Eastern Victorian Goldfields

Eastern Victorian Goldfields

Option to acquire a high-grade gold, base metals and critical minerals project in the Eastern Victoria

  • Pacific Resources has an option to acquire the Eastern Victorian Goldfield Project in the East Gippsland region of Victoria. In addition to gold prospectivity, the Project hosts a tenement package  prospective for silver, copper, lead and zinc plus rare earth elements (REE) and antimony, tungsten and molybdenum.
  • Subject to the exercise of the Option, and completion of the acquisition, the Project will become a strategic addition to Pacific Resources project portfolio and will complement its existing mineral resources assets.
  • Exercise of the Option is subject to a number of conditions, including the completion of technical due diligence to its satisfaction. The Option is for a period of 19 months from date of entering the Option, 15 December 2025.
  • Granted Licenses include:

     

      • Haunted Stream (EL006816)
      • Dogwood (EL006977)
      • Dargo & Snowstorm Extended ( EL5422 & EL007335)
      • Dargo High Plains (EL006976)

Map showing granted ELs and ELAs, with Haunted Stream licence shown in yellow box    

Haunted Stream 

  • Haunted Stream (EL006816)7. This is an ~8–8.5 km mineralised corridor of fold-hinge and shear-controlled quartz-sulphide shoots within Ordovician turbidites.
  • The area has been tested to shallow depths (relative to Victorian analogues), and drilling has confirmed multi-metre, high-grade gold with bonanza spikes.
  • These gold shoots remain open down-plunge beneath shallow historic workings, providing potential for exploration upside.
  • This target would represent a priority exploration focus (subject to exercising the Option and completing the acquisition).

7  ASX:FAU Release “Haunted Stream, Victoria Delivers Further Outstanding Drilling Results” 31 August 2023

Haunted Stream - Orogenic Gold Shoots (potential for near term ounces)

  • System & footprint. An >8–8.5 km mineralised corridor of fold-hinge and shear-controlled quartz-sulphide shoots within Ordovician turbidites; the field remains shallowly tested relative to Victorian analogues.
  • Prospects within project includes:

     

    • Ernestine;
    • Hibernia;
    • Rob Roy;
    • Commotion and
    • Hans Lodes.

Haunted Stream - Ernestine Project 

  • Current evidence at Ernestine prospect: Modern drilling confirms multi-metre, high-grade gold with bonanza spikes:

     

    • ERN001 -  0.2m @ 36.88g/t Au within broader mineralisation
    • ERN004B -  1.0m @ 11.45g/t Au incl. 0.5m @ 21.13g/t Au
    • ERN007 - 2.7 m @ 6.71 g/t Au
    • ERN008B - 10.7m @ 3.05g/t Au incl. 2.5m @ 8.32g/t Au
  • Upside vectors. Shoots remain open down-plunge beneath shallow historic workings; structural model is predictive (hinge/thrust geometry, shale–sandstone contrasts).
  • Principal risks. Targeting complex system; access and drill-site geometry around historic workings.
  • Near-term lever. Down-plunge diamond step-outs beneath ERN sections to convert demonstrable grade continuity into early ounces.

Haunted Stream: Ernestine Exploration Target

Based on the technical assessment of this available data, the Company considers that the Ernestine lode has the potential to host an Exploration Target of 40,000 to 80,000 tonnes grading approximately 5–10g/t Au, containing approximately 6,000 to 25,000 ounces of gold11.

The potential quantity and grade are conceptual in nature, as there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource.

The Exploration Target is specifically based on:

    • Results from drilling at the Ernestine Prospect by FAU in 20239, and earlier diamond drilling and reverse circulation drilling (RC) by Mantle Mining Corporation (Mantle Mining)10;
    • Geological interpretation of North–South striking quartz lodes hosted within Southwest-striking shear zones; and
    • Assumptions regarding shoot dimensions, including a strike extent of approximately 50m, a vertical extent of approximately 150m and true widths of approximately 1–2m.

 9  ASX:FAU Release “Haunted Stream, Victoria Delivers Further Outstanding Drilling Results” 31 August 2023

10  ASX:FAU Release “FAU Acquire Victorian Gold Exploration Project” 03 June 2020 and  ASX:FAU Release “High Grade Rock Chips at Vic Gold Project Drilling Starting” 03 February 2021

11 ASX:PXR Release “Exploration Target Assessment in Eastern Victorian Goldfields Project” 24 March 2026

Map showing granted ELs and ELAs, with Dogwood licence shown in yellow     

 

12  ASX:FAU announcement “Further Dogwood Assays Highlight Copper Porphyry Potential” 8 December 2022

Dogwood (EL006977)

Brief Overview:

First Au reported positive copper-zinc drilling assays at the Dogwood project, extending the polymetallic mineralisation footprint to over 2 kilometres across the area.12

Results:

Hole 4 highlights include 0.2m @ 0.324% Cu, 1.7% Zn and 0.6m @ 0.24% Cu at depth, with assays pending for eight holes.

Exploration & Geology:

The property features mineralised granodiorite porphyries with potassic, propylitic, and phyllic alteration, matching classic copper porphyry system zonation identified in regional assessments.

Next Steps:

The drilling undertaken in 2022 suggested that a number of fertile porphyry intrusions exist within the tenement however are more likely to reflect ‘plugs’ or 5-8Mt intrusions. There is evidence to suggest sufficient numbers of ‘plugs’ occur and may collectively lift tonnages. Further RC drilling recommended in particular targets benath Hole 4.

The Company is continuing to test all core samples from all 14 holes. 

 

Dogwood (EL006977)8

  • System and footprint. Fertile Cu–Mo–Au porphyry in the Yeoval tract (continental arc) with 4 × 2 km alteration/mineralisation footprint; historic drillhole ended in ore and coincident IP + geochemistry anomalies remain untested.
  • Current evidence. Historic and compiled intersections include; 24.4m@ 0.77% Cu (13.25 m @ 1.1% Cu), 30m @ 0.5% Cu and 2m @ ~8g/t Au—consistent with upper–mid porphyry levels and Au-bearing vein overprints. 
  • Vectoring signals. Increasing magnetic susceptibility with depth, a sill-like granodiorite dipping ~15° NE with supergene enrichment along the Polygam Fault and elevated pXRF Cu–Mo in outcrop (Cu ~1.13%, Mo ~3,386 ppm) guide the hunt for potassic cores.
  • Principal risks. System level is likely upper porphyry; grade heterogeneity until cores are found.
  • Near-term lever. IP/chargeability-guided deeper step-outs beneath historic hits to locate potassic centres and higher-grade stockworks.

8   Independent Technical Review Due Diligence Review Gold Projects for AUH, Ian E Neilson, MSc RP Geo, 4 September 2025

Additional Granted Exploration Licences:

Dargo Block (EL5422) 

  • Primary Commodity Target  - Gold, Silver, Base Metals (Cu/Pb/Zn)

Dargo High Plains (EL006976)

  • Primary Commodity Target  - Gold, Copper, Base Metals, Antimony

Snowstorm-Extended (EL007335)

  • Primary Commodity Target  - Gold, Copper, Base Metals, Tungsten

Additional Exploration Licence Applications

Highland Chief (EL007408)

  • Primary Commodity Target  - Gold, Base metals (Cu/Pb/Zn) Cobalt

Tiger Creek (EL007722)

  • Primary Commodity Target – Gold, Silver, Base Metals (Cu/Pb/Zn)