Eastern Victorian Goldfields Projects

SNOWSTORM (PL007319)

  • The company has completed negotiations to acquire 100% of the Issued Capital of Mines of Stirling Pty Ltd. On 1 June 2026, PXR acquired 50% of the company, with balance to be acquired on or before 17th July 2026.1

  • Mines of Stirling Pty Ltd (MOS) holds Prospecting Licence 7319 (PL007319) named Snowstorm.

  • The tenure of Snowstorm expires on 28 April 2028.

  • MOS has an Approved Work Plan to undertake an Underground Mining & Bulk Sampling programme to extract 3,000 tonnes of mineralised material.

  • Extensive drilling includes 2,838m of Diamond Drillholes (DDH) and 424m of Rotary Air Blast (RAB)

  • Assay drilling results with 59.2g/t Au and Surface Sampling to 123g/t Au

  • Pacific Resources sees the potential upside to complete the Bulk Sampling programme and if successful, move forward to a Mining Lease.

Map showing granted exploration licences and exploration licence applications shown in yellow

2. Bibliographic reference:  WILLMAN, C.E., MORAND, V.J., HENDRICKX, M.A., VANDENBERG, A.H.M., HAYDON, S.J.,    CARNEY, C., 1999. Omeo 1:100 000 map area geological report. Geological Survey of Victoria Report 1182.

3. Agnico Eagle (Fosterville Mine) https://www.agnicoeagle.com/English/operations-and projects/global-operations-and-development-projects/fosterville/default.aspx www.fgmcommunity.com.au

HISTORY OF SWIFTS CREEK GOLD RECOVERY

  • •Mining in the area shows 98,133 oz 2 of gold had been extracted from 118,412 tonnes of ore. (~25.77g/t Au)
  • Early mining methods were limited to a depth of 100 metres due to interactions with water, air supply and technology at the time. Historical records show ~14,000 oz Au 1860 to 1880’s – excludes King Cassilis. (map following)
  • Snowstorm’s geology is considered analogous with Fosterville Gold Mine in East Victoria. Fosterville reported in 2005, it has produced ~4.4million ounces of gold with probable reserves of 1.68m ounces. Currently they are 1,350 metres underground.3
  • Modern mining techniques will allow significantly deeper access following ore leads.

SNOWSTORM PROJECT (adjoins EL007335

Source: Geological Survey of Victoria (GSV, Victorian Department of Mines)2

RECENT EXPLORATION RESULTS

  • The 2022 First AU drilling campaign returned the following results:

  • FAU Drilling Highlights >5g/t Au recorded as high as 59.2g/t.

  • Face Sampling Highlights >5g/t Au recorded as high as 72.4g/t.

  • Extensive drilling includes 2,838m of Diamond Drillholes (DDH) and 424m of Rotary Air Blast (RAB)

  • Approved Work Plan to undertake Underground Mining & Bulk Sampling Programme to extract 3,000 tonnes of mineralised material.

  • If Bulk Sampling Programme is successful, consider moving to Mining Lease.

FAU Drilling Highlights >5g/t Au4

Face Sampling Highlights >5g/t Au

4  ASX:FAU Release: “Successful Drilling Completed at Snowstorm Project, Victoria” 1 April 2022

Long section looking Northeast showing the sulphide quartz reef geometries intersected by drilling.

Coordinates in MGA94 Zone 55 against scale shown

High-grade core from diamond drill hole SNDDH002.
(ASX: FAU Release “Snowstorm Drilling Intersects Mineralised Dyke Swarm”, 10 June 2021)

Longitudinal Section of Proposed Ramp Development

The results of the bulk sampling will assist the company in its assessment of project parameters.

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BULK SAMPLING PROPOSAL

  • The bulk sampling of mineralised material is proposed to focus on development of UG workings that will access zones along:

    • SNDDH002 intersection (2.5m @ 15g/t Au including 0.8m @ 33.3g/t Au)4

    • SNDDHP2003 intersection (3.3m @ 5.8g/t Au including 0.4m @ 23.8g/t Au)4 

    • SNDDH2004 intersection (1.2m @ 5.82 g/t Au including 0.4m @ 12.35g/t Au)​4

The bulk sampling should provide

    • Increased geological certainty

    • Sufficient bulk samples for mineral processing test work

    • Provide further access to positions under high-grade rock chip samples to the West and below.

The initial bulk sampling entry portal also provides an ideal ‘entry’ location into the system where further mineralised material is proposed to be accessed including:

  • Targeting additional surface mapped targets at depth that have not been drilled (Sample ID 160306: 123g/t Au5)
  • Access to Mineralised Corridor
  • Testing for ‘repeating system’ at depth beneath existing panels
  • Upside – due to steep terrain there is significant up-dip potential in the mineralised shear zone accessible outside the bulk sample target zone
  • The PL provides significant upside opportunity for accessing multiple repeated lodes at depth and along strike to the Northwest including high-grade Silver, Gold and Antimony assays at surface
  • The main gold bearing structures extend to depth and do not appear to be cut off at depth providing significant depth potential

 

 

 

Drilling locations in PL007319 extents (black).Coordinates in MGA94 Zone 55 against scale shown.
Graticules squares are 100m line spacing.

5 ASX:FAU Release “First AU Accelerates Exploration at Victorian Gold Project” 30 October 2020