High prices for gold have resulted in record levels of exploration in the Australian State of Victoria and the Brumby Government estimates there are still another 30 to 50 Moz yet to be discovered. Energy and Resources Minister Peter Batchelor said 225,000 oz of gold was produced in Victoria in 2006/07. An increase of 10% on the previous year. The majority of that gold was derived from Victoria’s Golden Triangle, an area between Bendigo, Ballarat and Stawell.
“Gold exploration and development can deliver many benefits to rural and regional Victoria including employment and business opportunities, diversification of regional economies and the development of regional services and infrastructure,” Batchelor said. He also said the State Government had funded regional geoscience programs, such as the $9 million Gold Undercover, to define new potential for gold discoveries and further encourage gold exploration and production in Victoria. “The Department of Primary Industries geoscientists are optimistic about Victoria’s gold mining sector, estimating that 30-50 Moz remain to be discovered,” Batchelor said.
“Victoria’s gold exploration expenditure for 2007 reached A$56 million, with a large part of this being spent in Victoria’s Golden Triangle. High gold exploration expenditure in Victoria over recent years has been driven by an improved perception of Victoria’s prospecting opportunities and the continued strength of the gold price on international markets. Today’s elevated gold price and the significant gold potential of Victoria also signals a great time for prospectors.”
Batchelor said up to 2,500 Miners Rights were sold each year to prospectors trying their luck in the hope of finding gold, and perhaps, an elusive nugget like the Welcome Stranger. The Welcome Stranger nugget, which weighed 64.5 kg (2,284 oz), was unearthed at Moliagul, in central Victoria in 1869. More than 110 years later in 1980, the Hand of Faith nugget, weighing 720 oz, was found by prospectors near Wedderburn. Miners Rights enable prospecting for minerals on some Crown Land and private land where the holder has the permission of the landowner. To know more visit http://www.investvictoria.com/.