Gold Rush in the Uranium Belt: A New Chapter for Elliot Lake

ELLIOT LAKE, ON – November 26, 2025 – In the annals of Canadian mining, the name Elliot Lake is synonymous with one element: uranium. For decades, this northern Ontario district was the undisputed “Uranium Capital of the World,” a linchpin of Cold War energy strategy. But history has a way of revealing new layers. Today, in a twist of geological fate, this legacy region is at the center of a different kind of excitement, one driven not by atomic energy but by the timeless allure of gold.

Power One Resources Corp. (TSX-V: PWRO), a junior exploration firm, has announced the first-ever confirmed gold discovery at its Pecors Property, a sprawling land package in the heart of the Elliot Lake camp. The find was entirely unexpected, emerging from a drilling program designed to seek out Rare Earth Elements (REEs). This serendipitous discovery does more than just add a new target to the company’s portfolio; it represents a potential paradigm shift for a region built on a singular commodity, demonstrating how modern exploration is uncovering new value in historically rich grounds.

As gold prices test historic highs of over US$4,100 per ounce, driven by global instability and inflationary pressures, the timing of this discovery could not be more significant. It forces a re-evaluation of Elliot Lake’s potential, suggesting that its vast, mineral-rich geology may hold secrets far beyond its uranium-producing past.

A Game-Changing Find in a Bull Market

The discovery’s details underscore its potential. During a 2023-2024 drill program, Power One encountered a gold-bearing system while targeting near-surface REEs. The initial assays, though limited, were compelling, with one intercept showing 1.025 grams per tonne (g/t) of gold over 1.5 meters and another drill hole revealing multiple anomalous intercepts up to 1.25 g/t. While these grades are considered moderate, their context is what makes them electrifying. Finding them in a region never systematically explored for gold opens a new frontier.

“This is a game-changer for Pecors,” noted Power One CEO Wazir Khan in a recent statement. “To identify gold for the first time on a property with a uranium legacy is a rare and valuable breakthrough.”

The find lands squarely in one of the most robust gold markets in history. Analysts at major financial institutions forecast sustained high prices, fueled by central bank buying and investor demand for safe-haven assets. For a junior explorer like Power One, a confirmed gold system—even in its early stages—provides a powerful narrative and a potential catalyst for attracting the capital necessary for large-scale exploration.

However, the path to this discovery was not without hardship. The company’s 2023-2024 drill program was impacted by the tragic passing of its project manager, leading to the drill core being secured off-site. Power One is now working to recover the core for comprehensive re-logging and re-sampling. This setback highlights the real-world challenges inherent in mineral exploration, where human factors can be as impactful as geological ones. The next phase of analysis will be critical, as the initial assays only tested for select elements, leaving the full potential of the gold zones—and their relationship with other minerals—yet to be fully understood.

Beyond a Single Metal: The Polymetallic Future

The true significance of the Pecors discovery may not lie in the gold alone, but in what it represents for the property’s broader potential. The press release describes the project as a “large, polyphase system,” a term that excites geologists and investors alike. This suggests a complex geological environment where multiple mineralization events over millions of years have deposited a diverse suite of valuable metals.

Pecors was already known to host a compelling mix of commodities. The property sits on an 18-kilometer-long magnetic anomaly and has confirmed mineralization of nickel, copper, and Platinum Group Metals (PGMs). It also has a historical, non-compliant uranium resource estimated by Rio Tinto in 1977 and shows strong potential for REEs, which are critical for high-tech manufacturing and green energy applications. The addition of gold transforms the project from a collection of individual targets into a cohesive, polymetallic system.

This diversification is a powerful strategic advantage in the modern resource sector. While single-commodity projects are vulnerable to volatile price swings, a polymetallic deposit can remain economic even if one metal’s price falls. The ability to potentially extract gold alongside critical minerals like nickel, copper, and REEs creates a more resilient and attractive economic model. This aligns perfectly with the global push for secure supply chains of the materials needed to power the 21st-century economy, from electric vehicles to advanced electronics.

The property's location, just east of the known Eco Ridge REE and uranium deposit, provides a compelling geological analogue, suggesting that such multi-metal systems could be a regional characteristic, not an isolated occurrence.

Unlocking a Legacy: New Eyes on Old Ground

For nearly half a century, the geological narrative of Elliot Lake was written in uranium. Exploration models, drilling strategies, and even the economic viability of the entire district were viewed through a singular lens. Commodities like copper and nickel were noted but often ignored due to low prices and the overwhelming focus on uranium during the Cold War. This historical bias left significant potential discoveries lying dormant.

Power One’s gold discovery is a testament to the power of applying modern exploration concepts to legacy districts. By targeting REEs—another commodity largely overlooked in the region's heyday—the company inadvertently stumbled upon a precious metal system. This illustrates a key trend in global exploration: the re-evaluation of old mining camps with new technology and a broader understanding of mineral systems. What was once considered exhausted or single-purpose ground is now being seen as a repository of untapped, diversified wealth.

The company’s next steps involve a meticulous process of scientific validation. Recovering and re-analyzing the drill core will be paramount. Geologists will conduct detailed structural analysis to understand the controls on the gold mineralization and plan follow-up drilling to determine the size and continuity of the discovery. This work will not only define the potential of the gold system but will also refine the geological model for the entire property, potentially leading to further discoveries.

This intersection of history, technology, and economic opportunity is breathing new life into Elliot Lake. The unexpected glint of gold in a drill core is more than just a promising assay result; it is a signal that the future of this historic Canadian mining district may be far more diverse and valuable than anyone had previously imagined.