Pacific Resources Limited (ASX: PXR) has announced a binding agreement to acquire 100% of Mines of Stirling Pty Ltd, the owner of the high-grade Snowstorm Project (PL007319), for a total consideration of $400,000. Pacific Resources Limited (ASX: PXR) is a junior ASX-listed mineral resources company focusing on high-demand minerals such as gold, antimony, and base metals, with projects in Tasmania, Queensland, and an increasing presence in Victoria. This strategic acquisition is poised to significantly enhance PXR’s exploration footprint within Victoria’s Eastern Goldfields region.
The Snowstorm Project, located in the East Gippsland region, is notable for its substantial gold potential. Previous exploration drilling, encompassing 3,197 metres of diamond core and 424 metres of rotary air blast, has yielded exceptional gold results, including assays of up to 59.2g/t and 49.3g/t. Surface sampling also delivered high-grade returns, with results up to 123g/t gold. The project’s geological characteristics are considered analogous to the world-class Fosterville Gold Mine, which has produced approximately 4.6 million ounces of gold, underscoring the area’s prospectivity.
PXR’s immediate plans include re-assessing an approved works program for an underground bulk sampling operation, designed to extract 3,000 tonnes of ore. This initiative aims to advance geological understanding, gather material for metallurgical testing, and enable the testing of deeper targets. Pacific Resources Chief Executive Officer, Andrew Fogg, highlighted the acquisition as an outstanding opportunity to grow the company’s footprint, leveraging the project’s extensive drilling database and approved work plan to rapidly advance its development.
The acquisition terms involve a $40,000 non-refundable deposit already paid. A further $160,000 is payable by May 31, 2026, for 50% ownership. The final payment of $200,000, due by July 17, 2026, will complete the transfer of the remaining equity, granting PXR full ownership of the Snowstorm Project.
