Shandong Gold Mining Discovers 200-Ton Gold Resource, Expanding China's Largest Deposit
Date
5/21/2023 7:47:16 AM
(MENAFN) Shandong Gold Mining, a state-run gold producer in China, made an exciting announcement on Friday, revealing that its controlling shareholder had uncovered an additional 200 tons of gold resources at the Xiling gold mine in Laizhou, located in the eastern province of Shandong. This remarkable discovery has significantly boosted the cumulative gold reserve of the mine to a staggering 580 tons, solidifying its position as the largest gold deposit in the country. The estimated economic value of this newfound reserve is a remarkable 200 billion yuan (USD28.5 billion).
The Xiling gold mine stretches across an impressive length of nearly 2,000 meters and spans just over 2,000 meters in width, with a maximum thickness of 62.35 meters. The average density of gold ore within the deposit stands at 4.26 grams of gold per tonne. Furthermore, it is projected that the mine has the capacity to produce 10,000 tons of gold ore per day over the next three decades.
The extensive exploration efforts conducted by Shandong Gold Group, the mine's owner, involved drilling over 180 holes across a distance of 300,000 meters. Notably, one of the drill holes reached an unprecedented depth of 4,006.17 meters, setting a new benchmark for small-diameter drilling in the country. Feng Tao, the deputy general manager of Shandong Gold Group, expressed enthusiasm regarding the discovery and its significant implications for the future.
This remarkable finding follows China's previous report in March, which unveiled the discovery of a massive gold deposit in the rural city of Rushan, also situated in Shandong Province. The deposit, boasting a reserve of nearly 50 tons, was estimated to hold a value of approximately USD3 billion.
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