Exploration boom continues for north central Victoria

North Central Victoria is set to be benefit from more than $100 million to be spent on minerals exploration in the region over the coming years.

North Central Victoria is set to be benefit from more than $100 million to be spent on minerals exploration in the region over the coming years.

On Friday 29 October 2021, the successful North Central Victorian Goldfields Ground Release tenderers were announced, with Fosterville Gold Mine Pty Ltd the successful tenderer for blocks 1, 2 and 3, and Southern Star Exploration Pty Ltd the successful tenderer for block 4.

Across the three blocks for which it was the successful tenderer, Fosterville Gold Mine will spend more than $90 million, while Southern Star will spend more than $10 million across one block over a five-year period.

The successful tenderers will now progress through to the licensing stage, which includes a 21-day period for the public to make submissions regarding the licence applications.

The tender opportunity was offered to experienced minerals explorers who could demonstrate a history of responsible exploration and a commitment to working closely with Traditional Owners, local stakeholders, and communities.  It attracted a strong response with tenders received from a competitive field.

The evaluation was conducted by an Independent Assessment Panel, supported by two advisory panels assessing tenderer’s proposals relating to responsible minerals exploration and, for the first time in Victoria, Traditional Owner matters.

The Geological Survey of Victoria predicts there may be as much as 75 million ounces of undiscovered gold across northern Victoria. If exploration is successful, mining could bring a boom to the region.

Minerals exploration has been growing across Victoria in recent years, with ABS data showing state-wide annual minerals exploration expenditure increasing to $183.8 million for 2020-21, up by more than 35 per cent.

Since 2016, the average quarterly growth rate has been more than double the national average.

Contact: Mark Farrugia

Phone: (03) 8392 6913