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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The Largest Gold Nugget in America | The Monumental Nugget

by Goldminingtips Admin

Largest Gold Nugget in the US - The Monumental

The Largest Gold Nugget in America | The Monumental Nugget

In August, 1869 the 'Monumental Nugget' was unearthed in California, USA.
This nugget holds the record for being the largest gold nugget found in the US, weighing a staggering 1,696 ounces (approximately 48 kilograms).
The nugget was found in Sierra Buttes Mine, Sierra County, California, which had an impact on the California Gold Rush in Sierra County and the surrounding areas.
The discovery of the Monumental Nugget is therefore directly tied to the historical significance of the California Gold Rush, which began in 1848 with the discovery of gold at Sutter's Mill.

The Circumstances How The Nugget Was Found

The five prospectors who discovered the nugget did not disclose their names.
The nugget was found after heavy rainfall, suggesting that the earth that was covering the nugget was washed away by the rain to partially reveal the nugget.
Accounts suggest that the nugget was spotted by miners on their way to work after the heavy rainfall, before being extracted from the ground by the miners.
However, there are conflicting accounts of the nugget's discovery; one being that the nugget was unearthed by a donkey.
What is clear is that the miners took great care to extract the nugget fully intact, recognizing its size and value.

Buyer and Current Location

The gold nugget was bought by R.B. Wood, owner of Woodward's Garden in San Francisco, California, USA.
The actual nugget was shipped to San Francisco after being sold to R.B. Wood, before $20 gold coins were minted out of it.
The current location of a replica of the nugget is the Kentucky Mine Museum in Sierra City, California.

Key Facts of the Find:

Nugget Name: The Monumental Nugget, the largest gold nugget discovered in the United States.
- Discovery Location: Sierra Buttes Mine, Sierra County, California.
- Date of Discovery: August 1869
- Weight: Between 1,648 and 1,696 ounces (48 kg)
- Estimated value: $4,056,336
- Gold Price: $84,907
- What Happened to the Nugget:
Discovered in 1869 by five prospectors in Sierra County, California. The nugget was eventually sold, melted down, and minted into $20 gold coins.
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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

Places to Sell Gold Nuggets

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by Goldminingtips Admin

If you are someone who is prospecting for gold and are lucky enough to find a rich gold deposit and discover gold nuggets, you can decide what you want to do with the nugget/s.

Some prospectors may hold on to the precious metal to keep as a souvenir, while other prospectors / miners can wait for gold prices to increase before deciding to sell it, and other prospectors / miners may decide to sell their gold nuggets immediately once they have discovered a nugget.

However, if you are a beginner prospector, you may be wondering where you can sell your gold nuggets when (or if) you find any.

In this post, we provide some places where you can try to sell your gold nuggets.

Where to Sell Gold Nuggets:

Before selling gold nuggets, check if there are any regulations / rules in the country you want to find a buyer that may impose restrictions on the sale of gold.

Assuming you can sell the gold nuggets you have discovered, these are some places where you can sell them:

Local Precious Metal Buyers: These dealers specialize in buying gold and other precious metals. They often offer competitive prices and can provide immediate cash payments.

Pawn Shops: While not always the best option for getting the highest prices, pawn shops can be a quick way to sell gold nuggets.

Refineries: Gold refineries buy gold nuggets and refine them into pure gold. They usually offer a fair market price.

Online Buyers: There are several online platforms where you can sell gold nuggets. Make sure to choose reputable sites with good reviews.

Auctions: Some auction houses specialize in precious metals and can help you sell gold nuggets to collectors or investors. (Bonham's video)

Accurate Precious Metals: Known for competitive buy prices and transparency, they also offer remote purchasing options.

It's always a good idea to get multiple quotes and compare prices before selling your gold nuggets to ensure you get the best deal.

If you have found a unique and / or large gold nugget, it would not be uncommon if you managed to attract a collector whp would be willing to pay more than the value of the actual gold contained in the nugget.

If you want to learn more about gold nuggets, download our FREE Gold Nuggets FAQs.

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Here are more posts you may interest you:

- Gold Nuggets

- Largest Gold Nugget in Russia

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

- Guide to Find Gold

2Kg Nugget valued over $160,000 Discovered Using a Metal Detector

by Goldminingtips Admin

In June 2019, a retired prospector, who decided to remain anonymous, found a large gold nugget while using a Minelab metal detector.

The nugget is far from being the largest gold nugget, but nonetheless it weighed 2 kilograms (or 63 ounces).

The nugget was unearthed near Ballarat, Australia.

'You Wouldn't Believe It' Nugget

The nugget, which was named "You Wouldn’t Believe It," would be worth over US$160,000 at the current gold price.

This is the value of the gold alone, but collectors who are interested in acquiring a unique, large nugget of this nature may be willing to pay a higher price.

Key Facts about the discovery:

Location: Old pasture land within 150 kilometers of Ballarat, Victoria, Australia.

The exact location is being kept secret by the finder.

Date: June 2019

Finder: Anonymous Australian pensioner.

Equipment Used: Minelab GPX45000 metal detector with an upgraded, more sensitive coil.

Nugget Weight: 2 kilograms (63 ounces)

Estimated Value (Nov. 2024):

- US$166,665.24🇺🇸

- GBP: £131,709.69🇬🇧

There is potential for higher offers from collectors of nuggets.

Current Status: The final sale price and current ownership of the nugget were not reported in the provided sources.

The Store Where the Metal Detectors was Bought

Mark Day, the person who operated the store where the metal detector was purchased, stated:

"History tells us that big finds like this have happened in this area before, and even though they’ve been digging gold in this region for 150 years, it’s still out there.”

The role of the modern technology used in the metal detector cannot be understated in making the discovery. Advanced metal detectors play a key role in modern prospecting, enabling discoveries that might have been missed in the past.

Secrecy and anonymity: The finder's desire to remain anonymous and keep the location secret highlights the risks associated with valuable discoveries, including potential theft or unwanted attention.

Collector's value: The nugget's unique character and rarity are attracting interest from collectors willing to pay a premium above the base gold value.

As Mark Day noted:

"People collect nuggets, they don’t want them melted down,” and this nugget, “has real character to it."

More Comments about the Nugget:

Mark Day, describing the finder's reaction:

“When he showed me the nugget here in the store he was shaking like a leaf. He didn’t know what to do with it. He hadn’t slept in three days."

Mark Day, on the possibility of further discoveries:

“He certainly thinks there’s more gold out there. And after this, who can say he’s wrong?”

If you are interested in learning more about good metal detectors designed to find gold nuggets follow the links:

- GPX 6000 All Gold Detector for Adults with 11” Monoloop & 14” Double-D Waterproof Coils (Wireless Headphones Included)

- GPZ 7000 All Terrain Gold Metal Detector

- CTX 3030 Metal Detector

- Gold Monster 1000 Professional Metal Detector

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Gold Nugget FAQs

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by Goldminingtips Admin

What is a gold nugget?

A gold nugget is a naturally occurring piece of native gold. They are formed deep underground at high temperatures and are brought to the surface through weathering and erosion.

Nuggets are often found in placers, which are deposits of sand and gravel where gold has been concentrated by the action of water.

What is the largest gold nugget ever found?

The largest gold nugget ever found is the Welcome Stranger, which was discovered in Moliagul, Victoria, Australia in 1869.

It weighed over 2,520 troy ounces (78 kg; 173 lb) and yielded over 2,284 troy ounces (71.0 kg; 156.6 lb) of pure gold. Unfortunately, like many large nuggets, it was melted down.

What is the largest surviving gold nugget?

The largest surviving gold nugget is the Canaã nugget, also known as the Pepita Canaã.

It was found in the Serra Pelada Mine in Brazil in 1983 and weighs 60.8 kilograms (134.1 lb), containing 52.3 kilograms of pure gold. It is currently on display at the Banco Central Museum in Brasília.

Are gold nuggets pure gold?

Gold nuggets are not 100% pure gold. They typically range in purity from 20.5 to 22 karat (83% to 92% gold).

The most common impurities are silver and copper. Nuggets with a high silver content are known as electrum.

Where are gold nuggets found?

Gold nuggets have been found all over the world, but some of the most famous locations include Australia, Brazil, the United States, and Russia. Australia, in particular, has produced some of the largest and most significant gold nuggets in history.

How are gold nuggets found?

Gold nuggets can be found through a variety of methods, including:

Placer mining: This involves using water to separate gold from sand and gravel.

Metal detecting: Metal detectors can be used to locate nuggets buried beneath the surface.

Prospecting: This involves searching for signs of gold in the landscape, such as quartz veins or alluvial deposits.

What is the "Hand of Faith"?

The Hand of Faith is a famous gold nugget that was discovered in Wedderburn, Victoria, Australia in 1980. It is notable for being the largest gold nugget found using a metal detector.

Weighing 875 troy ounces (27.2 kg), it is shaped roughly like a hand, hence its name. It is currently on display at the Golden Nugget Casino in Las Vegas.

What happened to the Welcome Nugget?

The Welcome Nugget was the second largest gold nugget ever discovered, weighing 2,217 troy ounces (68.98 kg).

It was found in Ballarat, Victoria, Australia in 1858. Sadly, this nugget was sold and ultimately melted down by the Royal Mint in London to make gold sovereigns.

Models of the Welcome Nugget are on display in various museums, including the Museum of Victoria and the Powerhouse Museum in Sydney.

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