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China Announces Discovery of World's Largest Gold Deposit
A large gold deposit, potentially the world's largest, has been discovered in the Wangu goldfield, Pingjiang County, Hunan Province, China.
The Wangu goldfield, already a critical mining hub for China, has received nearly 100 million yuan in mineral exploration investments.
The deposit is estimated to include in excess of 1,000 tonnes of gold, which would be valued at approximately $83 billion USD.
A New World Record
The significance of the discovery is that, once confirmed, the gold reserves surpass the previous largest gold reserve at South Africa's South Deep gold mine, in the Gauteng province.
The South African gold mine holds around 930 tonnes of gold.
The find is significant for China's resource security and solidifies its position as a leading global gold producer.
Details of the Gold Discovery:
Geologists have detected over 40 gold veins within a depth of 2,000 meters, containing an estimated 300 tonnes of gold.
Further exploration at a depth of 3,000 meters suggests the reserve could exceed 1,000 tonnes, which would surpass the previous record gold deposit of 930 tonnes in South Africa.
Test drills in peripheral areas indicate the deposit could be even larger.
One tonne of ore from taken from a 2,000-meter depth yielded a maximum of 138 grams of gold.
Chen Rulin, an ore-prospecting expert at the Geological Bureau of Hunan Province, made the following comment about the discovery:
"Many drilled rock cores showed visible gold."
This recent discovery shall reinforce China's position as one of the world's top gold producers.
The World's Largest Gold Producer
According to the United States Geological Survey (USGS), China was the world's top global gold producer in 2023.
The country produced an estimated 370 tonnes of the precious metal. This output represented 12% of the world’s total gold production.
The Equipment Used by the Exploration Company
The new gold discovery was facilitated by advanced ore prospecting technologies, including 3D geological modeling.
China's leadership in mining technology also extends to developing innovative methods for reducing carbon emissions in mining processes.
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