KALAMAZOO Resources has won the right to explore another 44-square kilometres for gold in central Victoria.
The company has told the Australian Stock Exchange its new block of land is close to the Fosterville gold mine, which is currently among one of the richest in the world.
Kalamazoo has flagged a community consultation push before a "low impact" exploration program involving soil sampling and chemical analysis in what it is calling the Myrtle Gold Project.
The company believes the acquisition is a good fit in part because it already has several other patches of land near Castlemaine and Maldon where it has exclusive rights to explore for gold and other metals.
The news came as another mining group told shareholders it had proven more gold exists under Costerfield.
Mandalay Resources last week revealed its drilling rigs had found "significant" amounts of gold visible to the naked eye.
Miners typically take visible gold deposits as promising signs when they are drilling for exploration.
The gold has been found in a recently-discovered underground gold system called the "Shepherd Zone".
This underground section appears to connect into a huge labyrinth that miners are already digging in called the "Youle Decline".
That decline helped Mandalay net $31.8 million in revenue in the three months to April at Costerfield.
Mandalay has upped the amount of drilling in the Shepherd Zone over the last business quarter.
It comes as the company continues exploration works to find more gold and antimony, which could extend the life of the mine and guarantee jobs for longer, chief executive Dominic Duffy said.
"We are extremely excited about this discovery and the continuity of very high grades over many hundreds of metres in strike length," he said.
"It is obviously important to understand the full dimensions of this vein system and the economic portions of the deposit to determine its overall impact on Costerfield's long-term future."
Much of that work is still to be carried out, Mr Duffy said.
He flagged more drilling to get a better picture of where the gold might lie.
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