Forensic tests to be conducted on recovered items as Victoria Police ...

Victoria Police will await the results of forensic testing, after items of interest in the Samantha Murphy investigation were recovered during a fresh search on Wednesday.

Detectives from the Missing Persons Squad located "items of interest" in Buninyong south of Ballarat on Wednesday morning, but would not comment on the nature of the discoveries.

"The area has been cordoned off and those items will now be forensically tested," Victoria Police said.

"At this stage we are not providing further information about the items until that testing has been completed."

Police bagging an item as they conduct a search as part of their investigation into the disappearance of Samantha Murphy.(ABC News)

Police have not confirmed whether further searches will be conducted following the discoveries, but have asked the public not to attend the site of the search.

The discoveries were made during a targeted police search on Wednesday that saw divers, metal detectors sniffer dogs and excavators employed.

During the search police officers appeared to celebrate, exchanging hugs and handshakes after seemingly making a breakthrough.

Police officers were later seen photographing and bagging a phone near the edge of a dam, south of Ballarat.

Divers wearing oxygen tanks were seen searching the body of water where the phone was located until late in the afternoon.

Divers could be seen searching the water on Wednesday afternoon.(ABC News)

The body of Samantha Murphy has not been found, with the 51-year-old last seen alive on February 4 after she left her home for a morning run.

Extensive searches have previously been conducted in areas near where Ms Murphy was known to run, including Canadian Forest and Mount Clear.

Scotsburn man Patrick Orren Stephenson, 22, was arrested and charged with her murder in March.

The investigation remains ongoing.