Massive gold deposit found in China, reports Xinhua
A significant discovery in central Hunan Province is said to contain more than 1,000 tons of gold. Read Full Article at RT.com.
TroibNews 
A significant gold deposit estimated to exceed 1,000 tons has been found in southern China, as reported by Xinhua news agency on Thursday, drawing from information provided by Hunan Province’s geological bureau.
The discovery, located at the Wangu gold field in Pingjiang County, involves more than 40 gold veins at depths of up to 2,000 meters. Additionally, within 3,000 meters, it is believed the site harbors over 1,000 tons of gold, which is valued at $83 billion, according to Xinhua.
“Many drilled rock cores showed visible gold,” said Chen Rulin, an ore-prospecting expert at the bureau. He mentioned that samples from a ton of ore at the 2,000-meter mark revealed gold content of up to 138 grams.
The report also included comments from Liu Yongjun, the vice head of the bureau, who noted that modern ore prospecting technologies, including 3D geological modeling, were utilized by the geologists.
Furthermore, Liu indicated that test drilling in the surrounding areas of the Wangu field has also yielded promising results.
This latest find coincides with a surge in gold prices to historical highs, driven by rising global uncertainties, a weakening US dollar, and heightened demand from central banks.
China stands as the foremost gold producer globally, contributing about 10% of total output in 2023, according to the World Gold Council.
As of the end of October, the share of gold in the People's Bank of China's overall reserves was recorded at 5.7%. The bank's official gold holdings remained static at 2,264 tons for the seventh month in a row.
In 2023, the PBOC surpassed other central banks, augmenting its reserves by 225 tons of gold. Statista ranks China sixth in terms of total gold reserves, trailing behind Russia, France, Italy, Germany, and the United States.
Debra A Smith for TROIB News
The discovery, located at the Wangu gold field in Pingjiang County, involves more than 40 gold veins at depths of up to 2,000 meters. Additionally, within 3,000 meters, it is believed the site harbors over 1,000 tons of gold, which is valued at $83 billion, according to Xinhua.
“Many drilled rock cores showed visible gold,” said Chen Rulin, an ore-prospecting expert at the bureau. He mentioned that samples from a ton of ore at the 2,000-meter mark revealed gold content of up to 138 grams.
The report also included comments from Liu Yongjun, the vice head of the bureau, who noted that modern ore prospecting technologies, including 3D geological modeling, were utilized by the geologists.
Furthermore, Liu indicated that test drilling in the surrounding areas of the Wangu field has also yielded promising results.
This latest find coincides with a surge in gold prices to historical highs, driven by rising global uncertainties, a weakening US dollar, and heightened demand from central banks.
China stands as the foremost gold producer globally, contributing about 10% of total output in 2023, according to the World Gold Council.
As of the end of October, the share of gold in the People's Bank of China's overall reserves was recorded at 5.7%. The bank's official gold holdings remained static at 2,264 tons for the seventh month in a row.
In 2023, the PBOC surpassed other central banks, augmenting its reserves by 225 tons of gold. Statista ranks China sixth in terms of total gold reserves, trailing behind Russia, France, Italy, Germany, and the United States.
Debra A Smith for TROIB News
