Power One Resources Completes Initial Drilling at Pecors Project

2 min read | September 11, 2024 01:07 PM EDT | By Team Kalkine Media

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Power One Resources Completes Initial Drilling at Pecors Project — Image source: Shutterstock

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Power One Resources (TSX:POW) has completed its initial drilling phase at the Pecors nickel-copper-platinum group metals project located in Elliot Lake, Ontario. This project is notable for its expansive 5.7-kilometer-long by 4.2-kilometer-wide magnetic system, which indicates considerable potential for mineralization of Ni-Cu-PGM metals as well as a significant historical uranium resource.

During this initial drilling program, three diamond drill holes were executed, totaling 1,300 meters. The results of these drill holes are currently pending. The drilling strategy involved two holes designed to test a VTEM electromagnetic conductor that is suspected to contain uranium mineralization. This conductor is associated with pyrite located at the base of Huronian sediments, near the Archean basement rocks.

Both drill holes reached into the Archean basement to examine magnetic highs that could serve as magmatic conduits for the Pecors Magnetic Anomaly. This anomaly is recognized for its magmatic Ni-Cu-PGM mineralization. A third drill hole was specifically aimed at the Pecors Magnetic Anomaly, following up on earlier results which reported 0.33 g/t PGM and 0.11% Cu with 0.04% Ni over a span of 12 meters.

The Pecors property is highlighted as a unique geological entity by Power One’s CEO, Karim Rayani. He described it as a "very rare treasure box" with distinct geological settings. Historically, the region was a global leader in uranium production during the 1950s. However, a significant policy shift in 1959, which led to the cessation of Canadian uranium imports by the United States by 1962, resulted in a decline in exploration for other commodities.

Today, this historical context presents an opportunity for Ni-Cu-PGM exploration, as these commodities were not extensively tested or exhausted during that period due to lower commodity prices. Rayani suggests that Elliot Lake may hold substantial potential for economic-grade Ni-Cu-PGM discoveries, positioning it as a potentially significant site in the current commodity cycle.

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