New gold reserves discovered in Northwest China’s Qaidam Basin
Mon April 08 2024
Chinese researchers recently announced a new gold discovery on the north and south edges of the Qaidam Basin in Northwest China's Qinghai Province, with an additional 43.2 tons of gold resources, marking a significant breakthrough in the area's gold exploration and its potential for forming a world-class gold deposit.
The new gold discovery has an estimated value of more than 20 billion yuan ($2.77 billion), according to the Science of Technology Department of Qinghai Province.
As the latest achievement in the province's large-scale resource exploration project, the discovery reveals for the first time the deep-seated gold enrichment zone in the area, which is poised for immediate exploitation and boost local employment.
Located on the north and south edges of the Qaidam Basin, the discovery is part of the Tanjianshan Gold Mine and the Wulonggou Gold Mine, which are notable large-scale gold deposits in Qinghai Province, serving as sites that integrate research, exploration, and development.
The Qaidam Basin, known as China's "Treasure Bowl", stands as one of China's significant hubs for energy and mineral resources. The new finding revealed Qinghai Province's first discovery of a secondary ore enrichment zone in large gold mines, indicating the area's potential for forming a world-class gold deposit, set to benefit mining businesses, boosting their production capacities and local employment, Chinanews.com.cn reported.
China has stepped up investment in mineral resources exploration during the 14th Five-Year Plan period 2021-25 to bolster reserves and production. Last year the country saw an 8 percent rise in such exploration investment, hitting 110.5 billion yuan, leading to growth in reserves of strategic minerals like oil, natural gas, rare earth, and gold.
The moves have improved resource sustainability, with continued growth in mining industry investment and major mineral output, according to a statement issued by the Ministry of Natural Resources recently.
Qinghai Province, as a prominent province boasting a concentration of vital mineral resources, has established 346 gold mining sites, with the largest Dachang Gold Mine located in Yushu Tibetan Autonomous Prefecture, holding reserves equal to 108.63 tons, according to Chinanews.com.cn.
Source: https://www.globaltimes.cn