In a monumental development that could reshape the global gold industry, China announced the discovery of a “supergiant” gold deposit beneath the Wangu gold field in Pingjiang County, Hunan province.
Estimated at a staggering 1,000 metric tons of gold ore — and potentially more — the discovery could eclipse South Africa’s South Deep Mine, long considered one of the world’s largest known reserves.
Valued at approximately $83 billion, this central China discovery may be the most valuable single gold deposit ever recorded. Using advanced 3D modeling and deep-core sampling, geologists identified more than 40 gold veins stretching to depths of 6,600 feet (2,000 meters). Preliminary models now suggest the deposit could extend even deeper — to nearly 9,800 feet — and hold as much as 1,100 tons of gold ore.
Adding to the excitement is the exceptionally high ore grade. Some samples returned readings of 138 grams (about 5 ounces) of gold per metric ton, nearly 17 times higher than what’s typically considered high-grade in the gold mining industry.
“Many drilled rock cores showed visible gold,” Chen Rulin, a lead geologist with the Hunan Province Geological Bureau, told Chinese state media.
The discovery comes amid a wave of gold exploration successes in China, with over 2,000 tons reported across the country in the past six months.
The Wangu field deposit is likely to further solidify China's position as the world's top producer of gold. According to 2023 statistics published by the World Gold Council, China accounts for approximately 10% of global output.
Experts believe that the true impact of the Hunan province gold discovery will unfold over years, as deeper exploration confirms the full scale and viability of the deposit.
As gold continues to play a central role in the jewelry industry, investment markets and national reserves, China’s golden dragon under Hunan may well define a new era in global mineral wealth.
Credit: Illustration by The Jeweler Blog using Microsoft’s AI image generator.