• 7 hours What will happen with Venezuela's oil sector? Privatization needed?
  • 18 hours What happened to stocks yesterday?
  • 10 hours Here we go! Oil Heads Up To $74 a Barrel, But U.S. Bonds, Crude Supply Cast A Pall
  • 5 hours Yemen's Rebels Step Up Attacks on Aramco Oil Facilities
  • 3 hours Saudi Arabia Looks To Raise $10bn In Privatization Scheme
  • 17 hours China's Yuan Oil Contracts: No Liquidity, but It Will be Built
  • 1 day Wind, solar deliver stunning 98 percent of new U.S. power capacity in January, February
  • 16 hours China Has The Ultimate Population Control Weapon
  • 3 hours Comprehensive List of Factors that affect crude oil price
  • 12 hours Electric Buses are Eating into Oil Demand
  • 14 hours Large-Cap Oil Earnings: What to Watch
  • 1 day API Inventory Data (Tuesdays)
  • 17 hours Trump's top energy adviser resigns
  • 20 hours Trump Warns Iran Against Restarting Nuclear Program
  • 15 hours Most Likely Fossil Fuel Future
  • 18 hours Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful

Breaking News:

Hess Posts Lower-Than-Expected Q1 Loss

Alt Text

Tanzania Wages War Against Gold Miners

Tanzania’s national government is stepping…

Alt Text

Expect Mine Closures In This Key Gold Mining Nation

Major gold mining nation South…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Trending Discussions

Is This The Biggest Gold Deposit Ever Found In China?

Gold bars

Mining analysts MinEx Consulting released an interesting study on global exploration last week. Showing that China is by far the world’s largest spender on mineral exploration — but that discoveries here have lagged other jurisdictions, despite all the dollars being thrown around.

 

(Click to enlarge)

MinEx Consulting found that China has spent the most money on mineral exploration (yellow bars) but has seen one of the lowest global discovery rates (orange).

But just days after the study’s release, China’s miners had a response — the reported discovery of a gold deposit that may be the largest in Chinese history.

Local news reported that China’s number-two gold miner Shandong Gold Group made the find in eastern China’s Shandong province. Consisting of a mineralized structure running 2 kilometers in length, and 67 meters in width.

All told, Shandong Gold estimates the current gold resource here at over 382 tonnes — equal to 12.3 million ounces. With the company saying the deposit could grow to 550 tonnes, or 17.7 million ounces. A mark officials said would be China’s largest gold find ever.

The grade is reportedly high, at 4.52 grams per tonne. Although the company didn’t specify whether the deposit is likely to be produced by open-pit or underground methods. Related: Trump Can’t Save Coal

Some caution is warranted on the exact resource numbers, as no details of the drill intercepts and other data are available. But it appears this will be a significant find — one which refutes the doubts about China’s exploration industry raised by last week’s MinEx study, and shows why China has vaulted to top spot for global gold production over the past decade.

In fact, Shandong Gold made a point that this discovery was the result of “deep mineralization theory and deep exploration technology”. Suggesting that Chinese explorers may be adapting global technology and best practices to improve their targeting.

If so, there’s a lot more to be found across China’s proven and fertile gold fields. Watch for more details on this deposit, and other exploration results emerging from Chinese projects.

Here’s to drilling deep.

By Dave Forest

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News