Victorian gold rush revival digs in as surging price, investment in deeper mines sees production double ABC Central Victoria By Beth Gibson and Sian Gard Posted yesterday at 2:48pm
A close up of men's hands holding a piece of white rock, the rock has glints of gold speck through it
PHOTO: It is believed there are 80 million ounces of gold still be unearthed in regional Victoria. (ABC Central Victoria: Sian Gard) RELATED STORY: Predicted gold rush and iron ore price bump welcome news for WARELATED STORY: Australia's gold output could slip as industry heads to edge of 'production cliff', analyst warnsRELATED STORY: The artist who tried to make a fortune from his paintings in 1850s Victoria Most of Victoria's gold remains underground, considered too deep for the 19th century diggers to reach. But now many companies are starting to tap into this resource.
Key points: It is estimated 80 million ounces of gold remains deep below the ground in regional Victoria Kirkland Lake Gold's Fosterville mine is expected to produce up to 610,000 ounces of gold each year for the next three years The price of gold exceeded $2,000 an ounce for the first time on record last week It is believed 80 million ounces of gold still remains underground in regional Victoria.
When fortune seekers from across the globe flocked to central Victoria's goldfields in the 1800s they worked with limited equipment — meaning much of the gold remained out of reach.
Now the state is experiencing a gold rush revival of sorts, with production doubling in the past five years.
Fosterville mine in Bendigo in central Victoria has begun producing a reserve of 2.7 million ounces of high quality gold - Gold in rock Updated yesterday at 2:50pm
It is believed there are 80 million ounces of gold still be unearthed in regional Victoria.