Pacific Resources finalises Victorian gold acquisition
Pacific Resources (ASX:PXR) finalised a binding agreement to acquire a 100% stake in private exploration firm Mines of Stirling.
The $400,000 transaction grants the company complete ownership of the high-grade Snowstorm Project (PL007319), located within the eastern Victorian goldfields.
The Snowstorm Project is considered a highly prospective gold exploration asset, boasting a geology analogous to the world-class Fosterville Gold Mine, which has yielded approximately 4.6 million ounces of gold since 2005.
Extensive historical exploration at the site includes 3,197m of diamond core drilling and 424m of rotary air blast drilling.
Historical results feature drilling assays returning up to 59.2 grammes per tonne of gold, alongside standout surface sampling results reaching up to 123g/t gold.
This acquisition enhances Pacific Resources’ exploration footprint in a region with a rich history of gold production.
The company intends to deploy modern mining techniques to target deeper structures, which management believes offers major exploration upside.
Moving forward, Pacific Resources plans to re-assess an approved bulk sample works programme.
The next phase will involve extracting 3,000 tonnes of ore to bolster geological understanding, provide critical material for metallurgical testing, and facilitate deeper target testing.
At the time of reporting, Pacific Resources’ share price was $0.0010.
