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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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

Step by Step Guide to Finding Gold

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by Goldminingtips Admin

With gold prices increasing, prospecting for gold is a hobby that many people are turning to. It is not only a potentially profitable hobby, but is also an adventure.

However, in order to enjoy some success prospecting for gold, it is necessary to learn where you can find gold, and invest in the equipment needed to improve your chances of finding gold.

In this blog, we discuss provide some tips to remember when preparing yourself for a gold expedition:

Here are some tips to consider before starting to prospect.

Do Your Research:

First of all, if you are a beginner do some research to learn about geology normally associated with gold, and the mining techniques and equipment used. You can do research online (i.e. YouTube or read blogs), buy a book, join a course.

Preparing Yourself:

Decide where you want to explore for gold. Do some research to find out if there is a likelihood that gold is present in the area you intend to explore.

Answering the following questions shall save you time and improve your chances of finding gold:

- Has the area been mined before?

- If not, does the geology in the region suggest that gold may be present in the area?

- Do you have access to the region, and do you need to acquire the permission of a landowner before prospecting?

- Is there a source of water located near the site you intend to inspect (i.e. River, stream, etc), so you can you do some panning to sample the soil, gravel, sand, etc)?

Get the Right Equipment:

The mining equipment you shall need to get shall depend on the type of gold mining you are going to do:

Popular methods of searching for gold for small scale mining in include:

- Metal Detecting;

- Dredging (underwater);

- Panning;

- Sluicing.

Also, check out the following sources:

- The Best Metal Detectors

- Geological Settings Associated with Gold

- The Largest Gold Nuggets

When you are ready, these are other ways we can help you:

https://linktr.ee/Goldminingtips

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If you have any questions, email us:

goldminingtips@proton.me

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