One hundred and seventy years on from the start of Victoria’s first gold rush two of the state’s oldest institutions, the Melbourne Cup and the Geological Survey of Victoria, have made a connection through the state’s largest gold mine at Fosterville.
The Victorian Racing Club has confirmed that Fosterville Gold Mine has supplied approximately 1.65kg of 18 carat gold to produce the 2021 Melbourne Cup.
For 169 years the Geological Survey of Victoria’s geoscience data has been provided to explorers, underpinning growth in exploration and mining production, and helping the state’s gold sector to thrive.
In recent years Victoria’s geoscience agency has identified northern Victoria as having undiscovered gold resources of approximately 75 million ounces.
The GSV’s ongoing research has made it possible for Australia’s most prestigious horse race to be uniquely Victorian for only the second time in its 160-year history.
The Fosterville Gold Mine is making a huge contribution to economies and communities across northern Victoria. It is the largest gold producing mine in the state, employing more than 600 local people and supporting a range of supply businesses.
This week’s release of the 2019-20 Earth Resources Sector Indicators report highlights that Victoria’s minerals sector remains strong. The outlook is overwhelmingly positive with record minerals exploration expenditure growth and the highest yearly gold production in over a century.