A major find of gold has been uncovered in central China, with calculations indicating a stash of around 1,000 metric tons of top-grade ore.
Chinese state media revealed a discovery worth approximately US$83 billion, potentially surpassing South Africa’s South Deep mine as the largest known gold reserve.
The Geological Bureau of Hunan Province reported that the deposit can be found in Pingjiang County, where geologists have discovered 40 gold veins at depths reaching 2 kilometers.
Gold deposits are created by different geological processes, frequently with the transportation of gold-enriched fluids through rocks across long periods of time. Warm fluids containing minerals flow through the Earth’s crust via fractures and cracks. These liquids extract gold from nearby rocks and precipitate it when circumstances shift, like a decrease in temperature or alterations in pressure.
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Initial evaluations suggest that just these veins could hold approximately 300 metric tons of gold. Sophisticated 3D modeling indicates there could be more reserves at depths exceeding 3 kilometers.
Chen Rulin, a prospector working for the bureau, observed that numerous rock cores drilled showed noticeable amounts of gold, with samples from the cores suggesting that up to 138 grams of gold could be extracted from every metric ton of ore.
This is especially impressive because ore is usually considered high-grade from underground mines if it has more than 8 grams.
The implications of this discovery are anticipated to greatly impact China’s gold sector, which currently plays a vital role in worldwide gold production by contributing approximately 10% of the total output. China currently has a significant presence in the global gold market, with reserves surpassing 2,000 tons at the beginning of 2024.
