Minerals Council of Australia Victoria Division executive director James Sorahan said successful companies who had won exploration rights over vast tracks of land stretching from Fosterville to Lockington would be announced within weeks by the state government.

"It's good to know there's finally a date when the successful tenderers will be announced, and it's very much welcomed by Victoria's industry but it's long overdue."

In 2019, the Victorian Government opened an international tender inviting responsible minerals explorers to apply for exploration rights to blocks of land to the north and east of Bendigo, as part of the North Central Victorian Goldfields Ground Release.

Mr Sorahan said after three delays this is the first time the industry, and the community, had actually heard there's a specific date by which this will be announced and it will mark a major step in the renaissance of Victoria's gold industry.

"There's been incredible interest in Victoria for minerals exploration and the industry has been hanging out for this ground release because it's in a highly prospective area from the Fosterville mine all the way up to Lockington.

"It involves four large blocks and a lot of explorers are keen to get their hands on the land and start exploring, and employing locals and putting money into the area and hoping to find that next big discovery."

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A confidential tender process undertaken by the state government has meant little is known about who, or how many companies had sought to stake their claim to the potential riches many believe exist in the nominated region.

"We've had a number of new companies come into Victoria from Canada and from WA and a number of new companies formed and Victorian companies also expanding their footprint so it's very exciting times in Victoria for minerals exploration," Mr Sorahan said.

A part of the processes companies are required to complete before any mining can commence, Mr Sorahan says there will be a lot more engagement with local indigenous communities.

"The exciting thing for the region is the jobs and the potential for new discoveries that this will bring."

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Mr Sorahan said exploration would be targeted, and drilling would be the last step in a long process that can take up to a decade, a process that had been impacted by the ongoing delays in announcing successful tenderers.

"It's at least 10 years before you know if you've got something that might be interesting so the time frames are so long and we've missed at least 12 months when explorers could have been on the ground and the gold market is going well and there are people interested in investing in Victoria.

"The tender process has suffered major delays since it opened in October 2019, and the delays have not had adequate explanation from the government to both the industry and the community."

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