In a remarkable find which has led to a surge in gold prices globally, China has reportedly discovered the world’s largest gold reserve in Hunan province. According to Chinese state media, approximately 1,000 metric tons of high-quality ore, worth a whopping $83 billion have been found in Pingjiang County in Hunan province, making it the largest gold reserve ever discovered in recorded history, surpassing the previous record of 900 metric tons, held by the South Deep mine in South Africa.
According to Chinese media, geologists from the Geological Bureau of Hunan Province have identified gold veins at depths of up to 2 kilometers, with preliminary assessments indicating that these veins alone could contain about 300 metric tons of gold. Geologists believe that additional gold reserves might exist at even greater depths, possibly reaching up to 3 kilometers, based on advanced 3D modeling of the area.
Chen Rulin, a senior prospector from the Hunan geological bureau said that visible gold was found inside drilled rock cores, and core samples suggest that every metric ton of ore could potentially yield around 138 grams of gold, which is exceptional as the ore from underground mines is typically classified as high-grade if it contains over 8 grams.
Notably, China is already a dominant player in the global gold market, boasting reserves in excess of 2,000 tons, according to latest estimates. The discovery of the massive gold reserve is poised to further strengthen China’s gold industry which currently contributes around 10 percent of total gold production in the world.
As per geologists, mineral-rich fluids move through cracks in the earth’s crust and accumulate gold from the surrounding rocks and deposit the gold in veins and cracks when the temperature or pressure changes. These geological processes take millions of years, making gold deposits a rarity.
Another process by which gold is formed is piezoelectricity that can lead to the formation of larger gold nuggets. Geological stress caused by earthquakes can activate piezoelectricity.
