliborne survey. (Table 1 and Fig 3). Drill targets are focused on conductors favourable for hosting significant concentrations of uranium at the base of the Huronian sediments associated with pyrite mineralization and the underlying basement intrusive rocks for sulphide-bearing PGE mineralization. Approximately 1,000-1,400 metres are planned across 3-4 drill holes.

Table 1. Proposed drill hole location coordinates

Figure 3. Diamond drill locations over total field magnetics and VTEM survey in 2008.

Qualified Person

Mike Kilbourne, P. Geo, 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 has not completed sufficient work to verify the historic information on the Property comprising the Pecors Project, particularly regarding historical exploration, neighboring companies, and government geological work.

About Power One

Power One Resources Corp. is a resource issuer listed on the TSX Venture Exchange under the symbol (PWRO). The Company's flagship asset, the Pecors hosts significant potential for PGM-Ni-Cu mineralization related to the Pecors Magnetic anomaly, a large regional magnetic high extending 18 km long and 4 km wide and largely hidden beneath Huronian sediments. The Property also lies immediately east of Radio Fuels Corp., Eco Ridge Project where indicated resources total 22.306 Mt grading 0.045% U3O8 and 1,613 ppm REO (rare-earth oxides) and inferred resources of 36.955 Mt grading 0.046 % 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.

ON BEHALF OF THE BOARD

Power One Resources Corp.
"Karim Rayani"
Karim Rayani
President, CEO and Director
Tel: 604 716 0551
Email: k@r7.capital

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Power One Resources Corp.