In central china, a substantial gold find has been uncovered; estimations indicate that there is a deposit of about 1,000 metric tons of high-grade ore. According to Chinese official media, this discovery, which is estimated to be worth US$83 billion, might be the greatest gold resource ever discovered, exceeding the roughly 900 metric tons held by the South Deep mine in South Africa.
 
The deposit lies in Pingjiang County, where scientists have found 40 gold veins that reach depths of up to two kilometers, according to the Hunan Province Geological Bureau. Numerous geological processes, frequently including the passage of fluids rich in gold through rocks over millions of years, result in the formation of gold deposits. The Earth's crust has cracks and fissures through which hot, mineral-rich fluids flow. When circumstances change, such temperature or pressure, these fluids dissolve gold from the nearby rocks and deposit it.
 
Approximately 300 metric tons of gold might be found in these veins alone, according to preliminary estimates. According to sophisticated 3D modeling, there could be further reserves at even deeper depths—possibly as deep as 3 kilometers.
 
Bureau prospector Chen Rulin said that visible gold was found in numerous drilled rock cores, with core samples showing that up to 138 grams of gold could be extracted from every metric ton of ore.
 
This is especially noteworthy because underground mine ore is usually categorized as high-grade if it contains more than 8 grams.
 
China's gold industry, which currently contributes around 10% of the world's total output, is predicted to be significantly impacted by this finding. With reserves estimated to be more than 2,000 tons as of early 2024, china already controls a large portion of the global gold market.
 
Gold prices have also increased as a result of the statement, since demand for the precious metal is still rising globally despite economic uncertainty.
 
Though opinions on whether further substantial deposits will be discovered globally are still varied, this most recent discovery raises the possibility that there may still be a large number of economically viable reserves.
 
 
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G GOWTHAM

30/11/2024 09:26 AM