California could be on the verge of its biggest gold rush in generations.
Canadian mining company Lode Gold Resources Inc. announced Monday that it has launched engineering studies at the historic Fremont Gold Mine in Mariposa County, the latest move toward reviving a legendary Mother Lode operation that could be sitting on more than $8 billion worth of buried treasure.
The company is pitching the project as a modern-day treasure hunt.
The sprawling site spans more than 3,000 acres of privately owned land and mineral rights and includes two existing mine shafts, roughly 23 kilometers of underground tunnels and more than 43,000 meters of drilling completed through decades of exploration.
Lode Gold estimates the deposit still contains an inferred 1,978,568 ounces of gold — worth roughly $8.21 billion — based on July 2026 prices.
According to an investor presentation, only about 8% of the mine’s gold has ever been extracted, meaning an estimated 92% remains locked beneath the Sierra Nevada foothills.
The company also says another 156,000 ounces of gold lie outside its current mineral resource estimate, hinting the historic mine could hold even more precious metal than currently accounted for.
“The initiation of engineering technical study marks the next stage of technical advancement at Fremont [Gold Mine],” Wendy T. Chan, CEO and director of Lode Gold, said.
“The objective is to establish a clear technical baseline, identify priority work programs, and support upcoming PFS, engineering, mine planning, and economic studies for the upcoming mine plan development.”
The Fremont Mine first opened during California’s Gold Rush before operations were halted in 1942.
According to company materials, previous operators mined ore averaging 10.7 grams of gold per ton when the precious metal sold for only $35 an ounce, a fraction of today’s soaring prices.
Lode Gold has not announced when miners could return underground but says production is expected to resume in the “near-term.”
The project is part of a broader mining resurgence across California’s historic Mother Lode, where high gold prices are breathing new life into long-idle deposits.
“We are the gold mining capital of all California; here was the biggest hit across the entire state. In fact, it’s coming back a little,” Mariposa County Supervisor Jennifer Kiser told ABC.
Local supporters say years of exploration have erased doubts about what still lies below.
“They did a lot of core testing and magnetic residence, all kinds of fancy stuff to prove yes there’s enough gold here,” Randy Bolt of the Mariposa Gem and Mineral Club told ABC.
The Fremont project isn’t alone.
Blue Moon Metals announced in 2025 that it had received federal approval to mine zinc, gold, silver and copper nearby, estimating its project contains 436 million pounds of zinc and 54 million pounds of copper.
Mining remains heavily regulated and notoriously risky, but the meteoric rise in gold prices has sparked renewed excitement.
“With the price of gold almost hitting $5,000 an ounce just this year it’s just brought renewed interest,” Bolt said.
For residents of the historic Gold Rush town, the renewed scramble isn’t just about striking it rich.
“It’s just making it come alive again. The town is just full of people, and we want more people here. We want people to raise their families here and enjoy the community,” Jacob Hawley of the Mariposa Chamber told ABC.