Bubalus Resources (ASX:BUS) reported the proposed acquisition of a portfolio of granted exploration licenses located in Victoria, which includes the Avon Plains historic gold mine, according to a Thursday Australian bourse filing.

It plans to conduct a drilling program aimed at delineating gold-bearing reef orientation, extent, and grade. A landholder access agreement is in place to allow the near-term drilling.

The mining firm will implement a broad sampling program across the remainder of the license areas targeting new discoveries and historic gold occurrences.

Its shares rose over 5% on market close on Thursday.