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The discovery was made by the Hunan Province Geological Bureau, which reported locating 40 gold veins within a depth of 2 kilometers (1.2 miles) in Pingjiang County, northeast Hunan
CHINA, Dec 5: A major gold discovery has been reported in central China, where state media reveal a high-quality deposit containing around 1,000 metric tons (1,100 US tons) of gold. Valued at approximately 600 billion yuan (about USD 83 billion), this find is considered one of the largest and most valuable gold reserves ever identified, surpassing South Africas South Deep mine, which holds roughly 900 metric tons.
The discovery was made by the Hunan Province Geological Bureau, which reported locating 40 gold veins within a depth of 2 kilometers (1.2 miles) in Pingjiang County, northeast Hunan. These veins alone are estimated to contain 300 metric tons of gold, with 3D modeling suggesting that additional reserves may extend to a depth of 3 kilometers. Chen Rulin, a prospector with the bureau, confirmed that many drilled rock cores showed visible gold.
Core samples from the site indicate that each metric ton of ore could contain up to 138 grams (almost 5 ounces) of gold, which is a notably high-grade discovery. Ores with more than 8 grams of gold per ton are typically considered to be of high quality.
As of early 2024, China is already a dominant player in the global gold market, holding more than 2,000 metric tons of gold reserves and contributing around 10% of the world’s gold production. The discovery in Hunan has further fueled the surge in gold prices, driven by growing global demand and economic uncertainty.
While experts continue to debate whether the world has reached “peak gold,” this discovery points to the possibility of untapped, economically viable gold reserves. Core samples from the Hunan site suggest the deposit could extend beyond current expectations, potentially making it one of the most significant gold finds in recent history.
The year 2024 has seen a series of noteworthy gold discoveries around the world. In March, a treasure hunter in England found what could be the largest gold nugget ever discovered in the country. Additionally, Australian scientists recently uncovered new research indicating that seismic activity from earthquakes might contribute to the formation of large gold deposits.
Advancements in science are also revealing new uses for gold. In April, researchers announced the development of “golden,” a two-dimensional gold structure just one atom thick, exhibiting unique properties not found in its traditional three-dimensional form.
These discoveries highlight not only the continued importance of gold in the global economy but also the ongoing exploration of its unique properties and potential applications. |
