Massive gold deposit emerges in southern China
Date
11/23/2024 5:48:17 AM
(MENAFN) A huge Gold deposit with expected reserves of more than 1,000 tons has been founded in southern China, Chines news agency announced on Thursday, citing Hunan Province’s geological bureau.
Based on the report, experts have unearthed more than 40 gold veins within a depth of 2,000 meters under the Wangu gold field in Pingjiang County.
Amid the depth of 3,000 meters, the site is projected to include more than 1,000 tons of gold, amounted to USD83 billion, Chinese news agency stated.
“Many drilled rock cores showed visible gold,” an ore-prospecting specialist at the bureau, Chen Rulin, informed the outlet. He also stated that a ton of ore in the 2,000-meter range included up to 138 grams of gold.
The report also quoted the vice head of the bureau, Liu Yongjun, as stating that the geologists consumed new ore prospecting technologies, such as 3D geological modeling.
Liu stated that test drilling around the Wangu field’s peripheral regions also revealed promising potential.
The recent discovery comes as gold prices have improved to record highs during increasing international uncertainty, a weaker US dollar, and robust demand from central banks.
China is the largest leading gold maker in the world, accounting for nearly 10 percent of international output in 2023, based on figures from the World Gold Council.
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