There has been a boost in confidence for exploration investment in Victoria thanks to approval of a work plan for an exploration tunnel at Boyd’s Dam gold prospect.
The prospect, owned by Catalyst Metals, is said to bring to life Victoria’s aim of discovering extensions to the world-renowned Bendigo goldfields to the north of the Murray Basin.
The Bendigo goldfields is still to this day Australia’s second largest goldfield by production.
“Progress on exploration approvals provides a much-needed boost in confidence for exploration investment and adds to the momentum of gold development in Victoria which has enjoyed record exploration spending in recent years,” Minerals Council of Australia (MCA) executive director for Victoria James Sorahan said.
“The approval allows for the next phase of exploration investment to employ regional Victorians and support local economies.”
MCA claims Victoria could be in a position to produce one million ounces of gold per year by the turn of the decade – something described as “achievable” – which would provide a sum of more than $6 billion at today’s gold price.
Gold production in the state peaked in 2021, with new mines needing to be developed to ensure replenished gold production and maximised opportunity in a time of higher gold prices, the MCA stated.
“Regional Victoria needs a more diverse economy and growth industries. Minerals left in the ground provide no benefit,” Sorahan said.
The exploration decline is the first in the state, with Resources Victoria describing the approval as a “new chapter” of mining exploration.
“This exploration approach will deliver more accurate, less costly geotechnical and exploration data with reduced surface impacts when compared to a conventional surface drilling program,” Resources Victoria executive director regulatory operations Laura Helm said.
Resources Victoria has previously noted an estimated 75 million ounces of gold is still to be discovered in the state, with the central Victoria province already producing approximately 80 million ounces.
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