Make sure you have permission to pan for gold, as no one would be happy to find you trespassing on their land. You'll need to pick up a Miner's Right Permit to do any prospecting in Australia. You can easily apply for one online or at some tourist centres. Then you need to find a good spot to settle down.
If your gold prospecting is a hobby, then you don't have to declare your earnings to us as income. There's some great information on the difference between a business and a hobby on the federal government business website.
Examples of primary deposits include those mined at Kalgoorlie in the Super Pit, Granny Smith, St Ives, Norseman and Mount Magnet (WA), Gympie and Ravenswood (Qld), Callie (NT), Stawell (Vic), Cadia (NSW), Henty (Tas) and Challenger (SA). At Olympic Dam (SA) gold occurs and is mined with copper and uranium.
Besides trying your beginner's luck at Hannans North Tourist Mine, there are many other places within Australia's Golden Outback to go gold panning. Once you have obtained a Miner's Right, you may go gold panning anywhere that's not: Unoccupied crown lands not covered by a granted mining tenement.
Your finds
If you find gold or other minerals on a mining tenement where you have have permission to prospect, then these may only be kept with the permission of the mining tenement holder.
Physical gold, commonly known as gold bullion, is available to buy from registered dealers throughout Australia. However, it is important you do your research and have secure ways to store your bullion. If you want to add exposure to gold in your own portfolio, there are ways to invest without buying gold physically.
The low-down on gold panning
Make sure you have permission to pan for gold, as no one would be happy to find you trespassing on their land. You'll need to pick up a Miner's Right Permit to do any prospecting in Australia. You can easily apply for one online or at some tourist centres.
Yes. Generally speaking, you can keep gold that you find on public land. However, there are certain rules and regulations that determine how much you are allowed to keep.
You must hold a relevant permit for your State when fossicking for gold, minerals or gemstones (fees and charges subject to change). Most Australian States and Territories and New Zealand have designated public fossicking areas.
Source: Office of the Chief Economist. Australia is estimated to have the world's largest gold reserves, with 9,500 tonnes or 17 per cent of the total world estimated gold reserves of 57,000 tonnes. Geoscience Australia estimates that 60 per cent of Australia's gold reserves are in Western Australia.
If you're in the Northern Territory, ACT or South Australia, you don't need a permit but remember that treasure hunting, fossicking and prospecting in national parks is banned right across Australia.
Cadia Valley or Cadia-Ridgeway Mine
In terms of gold production, the Cadia Valley gold mine officially stands as Australia's biggest mine.
There is a limit of $4,999 per person per 24 hours. If your purchase is $5,000 or more we require you to have an account, and therefore, require personal identification.
Firstly research as much information as you can about the area — ask around, look online, and join social media groups as well as forums that can provide you with valuable details about the land. When you have enough land information, you can evaluate whether it's the right place to prospect for gold or not.
Gold has been seen as a reliable store of value since ancient times, acting as a form of currency well before money as we know it today existed. Skip forward a few thousand years and today gold is considered a stable investment that can be a hedge against inflation.
"A lot of people don't realise that if you find anything worth more than $100 you have to hand that in to the police," Preston said. "If you keep or sell it, it's called theft by finding and it's a chargeable offence." However, if the item is not claimed within 60 days, the person who found it can collect and keep it.
Gold can be detected by metal detectors with 14 kHz or higher frequency.
Q: Will any metal detector find gold? Yes. Most metal detectors are capable of finding gold but some will do a much better job than others. Since gold has rather low conductivity, metal detectors that use higher frequencies will spot gold better than low-frequency detectors.
A prospecting permit can be granted for prospecting, hand-mining or pegging a mining lease or mining claim on the available land specified in the permit. Applying online is quick and easy via the MyMinesOnline electronic lodgement system. Note – district prospecting permits cannot be applied for on MyMinesOnline.
'Fossicking' refers to the collection of mineral samples or specimens, other than gold or diamonds, for the purpose of a mineral collection, lapidary work or hobby interest. The term 'prospecting' 'includes the search for all minerals including the use of metal detectors.
Gold is found where water flow is altered by obstacles such as boulders and logs or by watercourse contours, such as bends in river. Gold can also be found where two rivers or streams come together. It is what's called a "confluence zone." Gold will tend to build up as a pay streak in these areas.
Do you need a licence to mine for gold? Something that many do not realise is that in most states and territories across Australia, you require a licence to metal detect and for fossicking. This licence is to ensure that people are not only looking out for themselves but also for their surroundings.
It is perfectly legal to sell and buy gold in Australia. You can sell a kilo of gold bars, a wedding ring or an old coin. The Australian government has set guidelines for the sale of precious metals. There is no restriction on the weight or value of precious metal.
Ownership of minerals
As early as the sixteenth century, the common law has held that all gold and silver, whether situated on public or private land, has been owned by the Crown. This Royal prerogative has also been applied in Australia, by both common law and legislation.