New Zealand region sitting on gold mine

A study has found that Northland in New Zealand could be home to a vast quantity of gold deposits.

The GNS Science/New Zealand Institute of Economic Research report found that there is $33 billion worth of mineral deposits in the region, $5 billion of which are metallic deposits.

The Far North District Council, which contributed to the study, said that the region could receive a significant boost.

"We are astounded at the results of this survey which provide a compelling indication of the economic potential of this largely ignored sector," said the group's chair, Ian Bamber.

"The reports have the potential to be a very powerful economic development tool, in part because we now have robust and quality data on the potential that minerals provide in the North.

"We now look forward to continuing to work with our partners in this area to maximize the value that the reports deliver."

Mining revenue in the region could dramatically increase, from around $100 million a year to $354 million a year.

This increase would involve the creation of a gold-silver mine, supported by a second mine to source either aluminium, copper or gold-silver.