Exceptional Ore Quality
The Wangu gold field has astonished geologists with the richness of its ore. Rock samples indicate that every ton of ore could contain up to 138 grams of pure gold, far surpassing the global standard of eight grams per ton for high-quality ore.
Chen Rulin, a prominent ore-prospecting expert at GBHP, described the find as groundbreaking: “Many drilled rock cores showed visible gold.” This level of purity has made the Wangu discovery a significant development for China’s resource security.
Rising Gold Prices
News of the Wangu gold field sent shockwaves through the global gold market. Prices briefly spiked to $2,759 per ounce following the announcement, as rising geopolitical tensions and economic uncertainties have already driven gold prices higher in 2024.
Strategic Importance for China
China’s discovery of the Wangu gold reserve aligns with its broader strategy to bolster domestic resource security. The Hunan Provincial Geological Institute emphasized the find’s importance, particularly as China continues to consume more gold than it produces.
