- Media Release
Journey to Victorian gold gathers pace with exploration tunnel Works Plan approval
The approval of the Works Plan for the exploration tunnel at Catalyst Metal’s Boyd’s Dam gold prospect sends a positive signal that Victoria is open to minerals investment.
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.
The Boyd’s Dam prospect brings to life Victoria’s aim of discovering extensions of the world renowned Bendigo Goldfield to the north under the Murray Basin cover with modern exploration techniques. The Bendigo Goldfields is still to this day Australia’s second largest goldfield by production.
The approval allows for the next phase of exploration investment to employ regional Victorians and support local economies.
Victorian gold production peaked in 2021 and it is now urgent that new mines are developed to ensure Victoria replenishes gold production and maximises the opportunity for its rich gold endowment in times of higher gold prices.
Victoria could produce 1 million ounces of gold per year by 2030. This is achievable and would provide value of more than $6 billion at today’s gold price.
Regional Victoria needs a more diverse economy and growth industries. Minerals left in the ground provide no benefit.
Victoria’s minerals sector acknowledges the work of the Victorian Government through the Critical Minerals Roadmap and Economic Statement to put supportive policy and regulatory practices in place.