Snowstorm Gold Project

Snowstorm Gold Project

The company 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 acquired on 17th July 2026.

  • 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

Recent Exploration Results

The 2022 First AU Limited 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.

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

FAU Drilling Highlights >5g/t Au4

Face Sampling Highlights >5g/t Au

History of Swifts Creek Gold Recovery

  • Snowstorm sits within a field with a long production history.  Historic mining records held by the Geological Survey of Victoria 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)
  • The Snowstorm Project is considered by the Company's technical team to be analogous to the broader structural and stratigraphic architecture hosting the 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.

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

Snowstorm Gold Project (adjoins EL007335)

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

Figure 1: Long section looking Northeast showing the sulphide quartz reef geometries intersected by drilling.

(Coordinates in MGA94 Zone 55 against scale shown)

The Snowstorm Project has an approved work plan (PLN-001755) for an underground bulk sampling program to extract up to 3,000 tonnes of mineralised material and Pacific Resources plans to reassess the bulk sample program as an initial priority for its fieldwork programs, and, if successful, progress toward a Mining Licence at the Project.

There is also significant exploration potential up-dip in the mineralised shear zone outside the bulk sample target zone, which presents a further exploration opportunity within the project area.

 

Figure 2: High-grade core from DDH SNDDH002.

Longitudinal Section of Proposed Ramp Development

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

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 Au)5
  • 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

Project Overview and Background

The geological setting of the Snowstorm Project within the Swifts Creek–Omeo region of eastern Victoria is considered analogous to the broader structural and stratigraphic architecture hosting the world-class Fosterville Gold Mine, also in Victoria. Both regions occur within the Lachlan Orogen and comprise folded Ordovician metasedimentary sequences variably intruded by Silurian to Devonian intrusive rocks and affected by multi-phase deformation associated with the Tabberabberan Orogeny.

Modern tectonic interpretations of the Victorian Orocline suggest that large-scale oroclinal bending and structural reorganisation of the eastern Lachlan Fold Belt may have repositioned equivalent mineralised structural corridors into eastern Victoria.

The Company considers that the interaction between fold hinges, shear zones, dyke swarms and late brittle reactivation structures observed at Snowstorm represent favourable controls for orogenic gold mineralisation and share key geological characteristics with structurally hosted Victorian gold systems elsewhere in the state.

The Snowstorm Gold Project (PL007319) adjoins Exploration Licence EL007335, which is part of the Company’s Option to acquire the Eastern Victorian Goldfields Project.