Victorian-based Cedar River Australia is confident 160 years of prospecting in the area has not exhausted all viable gold reserves.

The application, lodged with NSW Trade and Investment, concerns a 288-square-kilometre area about 32km south of the village.

The company’s managing director, Patrick Say, said analysis of government data indicated the potential for the extraction of both gold and base metals.

“We think we have an interesting geological model for the area and we feel the area is prospective for both gold and also base metal mineralisation,” he said.

Nundle, which has a population of just a few hundred people, was founded in 1852 after the discovery of gold at Hanging Rock.

The initial gold rush may have concluded long ago, but the tiny village still trades off the history, with visitors able to hire equipment and pan for gold.

Mr Say said it was common for the government to take several months to assess and determine exploration licence applications.

“If the licence is approved, it comes with a number of caveats in regards to environmental legislation, native title and landholder access,” he said.

“We will then also need to talk to the landholders in the area and discuss access to the ground. We don’t intend to disturb the land unless we get permission to do so.

“Then, it would be low-impact studies looking at the surrounding geology, perhaps taking a few samples and perhaps doing geophysical surveys.”

Mr Say said Cedar River Australia was an unlisted company exploring a number of sites around the country.

“Myself and the other directors have worked both in Australia and overseas, so we’re coming into it with a fair bit of experience,” he said.

“If there was to be something discovered by us in the area, the impact for the local area could, in a good way, be substantial.

“We’re pretty keen to have a look around the area and see what we can find.”