Mining companies are starting to descend on Victoria, Australia to see if they can locate the AU$70 billion (£33.5 billion) worth of gold thought to be buried in the area.

About AU$90 million was spent by mining firms last year on searches for the 80 million ounces of the precious metal estimated to be located in covered areas in Victoria.

Miners are now using sophisticated tools in a more methodical manner compared with previous efforts to uncover the deposits, Chris Fraser, executive director of the Minerals Council of Victoria, told the Herald Sun.

Trading platform that even a 5 year old can trade. Join now

"Companies now use advanced technology and are revisiting areas that have already been mined to find what is left," he commented.

Victoria's government is currently undertaking a AU$9 million three-year scheme, Developing Gold Undercover, to come up with new insights and techniques relating to geoscience to discover the gold resources currently concealed under cover in the state.

This news feeds is independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.