Largest gold deposit in the world worth $83 billion found in China
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At 375 tonnes China is the world's largest gold producer, followed by Russia. But Australia is 3rd.... and 314 tonnes is nothing shabby! 
Much better place to prospect too!At 375 tonnes China is the world's largest gold producer, followed by Russia. But Australia is 3rd.... and 314 tonnes is nothing shabby!
Most of it is 12 miles beneath the surface apparently.
Good luck with that Mr Ping.
BRINGS TO MIND... is there a drilling rig that can drill that deep??
Good luck with that Mr Ping.
BRINGS TO MIND... is there a drilling rig that can drill that deep??
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A while back we were befriended by a drilling team working on the Tanami.
They were after rare earths and were not interested in gold.
They showed us the cores that were laid out in order representing a kilometer of drilling.
Thin bands of gold could be seen from several depths.
The drillers then went down another metre and showed us the core. It broke apart at a thin layer of gold that covered the whole face.
How extensive the gold deposits are and whether or not they could be mined at a profit was not apparent, but there are certainly deep deposits of gold under the Tanami and deep drilling seems to be a routine practise.
They were after rare earths and were not interested in gold.
They showed us the cores that were laid out in order representing a kilometer of drilling.
Thin bands of gold could be seen from several depths.
The drillers then went down another metre and showed us the core. It broke apart at a thin layer of gold that covered the whole face.
How extensive the gold deposits are and whether or not they could be mined at a profit was not apparent, but there are certainly deep deposits of gold under the Tanami and deep drilling seems to be a routine practise.
In Australia reporting of ore reserves would require a far more stringent evaluation than appears to be the case here. Noted that they have only identified 10.5 million oz to a depth of 2 km.
To put this into Australian perspective, De Grey mining are developing the new Hemi project in the Pilbara near Port Headland which has measured reserves of 12.7 million oz mostly very cheaply accessed at a depth of less than 390 meters.
China have just extrapolated (another word for guessed) that there could be double as much below up to the 3 Km level. Mining to such depths is possible but would be at the limit of mining technology and be very expensive.
In the Australian context there is no reason to that rich deep gold should not also exist in the deep sourced orogenic deposits of WA and Victoria below the currently accepted economic and safe mining depths.
I don't think we should be unduly worried about the future of our industry by the announcement.
To put this into Australian perspective, De Grey mining are developing the new Hemi project in the Pilbara near Port Headland which has measured reserves of 12.7 million oz mostly very cheaply accessed at a depth of less than 390 meters.
China have just extrapolated (another word for guessed) that there could be double as much below up to the 3 Km level. Mining to such depths is possible but would be at the limit of mining technology and be very expensive.
In the Australian context there is no reason to that rich deep gold should not also exist in the deep sourced orogenic deposits of WA and Victoria below the currently accepted economic and safe mining depths.
I don't think we should be unduly worried about the future of our industry by the announcement.
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