Kalamazoo Resources has secured exploration licence EL007323, known as the Myrtle gold project, in Victoria, Australia, for an initial five-year period.

The project is located 30km south of the high-grade Fosterville Gold Mine, and 15km north-east of Kalamazoo’s Castlemaine gold project.

As per estimates, the Fosterville and Costerfield mines were the world’s top and sixth-highest milled grade gold mines respectively in the first quarter of 2020.

Moreover, the Myrtle project is situated within the Bendigo Zone of the Central Victorian Goldfields, and adjacent to the North Central Victorian Goldfields (NCVG) tender area.

Kalamazoo expects the gold project to expand its current Victorian exploration tenure in the prolific Bendigo Zone to nearly 515km².

Kalamazoo chairman and CEO Luke Reinehr said: “The Myrtle Gold Project is a great addition to our Victorian portfolio, given its proximity to our nearby Castlemaine and South Muckleford Gold Projects.

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“With the Myrtle Gold Project located just 30km from the world-class Fosterville gold mine, it will play an important role in our strategy to consolidate exploration tenure in the immediate vicinity of Fosterville and the highly prospective Central Victorian Goldfields.”

The firm considers the project as under-explored as there was no systematic modern exploration activity nor historical drilling at the site.

The project development will comply with Kalamazoo’s strategy of acquiring and exploring high-quality Victorian gold exploration projects.

Kalamazoo plans to immediately commence the community engagement process followed by an initial low-impact exploration programme.

Australia-based gold exploration company Kalamazoo Resources has major assets gold provinces, the Victorian Goldfields and the Pilbara, Western Australia.