Currawong Resources said buying food, fuel, accommodation and supplies for its geology team would provide an economic boost for communities near Bright, Harrietville and Myrtleford while hiring local contractors could bring employment opportunities.

The Bendigo firm took out a full-page advertisement in Saturday's Border Mail to explain why it applied for exploration licences that were now being assessed by Victoria's regulator, Earth Resources Regulation.

"The application areas have many significant historical gold workings which we are interested in exploring further for the potential for underground deposits of gold," Currawong Resources said.

If the application is granted, the company would first review historical geological data and mapping for the area to determine which sites required further inspection.

"Rock chips or shallow soil samples would be taken at the locations of interest to confirm whether gold mineralisation is present," the company said.

"Potential drilling targets may be identified in future if the results were positive."

Currawong Resources noted exploration was not permitted within national parks, mining or dredging was not allowed under an exploration licence and rehabilitation was a licence condition.

Public submissions closed in December.

A Currawong Resources spokesperson was contacted for comment.