Gold & Silver Forum - Find could spark a gold rush

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Find could spark new Victorian gold rush

Posted Wed Jul 23, 2008 1:42pm AEST
Updated Wed Jul 23, 2008 1:43pm AEST
http://www.abc.net.au/reslib/200710/r189122_708705.jpgScientists estimate there could be 1,000 tonnes of gold in the area. (Perth Mint)

http://mpegmedia.abc.net.au/latelinebusiness/av/podcast/20080722-latebiz-gold_video4.wmv
Map: Bendigo 3550

Victorian scientists have identified a patch of land between Bendigo and the Murray River which they believe contains $32 billion worth of gold.
The scientists at the Department of Primary Industries made the startling find when they compared the 10,000 square kilometre stretch of land with a nearby area that was geologically similar.
They found it was highly probable significant gold deposits were still undiscovered, worth more than $32 billion.
Dr Richard Aldous from the Victorian Department of Primary Industries says the news could spark another Victorian gold rush.
"We're estimating that there could be 1,000 tonnes of gold [there], which is a very large amount of gold," he said.
"[The] total world production of gold since King Solomon is about 150,000 tonnes, so that puts it in perspective."
The scientists say modern technology should be able to penetrate layers of thick sediment which have made the find almost impossible until now.
"The area is covered by sand and clay, and so the old-time prospectors couldn't get to that," he said.
Since the 1850s, more than 2,500 tonnes of gold have been dug up around Ballarat and Bendigo.
Scientists and the Victorian Government believe almost half that amount again may still be in the ground in this unmined area.
Peter Batchelor, also from the Department of Primary Industries, says things that used to be impossible are now possible.
"Old miners were limited by the geology, their lack of knowledge and modern techniques to extracting gold," he said.
"But with modern mining techniques we should be able to access it."
The group hopes the study will encourage gold exploration companies to move into the area.
Meanwhile Chris Fraser from the Victorian branch of the Australian Minerals Council says it could take a lot of time and work to pinpoint where the major gold fields might be.
"There's some success with some of the geochemical analysis when people are analysing the chemical of the soils and trying to detect what might have migrated up from below," he said.
"And there's analysis of groundwaters and all sorts of indicators, and we are getting better at using that to try and target in on these potential gold bearing zones."

Based on a report by Vicky Jardim for ABC1's Lateline Business.
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