A new report commissioned by the Minerals Council of Australia (MCA) outlines the “golden opportunities” ahead for Victoria’s gold industry, including economic and community benefits, and promotes the idea that the Victorian Government needs to support new mines and increase production to positively benefit all Victorians.
Broadly speaking, the MCA Victoria Gold Report outlines how the expansion of Victorian gold production to 1 million ounces per year would add $6.2 billion in Gross State Product annually, support more than 10,600 jobs, and deliver $188 million in royalties to the state government.
Achieving this requires sustained exploration, mine development investment, and supportive policy settings.
The report outlines Victoria’s current annual production at 320,000 ounces and notes that to achieve the 1-million-ounce goal, significant investment into new mining capacity and an increase in current mining operations is necessary.
In addition to the annual economic benefits, the report outlines additional economic growth throughout the exploration and mine development periods.
Historic fields, modern exploration, and untapped ounces
Victoria’s current gold production currently comes from operations in the Bendigo, Ballarat, and Stawell goldfields, with the report recommending a portfolio of new mines operating across these regions to hit the 1-million-ounce target.
Victoria has been in gold production since shortly after its first gold discovery in the 1850s, though modern gold mining in the state currently operates on a relatively small scale, as compared to the gold rush of the 19th century.
The state itself has produced more than 2,500 tonnes (about 80 million ounces) of gold, according to Resources Victoria, with production currently sitting at around 650,000 ounces of gold per annum.
The report notes that despite the rise in gold prices in recent years, total production in Victoria has not expanded at the same pace.
Resources Victoria, together with the Geological Survey of Victoria, has outlined the potential for up to 75 million ounces of gold still to be discovered in the northern areas of the Stawell, Bendigo, and Melbourne zones, including the potential for multiple million-ounce deposits.
The report outlines a scenario to achieve the 1-million-ounce target:
- Annual mineral exploration output of $150 million needed to define sufficient gold resources and support resource expansion
- Capital intensity of $2,500 per ounce of annual gold production assumed, implying a total capital investment of about $1.75 billion
- The resolution of policies currently limiting exploration and mine planning
The report highlights that expanding Victorian gold production would deliver both direct and indirect economic benefits — directly through mining operations, wages, royalties, and construction activity, and indirectly through supply chains and household spending that spreads across the wider economy.
Victoria’s gold potential is not just theoretical, it’s already being advanced by explorers like Aureka (ASX:AKA) and North Stawell Minerals (ASX:NSM), both actively drilling in the northern Stawell corridor with large prospective deposits.
Aureka: Progressing advanced-stage projects
Aureka is currently progressing multiple advanced-stage exploration projects in Victoria, with about 700,000 ounces of defined gold resource potential.
Irvine hosts a JORC resource of 304,000 ounces @ 2.43 grams per tonne in the inferred category, with an exploration target of 280,000–420,000 ounces @ 2–3g/t.
St Arnaud Comstock hosts a JORC resource of 56,000 ounces @ 1.21g/t, with an additional exploration target of 112,000–116,000 ounces at 1–1.2g/t.
Speaking to Mining.com.au at this year’s RIU Explorers Conference, Managing Director James Gurry confirmed that the company is currently working on advancing the historic Comstock pit toward potential near-term production, following key hits of 1m @ 65g/t gold.
Aureka has also made visible gold discoveries at the Irvine Project, with drilling targeting additional resource growth above the current 304,000-ounce resource.
North Stawell Minerals: Unlocking a multimillion-ounce corridor
North Stawell has consolidated a multimillion-ounce gold corridor within a 445km2 tenement package in the Stawell Corridor in western Victoria, with a goal of unlocking Victoria’s next major gold discovery.
The company is currently focused on drilling at the Caledonia and Darlington prospects within its namesake project in Victoria, as previously reported. This program is targeting additional shallow mineralisation, following two diamond drilling campaigns in 2025.
The current exploration campaign covers 2,000–2,500m of aircore drilling, following up on a ‘high-grade’ gold zone identified at the Darlington prospect in February 2026 and November 2025.
This gold zone has returned intercepts including 2.3m @ 29.3g/t gold from 108.2m, including 0.8m @ 82g/t gold from 108.2m, 0.5m @ 6.1g/t gold from 283.35m, and 0.3m @ 5.18g/t gold from 231m.
Explorers set the state for a new gold era
These companies, among others, exemplify the exploration drive needed to transform Victoria’s geological promise into sustained gold production. Disciplined strategies reflect the broader momentum across the state, where investment, innovation, and discovery are laying the foundation for a new chapter in Victoria’s gold story.
Write to Amy Rotman at Mining.com.au
Images: Aureka
