UPDATE, 3.10PM: About 200 sheep are dead after a truck rolled near Axedale.
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Emergency crews and animal welfare experts have been at the scene of the crash since they were called at about 11am.
The truck is believed to have been carrying 560 sheep when it rolled on Axedale-Goornong road.
Police have now confirmed more than a third of them were killed in the crash, or humanely dispatched in its wake.
UPDATE, 12.15PM: It is not yet clear exactly how many sheep will need to be destroyed in the wake of the truck rollover near Axedale.
At least 30 found in the top level of the truck are already dead but crews are yet to work their way down to the lower floor, Bendigo Highway Patrol's Leading Senior Constable Todd Deary said.
The sheep roaming loose got free from the top level, he said.
"All the rest of the poor buggers on the lower level are still trapped inside there, on top of each other," Leading Senior Constable Deary said.
"Many of them are probably dead so yeah, it's not good."
Animal welfare experts are using a captive bolt gun as they humanely dispatch injured sheep.
People have been helping herd up livestock that has been roaming on the road.
Police are yet to confirm what caused the crash but plan to speak to the driver, who is understood to have not been injured.
"We want to deal with these animals first," Leading Senior Constable Deary said.
UPDATE, 11.50AM: A team has begun euthanising injured sheep at the scene of a truck rollover near Axedale.
Other crew members and members of the public are rounding up those that escaped the crash unscathed.
One person appears to have brought their sheepdog down to help out.
A large number of sheep have got free of the truck and are still roaming free.
Video from the scene shows traffic is down to one lane as firefighters, police and an SES crew manages the unfolding incident.
Here is the video (we have not included images of any dead or dying sheep):
The truck is lying on its side at the edge of the road.
EARLIER: A truck has rolled over near Axedale and emergency crews are gathering at the scene.
Multiple crews are at the scene on Axedale-Goornong Road, a short distance north of the township.
The truck was carrying hundreds of sheep, some of which are now loose on the road.
A large number of them are understood to be dead.
More to come.