Pacific Resources Completes Snowstorm Acquisition, Advances Exploration in Victoria and Tasmania

Snowstorm Acquisition Finalised, Boosting Victorian Goldfields Presence

Pacific Resources (ASX:PXR) has completed its $400,000 acquisition of the Snowstorm Gold Project in Victoria’s Eastern Goldfields, gaining full ownership of a high-grade gold asset with a rich drilling history. The project, previously held by Mines of Stirling, features notable historic drill intersections including 0.2 metres grading 59.2g/t gold from 29.3 metres depth and 0.2 metres at 49.3g/t from 64.4 metres, underscoring the potential for bonanza-grade mineralisation.

With the acquisition now settled, PXR has expanded its footprint in the region, complementing its existing option to acquire the Eastern Victorian Goldfields Project from First Au Ltd (ASX:FAU). The Snowstorm Project benefits from an approved underground bulk sampling program targeting up to 3,000 tonnes of mineralised material, which PXR plans to prioritise in upcoming fieldwork to deepen geological understanding and support mineral processing test work.

The geological setting of Snowstorm is analogous to the world-renowned Fosterville Gold Mine, situated within the Lachlan Orogen and characterised by folded Ordovician metasediments and structural complexity conducive to orogenic gold mineralisation. Historic mining records indicate approximately 98,000 ounces of gold extracted at an average grade of 25.77g/t, mostly from shallow depths, with PXR aiming to explore extensions at depth using modern techniques.

Eastern Victorian Goldfields Option Under Due Diligence

PXR is progressing technical due diligence on its 19-month option to acquire two subsidiaries of First Au Ltd that hold the Eastern Victorian Goldfields Project. This portfolio includes six granted exploration licences and two applications, hosting high-grade gold, base metals, and critical minerals such as silver, copper, rare earth elements, and antimony.

The project’s Haunted Stream corridor, an 8 to 8.5-kilometre mineralised shear zone, has been shallowly tested but shows promising drill results including assays up to 36.88g/t gold over 0.2 metres and broader mineralised intervals. PXR has released an Exploration Target for the Ernestine lode indicating 40,000 to 80,000 tonnes grading 5–10g/t gold, though this remains conceptual pending further exploration.

Other areas within the portfolio, such as Dogwood and Dargo High Plains, offer porphyry copper-gold and greenfield high-grade gold potential respectively, positioning the project as a strategic complement to PXR’s Victorian assets.

Sulphide Creek Coupon Prospect Validated by Channel Sampling

In Tasmania, PXR reported encouraging results from a channel sampling program at the Coupon Prospect within its Sulphide Creek Gold-Antimony Project. The program returned gold grades of 2.41g/t and 2.30g/t from contiguous samples over a 12-metre strike length, confirming a coherent gold-bearing zone associated with a west-dipping fault and structurally controlled quartz veining.

Multi-element assays revealed strong correlations between gold, arsenic (peaking at 2,470 ppm), and antimony, highlighting these as pathfinder elements. Elevated copper values suggest complex mineralisation controls, which will inform upcoming maiden diamond drilling and geophysical surveys such as induced polarisation and magnetics to refine targeting along the Sulphide Creek corridor.

Mersey VMS Project Fieldwork Preparations

PXR is preparing for initial field activities at its Mersey Volcanogenic Massive Sulphide (VMS) Base Metals and Gold Project in northwest Tasmania. The 203 square kilometre project lies within the Mount Read Volcanics, a prolific mineral belt hosting world-class deposits. Planned work includes geological mapping, soil and rock chip sampling, and potentially LIDAR and airborne electromagnetic surveys to identify massive sulphide targets ahead of maiden reverse circulation drilling.

Corporate Developments and Financial Position

During the quarter, PXR appointed Ian Neilson, a seasoned structural geologist and geophysicist with over 25 years’ experience, as an Independent Non-executive Director. The company also relocated its registered office and principal place of business to Brisbane.

Exploration and evaluation expenditure for the quarter totalled $302,000, with cash reserves at $522,000 at quarter-end. This funding is estimated to support operations for approximately 1.2 quarters, with the company actively considering options to secure further capital. PXR also maintains an equity investment in Revolver Resources (ASX:RRR), which is advancing its Dianne Copper Project in Queensland.