Prospectors must dig up a dump in search of “royal” gold.
They believe the precious metal was overlooked in the area near an old mine.
It is close to the Clogau mine in the Dolgellau gold belt in North Wales, which experienced a mini gold rush in 1862.
The pit produced more precious metal than any other in Britain, leading to a tradition of royal wives, including the Queen, wearing Welsh gold wedding rings.
Alba Mineral Resources said it would conduct a “drilling and sampling” program.
The five initial digs will focus on the “higher-grade areas” of the dump where bosses expect to find gold samples.
Mark Austin, the company’s chief operating officer, said the deal “should give us a more accurate assessment of the economic potential”.
The landfill, covering 3,000 square meters, includes ore mined and rejected before being processed for gold.
Alba Mineral Resources has been granted exploratory excavation permission by the Mineral Planning Authority and Natural Resources Wales.
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Gold prices have hit new highs in recent years as traders seek stable investments during the pandemic.
Pure Welsh raw gold was first used at a royal wedding by the Queen Mother in 1923.
Other royal wives to wear it include Princess Anne in 1973, Princess Diana in 1981, the Duchess of Cambridge in 2011 and a publicity shy woman in 2018.