Massive Gold Deposit Uncovered in China's Hunan Province

SEATTLE (Scrap Monster): According to a Chinese state media source, a huge gold deposit has been discovered in the nation's Hunan province. According to the article, the deposit is the biggest deposit in the world to date.

The World's Gold Jackpot

The gold discovered in the Wangu gold field is classified as a "supergiant" deposit. Despite early estimates that the deposit had close to 300 metric tons of gold, later analyses indicate that it actually contains over 998 metric tons of high-grade gold, which is worth about $83 billion at today's gold market values.

RELATED NEWS:

Large Gold Deposit Discovered in Inner Mongolia

China Discovers Huge Gold Deposit Worth $3 Billion

The Deposit Offers Huge Potentials

The formation is made up of at least 40 gold-bearing veins that are more than 1.2 miles below the surface of the ground, according to the state Geological Bureau of Hunan Province. Gold was clearly seen in a number of drilled rock cores. According to modeling studies, mineralization could exist up to 1.9 miles below the surface. When compared to the average grade of 8 grams per ton at existing gold mines, the Wangu deposit is expected to operate with an exceptional grade of over 138 grams per ton of rock.

A Hidden Treasure

Almost 53,000 metric tons of gold have been mined from the Earth to date. An additional 50,000 metric tons of gold are thought to be undiscovered. This notion is supported by the latest discovery.

The significance of the discovery

Furthermore, it is anticipated that the latest finding will strengthen China's hegemonic position in the production of gold. It should be mentioned that the Asian nation currently supplies almost 10% of the world's gold.