China has reportedly hit another "golden" jackpot, having found a record 1,000-tonne gold deposit in the northeastern part of the country. Gold deposits are said to be present on a large scale in the country. Just last year, nearly 300 tonnes of gold were discovered in China, which was estimated to be worth over $80 billion.

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The discoveries are being facilitated by Beijing's advanced mineral prospecting technology, according to researchers. China has one of the largest gold deposits in the world. However, on paper, South Africa and Australia are way ahead of it when it comes to gold deposits. 

According to local media reports, the gold discovery was made in Liaoning and the area stretches over 3 km (9,800ft) from east to west and more than 2.5 km from north to south. The details were published in the journal China Mining Magazine.

Also Read: China uncovers ‘massive’ gold reserve worth billions in Hunan province

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Gold deposits act as a safety blanket for countries in the face of economic meltdowns. They help them stay in the race of gold production, besides using them in the development of batteries and electronics. China is also the world's largest gold producer, with an output reaching nearly 380 tonnes by 2024.

1,000 metric tonnes of gold found in China gold field

In November last year, geologists found a gold deposit worth an estimated $80 billion at the Wangu goldfield in Wunan province. Forty veins filled with gold were found on the rocks around a mile deep into the ground. According to Hunan’s Geological Bureau, the veins are likely filled with 300 tonnes of gold, and more might be present in the deeper reaches. A total of 1,000 metric tonnes of gold is expected to be present at the site.

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The Wangu gold field is a vital gold-mining hub for China. The country has invested more than 100 million yuan ($1,37,68,300) for mineral exploration in the area since 2020.

However, some experts are not sure that the gold deposit in Liaoning is as large as China says. They are also concerned about the quality of the gold and whether it could be effectively mined. Meanwhile, Beijing stresses that the amount of gold found is as huge as they say it is and “easy-to-mine”.

Several geologists, including those at the World Gold Council, want independent verification of the discoveries and have called for more drilling.