It comes as competitors take the next step in the process and set aside a nearby mine site they believe hides "significant" gold deposits.

Kalamazoo has the rights to explore "Queens", a 22-square kilometre stretch of land that has not been explored using modern techniques.

"(It) has only received limited shallow drilling," the company told the Australian Stock Exchange on Tuesday morning.

The area holds two historic diggings and has given up of 100,000 ounces of high-grade gold throughout its history.

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Past miners hit pay dirt there because it straddles the Taradale Fault, an underground vein of rock that runs from north to south.

Kalamazoo has already been exploring a 290-square kilometre patch of land west and north of Queens but has kept a close eye on a group that recently announced it might have enough gold to make mining financially viable.

The group - companies GBM Resources and Nova - is yet to confirm that but is getting close.

The state's mining regulator recently gave the group permission to change its licencing from "exploration" to "retention".

That is the first step towards being able to mine 4.5km parcel of land.

The GBM and Nova group still needs to decide whether there is enough gold left to make mining economically viable. It wants to spend $4.7 million over ten years to find out.

GBM has bought a shed full of core samples from deep within the earth at the site.

The company also plans to sink its own exploration drills, map the area's geographical features and digitally reconstruct records from previous mining projects.

More: Costerfield miners extract gold thinner than a human hair

GBM and Nova believe the gold hidden there could be similar to that found at Fosterville.

If they can find it, they could tap in to ancient veins of underground minerals that are making Fosterville miners rich.

The discovery of extremely large and untapped gold systems at Fosterville in recent years has made it arguably one of the richest gold mines in the world right now.

It has also triggered renewed interest in mining throughout central Victoria as other companies try to strike it rich using modern techniques.

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