A massive gold deposit estimated at 300 tons has been unearthed in Pingjiang County of Hunan Province, China. The discovery could be another jackpot for the already natural-resource-rich Country.
Several media outlets, including the Securities Times, reported that a local mining company, Hunan Gold, discovered forty gold veins at a depth of 6,562 feet in the Wangu gold mine. The company stated, “We’ve identified approximately 300 tons of gold reserves in the core exploration area. We estimate the reserves could reach about 1,000 tons if we extend our search to 9,843 feet.” They added that the total estimated value could amount to 82.4 billion dollars.
Hunan Gold also disclosed that its stock price had experienced an unusual surge of over 20% for two consecutive days (November 21 and November 22). The company claimed this was due to leaked information about the discovery of gold. Liu Yongjun, vice head of the Hunan Geological Science Institute, hailed the find as a significant breakthrough in China’s mineral exploration efforts.
The company reported that the 300 tons of gold reserves currently identified represent the cumulative amount of gold discovered in the region over several years. This underscores the potential scale of the new discovery.
Local media initially enthusiastically reported on Hunan Gold’s discovery, describing it as a “jackpot.” However, some experts urge caution, noting the uncertainty surrounding the estimated 1,000-ton reserve figure. There have even been allegations that Hunan Gold may have spread misinformation to boost its stock price artificially.
Pingjiang County, home to the Wangu gold mine, is one of China’s most significant gold mining regions, dating back to the Qing Dynasty. While some skepticism surrounds the news of this major gold discovery, many believe it’s entirely plausible given the area’s rich mineral history.
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