Largest Gold Deposit Worth Over $80 Billion Discovered

<h4>Largest Gold Deposit Worth Over &dollar;80 Billion Discovered<&sol;h4>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> has gathered that the world&&num;8217&semi;s largest gold deposit has been discovered in China&&num;8217&semi;s central Hunan province&period;<&sol;p>&NewLine;<p>Geologists believe it could hold 1&comma;000 tonnes of the precious metal&period;<br &sol;>&NewLine;At current prices this &&num;8216&semi;supergiant gold deposit&&num;8217&semi; could be worth more than &dollar;80 billion &lpar;£63bn&rpar;&comma; making it the richest source of gold on the planet&period;<&sol;p>&NewLine;<p>Scientists from the Geological Bureau of Hunan Province &lpar;GBHP&rpar; say they have discovered more than 40 veins beneath the Wangu gold field in Pingjiang County&period;<&sol;p>&NewLine;<p>Drilling shows there are already more than 300 tonnes of gold just in the veins less than 2&comma;000m &lpar;6&comma;500ft&rpar; deep&period;<br &sol;>&NewLine;However&comma; further 3D modelling suggests there are veins holding an additional 700 tonnes extending down to a depth of 3&comma;000m &lpar;9&comma;800ft&rpar;&period;<&sol;p>&NewLine;<p>Rock samples taken at the site show that every tonne of ore could contain as much as 138 grams of pure gold&period;<br &sol;>&NewLine;This would be a truly astonishing level of richness considering that ore is considered high quality if it contains just eight grams per tonne&period;<&sol;p>&NewLine;<p>Chen Rulin&comma; an ore-prospecting expert at <a href&equals;"https&colon;&sol;&sol;www&period;vanguardngr&period;com&sol;">GBHP<&sol;a>&comma; told state media&colon; &&num;8216&semi;Many drilled rock cores showed visible gold&period;&&num;8217&semi;<&sol;p>&NewLine;<p>The discovery surpasses even the 900 tonnes buried within the 3&comma;000m-deep &lpar;6&comma;500ft&rpar; South Deep mine in South Africa which was previously the world&&num;8217&semi;s largest reserve&period;<&sol;p>&NewLine;<p>Chinese officials have not yet announced plans to develop the site but it is likely that the Wangu gold field will soon become one of the country&&num;8217&semi;s biggest mining projects&period;<&sol;p>&NewLine;<p>Currently&comma; the country&&num;8217&semi;s biggest gold mine is the Xiling gold mine in Shandong Province&comma; a coastal region in the East of China&period;<&sol;p>&NewLine;<p>But even that mine&comma; with its massive deposit of 580 tonnes&comma; would only be almost half the size of any mine built over the Wangu gold field&period;<br &sol;>&NewLine;Gold prices lept at the news of the discovery&comma; rising to near-historic highs in the days following&period;<&sol;p>&NewLine;<p>Amid rising geopolitical tensions and mounting uncertainties&comma; the price of gold has already been climbing over the course of 2024&period;<br &sol;>&NewLine;But as the news of the Wangu gold field broke the price of gold briefly jumped to £2&comma;171 &lpar;&dollar;2&comma;759&rpar; last weekend&period;<&sol;p>&NewLine;<p>China is already one of the world&&num;8217&semi;s largest producers of gold&comma; accounting for 10 per cent of the global output&period;<br &sol;>&NewLine;Earlier this year&comma; estimates already put the country&&num;8217&semi;s total gold reserves at over 2&comma;000 tonnes&period;<br &sol;>&NewLine;However&comma; China is also a huge market for gold and currently consumes more of the precious metal than it can produce&period;<&sol;p>&NewLine;<p>Years of rapid economic development and a fast-growing middle class have fueled demand for gold as a form of investment for many Chinese citizens&period;<&sol;p>&NewLine;<p><em><strong>Source&colon; Daily Mail<&sol;strong><&sol;em><&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;