HUGE gold deposits lie unexploited across Victoria with some ore-bearing rocks located just 100m below the surface, a state Government study reveals.
A three-year land survey shows about three million ounces of gold may be located in an area north of Melbourne, while millions more could be extracted with modern mining techniques north-west of the city.
Geologists have used new survey techniques to create a three-dimensional model of the land among with geochemical and geophysical data.
Energy and Resources Minister Peter Batchelor says the $9 million Government study indicates an estimated 70 million ounces of gold lie within reach across the state.
"The gold-bearing rocks there are within reach of modern drilling technology, with much of it under less than 100m of sediment," he said.
Gold hidden under sediment can be difficult to mine and costly to extract.
Mr Batchelor says the new study will help the mining industry examine the risks and focus efforts on regions more likely to yield returns.
The two survey areas identified as having a high potential for gold deposits are the Melbourne Zone - north and west from the city to Shepparton - and the Gold Undercover Zone, located near Swan Hill to around Horsham.
