$80 BILLION WORTH GOLD DEPOSIT DISCOVERED BY GEOLOGIST

The mining industry has been rocked by a recent discovery. In central China, a "supergiant" deposit of superior gold ore was discovered. It is estimated to contain 1,000 metric tons (1,100 US tons) of precious metal, according to Chinese state media. This enormous reservoir might be the world's largest known gold deposit if it turns out to be accurate.

The reservoir was discovered close to a few active gold mines at the Wangu gold field in the province of Hunan. At a depth of 6,600 feet, workers discovered over 40 gold veins that held about 330 tons of gold. However according to a 3D model made by mining specialists, there might be up to 1,100 tons of gold located 9,800 feet below the surface. It would be worth up to $83 billion if it were true.

According to Chen Rulin, an ore-prospecting specialist at the Geological Bureau of China's Hunan Province, "many drilled rock cores showed visible gold." Additionally, he discloses that the newly found deposit has an uncommon rate in the mining industry: 138 grams of gold per metric ton of ore (4.87 ounces per 1.1 US ton). Even more gold was found during test drills conducted around the "peripheral areas" of the new site, indicating that there might be more deposits out there just waiting to be discovered. 

This deposit would exceed the world's largest known gold reserve, which is located in South Africa's South Deep mine and contains 930 metric tons (roughly 1,025 US tons) of gold, according to estimates made by local mining experts. Only one-third of the estimated 233,000 tons of gold that have been mined worldwide before 1950 have occurred during history.

China was already the world's largest producer of gold before this discovery, making up about 10% of all gold mined worldwide in 2023. By early next year, the price of gold is expected to reach $2,700 per ounce worldwide due to the recent discovery of a gold deposit in China.