A massive gold deposit has been found in southern China, surprising experts and drawing global attention.
The discovery, made in Hunan Province, could hold one of the richest gold reserves ever identified in the region, according to Hotnews.
Officials say the find could be worth an estimated £65 billion, making it a significant boost for the country’s mining industry.
The deposit includes more than 40 gold veins located at a depth of 2,000 meters.
These veins are believed to contain about 330 tons of high-quality gold. Geologists, however, believe there’s more to be uncovered.
The Field had been Declared Depleted
Using advanced 3D computer modeling, they estimate that an even larger deposit lies deeper, at around 3,000 meters.
This deeper reserve could contain at least 1,100 tons of pure gold, potentially making the total deposit one of the largest ever discovered.
Each ton of ore from the site is said to yield about 138 grams of gold. This concentration far exceeds global averages and surpasses many active mines worldwide.
Before this discovery, the South Deep mine in South Africa was known as the largest unexploited gold deposit.
The site of the discovery is even more intriguing. It was previously an active gold field that had been declared depleted.
Geologists now think the surrounding area could hold more significant deposits, given the abundance of gold-bearing rock found near the newly identified site.
Despite its size, this discovery won’t meet China’s long-term gold demand. China is the largest producer of gold globally, contributing around 10% of the world’s supply.
However, the country uses three times more gold than it produces, relying heavily on imports to bridge the gap. If fully mined, the Hunan deposit would satisfy China’s gold demand for just 1.4 years.
Globally, the total amount of gold ever extracted is estimated at 234,332 tons, according to the World Gold Council.