Pacific Resources has completed its $400,000 acquisition of the Snowstorm Gold Project, gaining 100% ownership of the high-grade asset in Victoria’s Eastern Goldfields and expanding its regional footprint.
- Final $200,000 payment completes acquisition
- Snowstorm Project features extensive high-grade drilling
- Sampling program recently finished, results pending
- Acquisition boosts Pacific Resources’ Eastern Goldfields presence
- Option held on additional Eastern Victorian Goldfields projects
Acquisition Completion Marks Full Control of Snowstorm
Pacific Resources (ASX:PXR) has officially completed the acquisition of the Snowstorm Gold Project by making the final payment of $200,000 to Mines of Stirling Pty Ltd, the previous owner. This final instalment means Pacific Resources now holds 100% ownership of the project, consolidating its position in Victoria’s Eastern Goldfields.
The $400,000 total acquisition, structured in staged payments, culminated with the transfer of full issued capital of Mines of Stirling to Pacific Resources. The deal follows a $160,000 payment in May securing an initial 50% stake, with the remaining 50% finalized in July.
Snowstorm’s High-Grade Potential Backed by Extensive Drilling
The Snowstorm Project is a high-grade gold exploration asset with a solid history of drilling, including 2,838 metres of diamond core and 424 metres of rotary air blast drilling. Previous work by First AU (ASX:FAU) has recorded impressive intersections, with some assays reaching exceptional grades. These historical results underpin the project’s appeal and potential for further discovery.
Pacific Resources recently completed a comprehensive sampling program across the Snowstorm area, collecting 22 channel samples. Laboratory results are pending and will be critical in defining the next exploration steps and unlocking the project’s value.
Strategic Expansion in Victoria’s Eastern Goldfields
This acquisition significantly enhances Pacific Resources’ exploration footprint in the Eastern Goldfields, complementing its existing interests and ongoing option to acquire additional projects in the region. The company is currently undertaking due diligence on the Eastern Victorian Goldfields Project, which could further expand its portfolio.
Pacific Resources’ broader strategy includes advancing other mineral projects such as the Sulphide Creek Gold Antimony Project and Mersey VMS Base Metals and Gold Project in Tasmania, as well as the Blackall Coal Project in Queensland. The Snowstorm acquisition fits neatly into this diversified approach focused on high-demand minerals.
Bottom Line?
Pacific Resources’ full ownership of Snowstorm sets the stage for upcoming assay results and potential new discoveries in a prolific gold region.
Questions in the middle?
- When will the Snowstorm sampling assay results be released and how might they influence exploration plans?
- What progress will Pacific Resources make on its option to acquire additional Eastern Victorian Goldfields projects?
- How will Snowstorm’s high-grade potential integrate with Pacific Resources’ broader portfolio strategy?