A reported team of two dozen explorers and mining specialist are pursuing plans to open in 2019 Egypt's first new deep mine for gold.

According to reports from CNN and NewsOK.com, much of the exploratory drilling is being conducted in Egypt's eastern desert, between Luxor and Hurghada.

Current technology will allow for much deeper exploration than was possible for the ancients to extract gold from ancient sites designated on pharaonic treasure maps.

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Much of the exploratory drilling efforts are being undertaken by a Canadian firm, Alexander Nubia International.

Yousef Husseini, vice president of the Middle Eastern investment bank, EFG Hermes, is quoted as saying that the Egyptian mineral resource authority has already identified more than 120 gold deposits in the eastern desert region alone.

Currently, only one large mine, Sukari Gold Mine, is operating in the region, yielding approximately 500,000 ounces annually. The mine has been in operation since 2009 by Centamin.