Pacific Resources Limited (ASX, PXR) has executed a 19-month option to acquire the high-grade Eastern Victorian Goldfields Project, while progressing exploration at its Tasmanian assets and completing a $1.5 million placement.
- 19-month option secured to acquire Eastern Victorian Goldfields Project
- Fieldwork planned at Sulphide Creek Gold-Antimony and Mersey VMS projects
- $1.5 million private placement completed to support exploration
- No commercial rare earth elements found at Blackall Coal Project
- Company name changed to Pacific Resources Limited with new ASX code PXR
Strategic Acquisition Option in Victoria
Pacific Resources Limited (ASX, PXR) has taken a significant step by executing a 19-month option to acquire the Eastern Victorian Goldfields Project from First Au Ltd. This portfolio of high-grade gold, base metals, and critical minerals assets is located in the East Gippsland region of Victoria. The project includes six granted exploration licences and two applications, covering promising targets such as Haunted Stream, Dogwood, and Dargo High Plains.
The Haunted Stream target, in particular, has demonstrated multi-metre, high-grade gold mineralisation with bonanza-grade intercepts in historic drilling. The project also hosts potential for silver, copper, lead, zinc, rare earth elements, antimony, tungsten, and molybdenum, making it a diverse and strategic addition to Pacific Resources’ portfolio if the option is exercised.
Advancing Exploration in Tasmania
Meanwhile, Pacific Resources is advancing its Tasmanian projects with plans for next-phase fieldwork at the Sulphide Creek Gold-Antimony Project. Focused on the Coupon and Rinadeena prospects, upcoming activities include channel sampling, adit mapping, and detailed geological mapping to refine mineralisation models and prepare for potential drilling.
At the Mersey Volcanogenic Massive Sulphide (VMS) Base Metals and Gold Project, the company is preparing for its initial fieldwork phase. This will involve data compilation, geological mapping, soil and rock chip sampling, and potentially a LIDAR survey and airborne electromagnetic survey to identify massive sulphide targets. These efforts aim to unlock the potential of this historically significant mining region in northwest Tasmania.
Corporate and Financial Highlights
Supporting these exploration activities, Pacific Resources successfully completed a $1.5 million private placement with Bluestone Energy Holdings Limited, providing essential funding for ongoing work. The company also formalised its rebranding, changing its name to Pacific Resources Limited and adopting the ASX code PXR from November 2025.
On the rare earth elements (REE) front, the company assessed the Blackall Coal Project in Queensland for REE prospectivity but found no commercially viable concentrations. Pacific Resources continues to explore alternative technologies and processes for this asset.
Financially, the company ended the quarter with $1.181 million in cash, reflecting outflows from operating and investing activities balanced by the placement proceeds. Payments to directors for salaries and fees were disclosed at $31,000 for the quarter.
Looking Ahead
Pacific Resources’ strategic option to acquire the Eastern Victorian Goldfields Project, combined with active exploration in Tasmania and a strengthened balance sheet, positions the company for potential growth in high-demand minerals. The coming months will be critical as due diligence progresses and field programs commence, with market watchers keen to see how these initiatives translate into tangible resource development.
Bottom Line?
Pacific Resources’ next moves on the Victorian option and Tasmanian exploration will be pivotal in defining its growth trajectory.
Questions in the middle?
- Will Pacific Resources exercise the option to acquire the Eastern Victorian Goldfields Project within the 19-month period?
- What initial results will the upcoming fieldwork at Sulphide Creek and Mersey projects yield?
- How will the recent $1.5 million placement impact shareholder dilution and future capital needs?