Pacific Resources Secures 50% Stake in Snowstorm Gold Project with First Payment
Pacific Resources (ASX:PXR) has advanced its acquisition of the Snowstorm Gold Project in Victoria’s Eastern Goldfields by paying $160,000 to acquire a 50% stake in Mines of Stirling, the project’s owner. Completion of the acquisition, including full ownership, is expected by mid-July.
- First payment of $160,000 secures 50% ownership
- Total acquisition price of $400,000 for 100% ownership
- Snowstorm Project features extensive high-grade drilling
- Approved underground bulk sampling program planned
- Acquisition complements existing Eastern Goldfields portfolio
Milestone Payment Advances Snowstorm Ownership
Pacific Resources (ASX:PXR) has taken a decisive step in expanding its Victorian gold footprint by making the first acquisition payment of $160,000 to Mines of Stirling Pty Ltd, securing a 50% ownership stake in the Snowstorm Gold Project. This follows an initial $40,000 non-refundable deposit, with a remaining $200,000 payment due by 17 July 2026 to complete full ownership of the project.
The Snowstorm Project, located in Victoria’s Eastern Goldfields, is a high-grade gold asset with a substantial drilling history, including 2,838 metres of diamond core and 424 metres of rotary air blast drilling. Previous exploration by First Au (FAU) delivered exceptional intersections, underscoring the project's potential.
Strategic Fit Within Eastern Goldfields Expansion
This acquisition enhances Pacific Resources’ existing exploration portfolio in the region, where it also holds an option to acquire the Eastern Victorian Goldfields Project, currently under due diligence. The Snowstorm Project’s geology is analogous to other prolific gold systems in the area, offering promising exploration upside.
Chief Executive Officer Andrew Fogg emphasised the strategic value of the acquisition, noting the extensive drilling database and the approved underground bulk sampling work plan. The bulk sampling program authorises extraction of up to 3,000 tonnes of mineralised material, intended to improve geological understanding and provide material for mineral processing test work.
Bulk Sampling and Exploration Plans
Pacific Resources plans to reassess the bulk sampling program as an initial priority in its upcoming fieldwork. The program is designed to test mineralisation beneath previously reported high-grade surface samples and explore repeat systems at depth. Additionally, there is significant up-dip potential in the mineralised shear zone outside the bulk sample target area, which presents further exploration opportunities.
The company anticipates completing the acquisition and assuming 100% ownership of Mines of Stirling and the Snowstorm Project upon the second payment. This will enable Pacific Resources to fully control the project and accelerate its exploration agenda.
Bottom Line?
Completion of the Snowstorm acquisition will position Pacific Resources to unlock high-grade gold potential through targeted bulk sampling and deeper exploration in a prolific Victorian gold belt.
Questions in the middle?
- Will the underground bulk sampling program confirm the high-grade potential indicated by historic drilling?
- How will the Snowstorm acquisition influence Pacific Resources’ broader strategy in the Eastern Goldfields?
- What timeline and budget will Pacific Resources allocate to progressing towards a Mining Licence?
