Power One Resources (TSX-V:PWRO) is a new company with a focused exploration strategy centred on two key projects that hold promise as a potential supply of critical metals.
Spun out from Marvel Discovery in 2021, the Power One team led by CEO Karim Rayani saw potential in the Pecors project in Elliot Lake, Ontario, and the Wicheeda project in Prince George, British Columbia within the context of increasing demand for critical minerals.
Pecors was originally considered a uranium project, but soon the Athabaca Basin became the focus of Canadian uranium exploration. The project sat dormant as exploration dollars went elsewhere, but the one thing that the area was starting to encounter was nickel.
“When you have a system like this with nickel-PGEs attached, it opens up different avenues for the nickel space, which was not really prevalent back in the 1950s,” CEO Rayani explained.
Power One is eager to tap into that nickel potential at Pecors. A drilling program is slated to begin shortly. "We were actually supposed to complete drilling before Christmas, but due to snow melt, we had to pause our plans,” Rayani explained. “We're finally able now to make plans to commence operations."
Uncovering nickel potential at Pecors
According to Power One, the Pecors East Zone, situated within Marvel Discovery's property, is home to an indicated resource of 20 million tons, or 14.8 million pounds of uranium grading 0.037% U308, though its expansion potential remains untapped due to limited drilling.
Previous exploration efforts have revealed a significant 5.7km long and 4.2km wide anomaly in the area. This anomaly, located 15km from the East Bull Intrusive Suite, has garnered attention following Grid Metals Corp (TSX-V:GRDM, OTCQB:MSMGF)'s recent drilling success, intersecting 119m of 1.13 g/t palladium equivalent.
Elsewhere, the Wicheeda property holds promise for rare earth elements. While not the primary focus, CEO Rayani told Proactive that the project is part of the company's broader exploration portfolio.
"Prince George is one of the most prolific rare earth belts in Canada,” said Rayani. “Next door is Defense Metals. They have one of the largest undeveloped resources for critical elements. We are tied on to them on two or three sides of their project. It's more of a greenfields project, and while it’s not our main focus, but (Defense Metals is) making lots of traction."
Strengthening the bench
Power One is doing what Rayani calls “office geology” in preparation for field work at the property.
Meanwhile, the recent addition of Dr Wazir Khan, who brings extensive experience in geological exploration, adds depth to Power One's team.
Rayani calls Khan “a wealth of knowledge” who has worked all over the world on taking grassroots projects through to feasibility. “We’re blessed to have someone of this calibre as part of our team.”
All told, 2024 is going to be a pivotal year for Power One in terms of getting drills in the ground. Exploring a project like Pecors with 20 million tons of historic resource is a significant, large-scale endeavor. “The nickel system here is among the largest in Canada,” Rayani said.
“If our thesis proves right, even at a 30 or 40% accuracy, this deposit holds the potential to be world-class.”
