China Unveils $80 Billion 'Supergiant' Gold Deposit, One of the Largest on Earth

China(The Uttam Hindu):  Chinese scientists discovered a big gold reserve inside the Wangu gold field, in Hunan province. Such a deposit can be said to be one of the largest gold deposits untapped and unexplored worldwide with an estimate of as much as 1,100 tons (1,000 metric tons) of gold equivalent to 600 billion yuan, or about $83 billion. This was discovered by the Geological Bureau of Hunan Province.

Over 40 gold veins have been found, and 330 tons have been confirmed at depths of up to 6,600 feet (2,000 meters). Experts believe that more gold could be present at even greater depths of up to 9,800 feet (3,000 meters). The gold quality is exceptionally high, averaging 138 grams per metric ton of ore. Further gold reserves were found by exploratory drilling in the vicinity, meaning that there could be a lot more gold reserves remaining.

This discovery has shot up the prices of gold, and there is potential for it to become the world's largest gold deposit ahead of South Deep in South Africa.