"Is It Safe to Buy Gold Now?"... Discovery of 'Up to 2,500 Tons' of Gold Mines Raises Concerns

Since last year, a series of large-scale gold deposits have been discovered in China, drawing attention to their reserves and value.

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On the 27th (local time), the science media outlet ScienceAlert reported extensively on the gold mines found in China. In March, China announced the discovery of two gold deposits, each estimated to contain about 2,000 tons of gold. The Wanggu gold mine in central Hunan Province and the Dadonggou gold mine in northeastern Liaoning Province are the sites in question, and both are believed to hold the largest confirmed gold reserves among all gold mines in China.

Once additional geological surveys confirm the actual reserves, their value is expected to rise even further. According to initial reports, the value of the Wanggu gold mine alone is estimated to exceed 600 billion yuan (approximately 114 trillion won).

At the end of last year, China's state-run Xinhua News Agency described the Wanggu gold mine as a "super-giant mine that will dramatically increase China's gold resources." Qian Lulin, an exploration geologist with China's Ministry of Land and Resources who participated in the survey at the time, stated, "Gold was visible to the naked eye in a significant number of the drilled rock cores." It is estimated that the Wanggu gold mine contains a total of 300 tons of gold down to a depth of 2,000 meters, and more than 1,000 tons down to 3,000 meters.

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The Dadonggou gold mine is believed to be even larger than the Wanggu gold mine. In September, the State Council Information Office of China reported that the potential gold reserves in this area could reach up to 1,500 tons. This figure far exceeds the estimate of 1,000 tons published in a report by China Mining Magazine earlier this year.

The Dadonggou mine was discovered by the Fifth Geological Team of Liaoning Province. Although the site was deemed uneconomical in the 1980s, it has now been revealed to be part of a massive, continuous mineral zone approximately 3,000 meters long and 1,500 meters wide.

At that time, it was highly unusual that gold was detected in every borehole drilled by the exploration team. Although the gold content was relatively low, ranging from 0.3 to 1 part per million (ppm), researchers estimated that extraction would be relatively easy, with a potential gold recovery rate of 65 to 91 percent. The research team also noted, "Given the geological structure, there is a possibility that similar types of gold mines may be found in nearby fault zones."

Currently, gold is a rare resource in the Earth's upper layers. The concentration of gold in the Earth's crust is only about 0.004 grams per ton. However, in 2021, Canadian researchers suggested that gold deposits may be more common than previously thought and could form in various geological environments that were previously excluded from estimates. ScienceAlert also explained that this recent discovery "not only significantly increases China's gold resources, but also suggests that large-scale gold mines may exist in regions that were excluded from previous geological models."

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