Australian company Gold of Ophir Pty Ltd has lodged 14 exploration licences with the Department of Trade and Investment, Regional Infrastructure and Services, including two lots over a total of 486 square kilometres in the Dungog Shire.

The four local areas highlighted are between Gresford and Lostock Dam, Salisbury up to the Barrington Tops National Park and Chichester State Forest, the Bingleburra and Parks Creek Road areas of East Gresford and Dungog township up to Fosterton State Forest and Monkerai Nature Reserve.

Other sites includes 600 square kilometres of land east of Murrurundi and Scone, including Moonan Flat and 1200 square kilometres around Gloucester.

Local geologist Kim Wright said the company had recently been mapping the geology under the soil in the area.

“They were using a plane with a magnetometer which seeks out magnetic minerals,” Mr Wright said.

“They would have been looking for areas with a concentration of magnetic minerals.

“These areas have been earmarked as possibly having magnetic minerals such as gold but there is no guarantee.

“If they need to go onto these properties for further investigation they need to have an access and compensation agreement with each individual landowner.

“The next stage [I believe] would be for them to obtain stream sediment samples to see if there are gold fragments in the water.

“And again, they would need permission to access rivers and creeks on private properties.

Mr Wright said there would be a one in 10,000 chance of there being anything there at all.

“I wouldn’t get too excited about it,” he said.

“If they find something it would be at least seven to 10 years before anything would happen.

“Obviously gold has been found in the past but the biggest problem would be getting enough tonnage to make it viable.”

The company is seeking a two-year title to explore for gold deposits.