BCD Resources believes it has struck 30,000 ounces of gold a few kilometres from the closed Tasmania Mine at Beaconsfield.
The gold is in tailings from the mine's operations between 1877 to 1914, which were discharged in to a nearby creek.
BCD has an exploration licence covering Middle Arm, a Tamar River embayment, where the tailings ended up.
At Monday's annual meeting the company said getting the gold may include pumping the dredged tailings to the mine's processing plant.
It could then be treated via a leaching process before being buried underground.
BCD still needs environmental and planning approval for the project.
Chairman Clive Carroll told the meeting the mine's closure after 125 years and two million ounces of gold was "regretful but necessary".
Despite its closure BCD lists the gold 1.2 kilometres underground as an asset, which may be tapped at a later date.
The company recently reversed its decision to dump toxic tailings in to the underground mine as part of its closure plan. A new plan has been submitted to the Environmental Protection Authority for approval.
BCD will also start mining gold in Queensland in late 2013.
The joint venture with Malachite Resources will see part of the $50 million Beaconsfield plant relocated to Lorena.
The recovered gold may be shipped back to Beaconsfield for processing.
BCD shareholders overwhelming voted in favour of the company's remuneration report and the election of Mr Carroll and David Groves as directors.