China discovers world’s largest gold deposit worth $80 bn Wangu goldfield

China believes it has found the world’s biggest gold deposit, with reserves estimated to be worth more than $80 billion. The Hunan Provincial Geological Institute classified the discovery as a ‘massive’ reserve, reports the South China Morning Post.

A gold ore deposit site with supposed reserves of more than 1,000 tonnes at a depth of 2,000 meters had been located in the Wangu goldfield in Pingjiang County in central Hunan province. The goldfield in Pingjiang County is said to be valued at 600 billion yuan ($83 billion).

The Hunan Academy of Geology said workers found more than 40 gold ore veins at a depth of more than 2,000 meters at Wangu. More than 300 tons of gold reserve was found in the mine’s core area, and that metric ton of ore could yield as much as 138 grams of gold. Reportedly advanced 3D geological modelling was used at the Wangu gold field to estimate that around 1,000 tonnes of gold reserves may go down as far as 3,000 meters at the site.