China reports 1,000-tonne discovery of precious metal just months after finding $80,000,000,000 of gold
Chinese geologists claim to have discovered a 1,000-tonne deposit of gold in Liaoning province.
According to local news reports, the discovery site stretches more than 3 kilometres east to west and 2.5 kilometres north to south.
And now the 'supergiant' deposit is being credited to China’s advanced mineral prospecting tech.
Gold plays a big role in protecting national economies, especially during times of global uncertainty. It’s also key to manufacturing things like batteries and electronics. This discovery follows another major find when geologists revealed an an estimated $80 billion worth of gold in the Wangu goldfield in Hunan province.
Advert
China is the world’s largest gold producer, with output reaching nearly 380 tonnes by 2024 and accounting for around 10% of global output in 2023, but its proven underground reserves are still behind those of South Africa and Australia.
But with discoveries like these, the nation could maintain its competition in gold production.
Hunan’s Geological Bureau said the site includes around 40 gold-filled rock veins buried about a mile deep. Thanks to 3D modelling data, they added that these veins could hold 300 tonnes of gold - roughly eight times heavier than the Statute of Liberty - with more reserves likely at greater depths. This would bring the total up to around 1,000 metric tonnes.
"Many drilled rock cores showed visible gold," said bureau prospector Chen Rulin at the time of the discovery.
If true, the value is estimated to be around 600 billion yuan ($83 billion), and it could rank among the biggest and most valuable gold deposits ever discovered. Following the discovery, the Hunan Provincial Geological Institute described the find as 'significant in helping safeguard the country’s resource security.'
Meanwhile, many experts are sceptical about the accuracy and mineability of the recent deposits.
Geologists at the World Gold Council have called for independent verification and further drilling before any solid conclusions can be made. They also warned that it could take years before these deposits are ready for mining.
Nevertheless, Chinese officials insist that the newly discovered sites are 'easy to mine' and have high recovery rates for precious metals.
“Important progress has been made in prospecting, exploration and deposit research,” the team wrote. “In the new round of exploration in 2024, the exploration method of combining general and detailed exploration was adopted. At present, all construction drilling holes have found ore."
The findings from the Liaoning gold deposit discovery were shared in China Mining Magazine.