A BALLARAT company hopes to unearth commercial quantities of gold 10km west of Rokewood and has applied for an exploration licence with the Department of Primary Industries to search the site.Cape Clear Minerals applied for the licence in February and plans to search for gold deposits through basalt dome modelling, geological interpretation and grid-based air core drilling.Director Bill Ricciardi said the Rokewood area had previously been explored, but it was worth doing so again."There's good potential for gold resources to be found in the area," he said. Mr Ricciardi said with the price of gold nearing record highs, Cape Clear Minerals would be "crazy" not to look."There are no guarantees, but you never know," he said. "First you have to find an economic resource before anything happens."The economic resource needed is a substantial gold deposit capable of delivering continued economic benefit to the company and the region. Mr Ricciardi said landowners bordering the proposed site would be contacted before any exploration works commence, while all environmental guidelines and procedures would be strictly followed. Ballarat prospector Reg Wilson said he had found a lot of gold in the Rokewood area over the years, including a 3kg nugget in 1987.