China Announces Discovery of World's Largest Gold Deposit | Estimated 1000 Tonnes | $83 Billion

by Goldminingtips Admin

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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Man prospecting for gold with a sluice box

Gold Prospecting and Sampling for Beginners

Gold is found in nature in many different forms. Classifying the type of gold deposit is necessary to decide the best equipment to use when prospecting and mining.

In this post, we discuss some of the basic ways to prospect for gold, sample / classify material, and the equipment you can use.

Classifying Material

Miners often use the term 'mesh size' to classify the size of gold.

The term refers to the size of the openings in a sieve or screen, with larger mesh numbers representing finer material.

Here is a table of the basic classifications of gold types.

|----------------------------|---------------------------------|-----------------------------------------|

| Very fine | difficult to see with naked eye | Beach sands and alluvial deposits | Mesh 100

| Smale Pieces | Small, flat pieces of gold | Placer or alluvial deposits | Mesh 10 - 100

Sampling

Surface Sampling

This can be done by panning, detecting with metal detectors, or taking samples from surface outcrops.

Surface sampling involves collecting gold samples from the surface of the ground.

Surface sampling helps identify gold deposits that are worth mining from a commercial perspective.

Underground Sampling

Underground sampling is the process of collecting gold samples from beneath the surface.

This can involve drilling, tunneling, or using technology / geophysical methods to identify areas with rich gold deposits.

Underground sampling is often more complex and expensive but can provide more accurate information about the size and concentration of gold deposits.

Prospecting

Sampling Tools and Equipment
Gold Pan: Used for panning gold from riverbeds and creeks.
Metal Detector: Helps locate gold nuggets on or near the surface. The depth with which a detector can penetrate shall depend on the type of metal detector being used.
Sampling Shovel: For collecting soil samples.
Classifier: A sieve used to separate gold particles by size.
Geological Hammer: For breaking rock samples.

Several tools and equipment are essential for sampling gold deposits, including:

Panning

Panning is one of the simplest and oldest methods of prospecting for gold. It involves using a pan to wash sediment from rivers or streams. By swirling a pan containing water, sediment / gravel from the riverbed, the heavier gold particles settle to the bottom while lighter material is gradually washed away until the only remaining material is the gold and other heavy material (such as black sand).

Requirements:

Pan
Shovel
Water supply

Sluicing

Sluicing involves using a sluice box to separate gold from sediment. Water is directed through the sluice box, and the riffles trap gold particles while allowing lighter material to be washed away.
Sluicing is more efficient than panning for processing larger quantities of material.
Requirements:

Sluice box

Shovel

Water supply

Wash Plant

A wash plant is a large, mechanical device used to separate gold from other materials.

It consists of multiple stages, including screening, washing, and gravity separation. Wash plants are used for larger-scale gold mining operations.

Requirements:

Wash plant

Shovel / Excavator

Water supply

Trommel

A trommel is a rotating cylindrical screen used to separate gold-bearing material from other debris.

The material is fed into the trommel, and as it rotates, smaller particles pass through the screen while larger debris is discarded.

Requirements:

Trommel

Shovel / digger

Water supply

Metal Detecting

Metal detecting is a method used to locate gold nuggets and other metallic objects on or near the surface.

Metal detectors are sensitive to the electromagnetic signals emitted by metals, making them useful for finding larger pieces of gold in areas with minimal overburden.

Metal Detector

Headphones

Trowel

Metal Detector Pointer

Requirements:

Dredging for Gold

Dredging involves using a suction device to remove sediment from the bottom of rivers or lakes.

The sediment is then processed to extract gold particles, normally using a sluice box or numerous sluice boxes.

Dredging is effective for recovering fine gold and is commonly used in larger-scale mining operations.

Requirements:

Dredge and suction nozzle

Sluice box

Water supply

>>>> Next: Lesson 3 - How an Where to Find Gold

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In March 2023, an amateur gold prospector found large gold nuggets while searching with a low budget metal detector.

The 'once-in-a-life-time' find was made in the Victoria's 'Golden Triangle' in Australia.

The nugget, which weighed 4.6kg of rock and gold, and contained 2.6kg of gold, would be worth around $224,395 with current gold prices.

It is no surprise that a large gold nugget was found in this location as it was a popular goldfield during the 1850s gold rush in the country, and has produced many large gold nugget finds. What was surprising, however, is that the gold nugget was found using a basic metal detector.

The Metal Detector Used

The unique feature about this find is that the amateur gold prospector was only using a cheap, low budget metal detector known as the Minelab Equinox 800

Getting the Nuggets Valued

The man, who did not want to give his name, took the nugget to a local gold mining store to have the nugget valued.

The store owner who evaluated the nugget said it is the biggest gold specimen he'd seen in his 43-year career.

The person discovered that the rock contained a staggering 2.6kg of gold, saying:

“He pulled this rock out of his backpack and as he dropped it in my hand he said, ‘Do you think there’s $10,000 worth in it’?”

“As soon as it hit my hand I said, ‘Try $100,000’.”

The man then told storeowner that his wife would be happy, as he had only brought in half the rock, leaving the other half at home.

“It’s one of those life-changing pieces,” the storeowner said. He also said:

“When he dropped it into my hand my jaw dropped with it.”

Current Gold Prices

Small nuggets of gold can rea $1000s, with the value of gold continuing to increase.

The store owner said:

“You see big specimens found by big companies underground … but to find it with a detector, it’s the biggest one I’ve seen.”

The person also said that gold prospecting had become increasingly popular among young people. He also said:

“If you asked me a few years ago, I would have said the average age for this hobby is 50 and over.”

He also said:

“....now we’re seeing a lot of people in their 20s and 30s doing it.”

Gold prospecting has become more popular due to its connection to nature and potential to make some money in the process.

According to the store owner, there are:

“...a lot of hobbyist weekend prospectors who like to go into the bush to switch off and enjoy the day, and if they find some gold it’s just a bonus,”.

Key Facts about the Nugget:

Name of Nugget: 'Lucky Strike'

Name of Finder: Wanted to remain anonymous

Location: Victoria's 'Golden Triangle' in Australia.

Equipment Used: Minelab Equinox 800

Date: March 2023

Weight: 2.6kg or 83 ounces (actual gold content)

Estimated Value: $224,395

Gold Price per Kilo (25 Nov. 2024):

$86,306
£68,644

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Here are more posts you may interest you:

- 2 Kg Nugget Valued $160,000 Found With Metal Detector

- Gold Nuggets

- Largest Gold Nugget in Russia

- Guide to Find Gold

- 'Lucky Strike' video

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