Mr. Wazir Khan reports

POWER ONE FILES FOR DRILLING PERMIT TO DEEP TEST PECORS MAGNETIC ANOMALY

Power One Resources Corp. has filed for an updated drill permit to return to the Pecors project with plans to deep-test the Pecors magnetic anomaly. The permit application is currently under review by the Ontario Ministry of Mines. The Pecors project located within the Elliot Lake uranium district has proved to yield multielement precious and critical minerals through previous exploration efforts.

"We are excited to be one more step closer to drilling the Pecors magnetic anomaly at depth. We have done our homework and modelling over the last few years and are ready to discover a potential source of critical minerals in this evolving world of economics," commented Wazir Khan, chief executive officer and director. "We know the Pecors anomaly contains [nickel/copper/platinum group element] mineralization from only two previous holes. We look forward to deep-testing this anomaly where others have failed to try."

Pecors anomaly

The Pecors magnetic anomaly is a large regional magnetic high measuring 12 kilometres long by four kilometres wide.

A majority of it is covered by thick layers of Huronian sediments. Exploration by predecessors and by Marvel Discoveries on the property has thus far confirmed the following highlights:

1. Geotech completed a helicopter-borne versatile domain electromagnetic magnetic survey (VTEM) in 2008. Several EM anomalies were identified.
2. Lake sediment sampling by the OGS (Ontario Geological Survey) (2010) in Pecors Lake detected a nickel/copper/cobalt anomaly possibly attributed to a nearby source.
3. A 3-D inversion of the magnetic survey by Reed in 2011 suggested a trough-like body extending to depth over 1,700 metres.
4. Drilling in 2015 recorded 0.351 gram per tonne PGE, 1,053 parts per million Cu and 395 parts per million Ni over 12.0 m starting at 917.5 metres in DH-P-15-22 within gabbroic lithologies.
5. Geotech flew a helicopter-borne ZTEM (Z-tipper electromagnetic) survey of the property in 2018; 3-D inversions of the resistivity from surface to 1,500 metres vertically have identified two deep-seated anomalous features (Zd1 and Zd2) with depths up to 800 metres deep. Drilling in 2015 missed these anomalous features.

Next steps

Power One will be planning drilling logistics within the next month to test the deep-seated Zd1 anomaly with a single vertical hole approximately 1,500 metres deep.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Mike Kilbourne, PGeo, 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.

About Power One Resources Corp.

Power One Resources is a Canadian exploration company focused on large-scale gold, polymetallic and energy-linked mineral systems. The company applies modern geological interpretation techniques to historically underexplored districts, targeting projects capable of delivering transformational discovery potential.

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