A “supergiant” deposit of high-quality gold ore containing an estimated 1,000 metric tons (1,100 US tons) of the precious metal was discovered in central China in late 2024, according to Chinese state media.
Valued at up to approximately 600 billion yuan or US$83 billion, the discovery could be one of the largest and most lucrative reservoirs of gold ever uncovered, surpassing the 900 metric tons estimated to lie within the mother of all gold reserves, South Deep mine in South Africa.
Some commentators are not yet convinced of the deposit’s scale and feasability, but if the discovery becomes verified, it will represent a major find for China.
The Geological Bureau of Hunan Province announced the detection of 40 gold veins within a depth of 2 kilometers (1.2 miles) in the northeast Hunan county of Pingjiang.
These alone were thought to contain 300 metric tons of gold, with 3D modeling suggesting additional reserves may be found to a depth of 3 kilometers.
“Many drilled rock cores showed visible gold,” said bureau prospector Chen Rulin at the time of the discovery.
Core samples suggest every metric ton of ore could contain as much as 138 grams (nearly 5 ounces) of gold – an extraordinary level of quality considering ore excavated from underground mines is considered high grade if it contains more than 8 grams.
China already dominates the world’s gold market with reserves considered to be in excess of 2,000 tons earlier in 2024, its mining industry contributing around 10 percent of the global output.
Announcements of the findings initially contributed to a further increase in the already skyrocketing gold price, with demands for the resource generally rising strongly in time of global economic uncertainty.
Just how many bonanzas of the valuable ore remain yet to be discovered around the world is unclear, with experts divided on whether we’ve reached peak gold.
Forged in the furnaces of embracing stars long before Earth was formed, our planet’s glittering veins are a finite resource that take eons to precipitate into an easily mineable form.
The new discovery is estimated to contain around 1,000 metric tons of gold. (bodnarchuk/Getty Images)
Based on these findings, we might be far from exhausting economically viable reserves.
Core samples taken around the periphery of the Hunan site hint that the deposit may extend even further than initial predictions, making the reservoir beneath its soil a true dragon’s haul.
The discovery in late 2024 capped off what was a notable year for gold discoveries.
In March 2024, a treasure hunter in England found what was estimated to perhaps be the biggest gold nugget ever found in the country.
The large gold nugget, nicknamed “Hiro’s Nugget,” weighing 64.8 grams. (Mullock Jones)
And just months later, research by scientists in Australia discovered a new mechanism that may lead to the formation of gold, suggesting the seismic activity of earthquakes actually plays a role in the creation of large nuggets.
But that’s not all. In addition to learning more about how gold naturally forms, scientists are also investigating new things that can be done to manipulate the precious resource.
A study published in April 2024 reported the creation of a new kind of two-dimensional gold called ‘goldene’, measuring only a single layer of atoms in height, which has some interesting properties not seen in the three-dimensional form of gold.
While gold is an ancient metal that has been prized all throughout human history, there’s clearly a lot we’re still finding out about it.
An earlier version of this article was published in November 2024.