The men died in a series of explosions from November 19, 2010, at an underground coal mine near Greymouth, in the West Coast region of the country's South Island.
Their bodies have never been recovered.
Detective Superintendent Darryl Sweeney said the remains of two, possibly three, miners were located in images from a borehole near a break room.
He said police are not able to say who the men might be.
Australians William Joynson and Joshua Ufer were among those killed in the explosions.
"Previously, police have been able to narrow down the possibilities based on information about where the miners were working prior to the first explosion," Det Supt Sweeney said.
"Unfortunately, in this case, we're not able to do that."
One of two missing drift runners - vehicles used to transport miners and materials underground - was also found in the same area, he said.
The families of all 29 miners were notified of the discovery on Wednesday.
"We recognise this process is extremely difficult for the families and we are committed to keeping them up to date on our investigation into the first explosion at the mine in November 2010," Det Supt Sweeney said.
Police and experts have been drilling holes into the coal mine as part of an ongoing criminal probe into the disaster.
The borehole program had finished and police were working through witness statements and re-interviewing some of those involved, Det Supt Sweeney said.
The remains of up to 12 of the 29 miners have now been located.
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