Late last year, Chinese state media revealed that a ‘supergiant’ gold deposit of very high quality was found in central China. Its estimated worth is approximately $83 billion and it could well be the largest ever gold reserve discovered.
For comparison purposes, this Chinese reserve exceeds what has previously been documented as the largest reserve, the one in South Africa at the South Deep Mine projected to contain about 900 metric tons of gold. The Chinese deposit is said to contain at least 1,100 metric tons of the precious metal.
While some experts aren’t so certain about the mineral estimates indicated for this new deposit in China, the completion of feasibility and scale verification could cement the place of this supergiant deposit in the annals of history as the largest ever (so far).
Hunan Province’s Geological Bureau made an announcement that 40 gold veins discovered just 1.2 miles beneath the surface of the earth were estimated to contain a minimum of 300 metric tons of the precious metal. Besides that extensive find, 3D modeling undertaken strongly suggested that digging 3 miles into the ground could yield a lot more deposits.
Chen Rulin, a prospector at the Geological Bureau, said many rock cores obtained during the drilling process exhibited visible gold within them.
Samples obtained during drilling operations suggest that almost 5 ounces (138g) of the yellow metal can be extracted from each metric ton of ore. This projection is astounding given that finds having at least 8grams in each ton of ore are deemed to be high grade.
Currently, China’s 2,000 tons of gold reserves as per the records revealed at the start of last year put it at the top of the global market for gold. So far, mines in China have also been contributing about 10% of the gold produced in the world each year.
Revelations of the Hunan Province gold discovery triggered the price of gold to spike on the global market amid the increasing geopolitical and market uncertainties triggering a rush to the safe haven asset, gold.
This exciting gold discovery poses questions about how many more such deposits may still be undiscovered. Some experts were saying that the world had reached the peak of available supplies of gold and it was now downward travel regarding new supplies of this metal. The Hunan find throws this thinking out the door and creates excitement about what else is waiting to be discovered. Who knows, the likes of Torr Metals Inc. (TSX.V: TMET) could hit their own unprecedented gold deposits!
NOTE TO INVESTORS: The latest news and updates relating to Torr Metals Inc. (TSX.V: TMET) are available in the company’s newsroom at https://ibn.fm/TMET
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