Pacific Resources Advances Eastern Victorian Goldfields Due Diligence and Tasmanian Sampling

Exploration Target Emerges at Ernestine in Eastern Victoria

Pacific Resources has sharpened its focus on the Eastern Victorian Goldfields Project, where due diligence is progressing on a 19-month option to acquire the high-grade asset. The Ernestine Prospect within the Haunted Stream target area is now estimated to host an Exploration Target of 40,000 to 80,000 tonnes grading 5–10 grams per tonne gold, translating to roughly 6,000 to 25,000 ounces. This target remains conceptual, reflecting limited drilling to date and the need for further exploration to confirm a Mineral Resource.

The company’s updated geological interpretation reveals a mineralised corridor extending 500–550 metres, with high-grade shoots identified through recent and historical drilling. Notably, drillhole ERN001 intersected 0.2 metres at 36.88 g/t gold, underscoring the potential for bonanza-grade veins within steeply plunging shoots. These shoots remain open down-plunge, hinting at upside beneath shallow historic workings.

The broader project encompasses multiple tenements prospective not only for gold but also silver, copper, lead, zinc, rare earth elements, antimony, tungsten, and molybdenum. If the option is exercised, the acquisition would strategically complement Pacific Resources’ existing portfolio, as outlined in its earlier option execution and exploration plans.

Tasmanian Sampling Completed at Coupon Prospect

In Tasmania, Pacific Resources wrapped up a channel sampling program at the Coupon Gold-Copper Prospect within the Sulphide Creek Project. Twelve continuous one-metre samples were collected from a recently discovered adit, previously unrecorded until the company's reconnaissance work last year. The samples have been dispatched to ALS Laboratories, with assay results expected to inform the next phase of drill planning.

Field observations noted encouraging alteration and structurally controlled quartz vein styles, supporting the interpretation of fold repetition and structural control over mineralisation. This aligns with historic drilling trends indicating elevated gold grades on a northwest-southeast orientation, consistent with regional mineralised corridors.

Mersey VMS Project Prepares for Fieldwork and Surveys

Meanwhile, at the Mersey Volcanogenic Massive Sulphide (VMS) Base Metals and Gold Project, Pacific Resources is advancing planning for its first phase of fieldwork. This will include geological mapping, soil and rock chip sampling, a LIDAR survey to identify historic workings, and a detailed airborne electromagnetic survey aimed at detecting massive sulphide targets. Subject to survey results, a maiden reverse circulation drilling program is proposed to test high-priority targets within the Mount Read Volcanics.

Corporate and Financial Updates

Corporate changes saw the departure of Non-Executive Directors Mena Habib and Jerko Zuvela, with Ian Neilson appointed as an Independent Non-Executive Director. Neilson brings over 25 years of global experience in economic structural geology and mineral exploration, potentially strengthening Pacific Resources’ technical and strategic capabilities.

Financially, the company reported $70,000 in exploration and evaluation expenditure during the quarter, with total cash and cash equivalents at $970,000. This provides an estimated 4.6 quarters of funding at current expenditure levels, supporting ongoing exploration and corporate activities. Pacific Resources also maintains an equity investment in Revolver Resources Holdings Limited, which recently advanced its Dianne Copper Project following a strong recommencement study and capital raising.