A significant gold discovery has been made in central China, estimated to contain about 1,000 metric tons of high-quality ore.
The discovery, reported by Chinese state media, is valued at about US$83 billion, potentially making it the largest gold deposit ever discovered, surpassing the South Deep mine in South Africa, which contains about 900 metric tons of gold.
The Geological Bureau of Hunan province announced that the deposit is located in Pingjiang County, where geologists have identified 40 gold veins at depths of up to 2 kilometers.
Gold deposits are formed through a variety of geological processes, often involving the movement of gold-rich fluids through rocks over millions of years. Hot, mineral-rich fluids circulate through cracks and fissures in the Earth’s crust. These fluids dissolve gold from surrounding rocks and deposit it under conditions such as drops in temperature or changes in pressure.
Preliminary assessments indicate that these veins alone may contain about 300 metric tons of gold. Advanced 3D modeling suggests additional reserves may exist at even greater depths, possibly reaching 3 kilometers. Chen Rulin, a prospector at the bureau, noted that visible gold was found in several drilled rock cores, with core samples indicating that up to 138 grams of gold could be found in each metric ton of ore. This is particularly notable because ore from underground mines is typically classified as high-grade if it contains more than 8 grams. The discovery is expected to have major implications for China’s gold industry, which already plays a significant role in global gold production, contributing about 10% of total output.
China already dominates the world gold market, with reserves believed to exceed 2,000 tons by early 2024. The announcement also led to a surge in gold prices as global demand for the precious metal continues to rise amid economic uncertainties. Experts are divided on whether more significant deposits will be found around the world, but this latest discovery suggests that economically viable reserves may still be abundant.
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