North Stawell Minerals is preparing to go public on the Australian Stock Exchange in coming days, after investors fully subscribed to its $20 million initial public offering.
Chief executive Steve Tambanis said exploration activity in the region was likely to kick off within 60 days, with landowners in their exploration area being notified.
"It's been a great run, the gold price is ain a great sport and there is a lot of interest in Victorian gold which is fantastic," he said.
"The shares have been allotted, everyone is getting their stock and we are getting ready to go to work."
Mr Tambanis said there had been "a lot" of Australian and North American interest in the company.
"This is one of the larger new gold floats in quite a while, so we are going to be spending quite a bit of money in the region," he said.
The company has plans to sample and drill test sites between Stawell and Glenorchy, Lubeck and Wal Wal and Deep Lead among other locations.
The company's prospectus notes its existing shareholders include the Leviathan Resources Pty Ltd, a wholly owned subsidiary of the Victor Smorgon Group, and Arete Partners Pty Ltd.
It also notes alluvial leads were first discovered in May 1853 at Pleasant Creek, later renamed Stawell, and that exploration expenditure in Victoria increased by 41% to $103m to June 2019.
In the past year, gold prices have jumped by 22 per cent to sit at around $2677 per ounce on Wednesday.
Simulations by the Geological Survey of Victoria suggest that there may be up to 75 million ounces of gold still to be found in the northern parts of the Stawell, Bendigo and Melbourne exploration zones.
Earth Resources Victoria estimates the state has produced over 2400 tonnes of gold. Production in Victoria is currently around 650,000 ounces per year, coming mainly from four deposits including Stawell.
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