Large Gold Deposit Found in China's Hainan Province

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Researched by Industrial Info Resources (Sugar Land, Texas)--A gold mine with a deposit of at least 158.26 tons was discovered in China's Hainan Province, the China Geological Survey recently announced. Reports from local media stated that the deposit is in the Gezhen, Baolun and Wangxia area in southwestern Hainan Island, and experts have found two mine belts in the Wangxia area, which is regarded as a promising site. The local geological office said the deposit could be as much as 510 tons.

An official from the geological office said villagers around Baolun Ranch found gold ores scattered on the ground, leading to the deposit's discovery. A survey conducted from 1985 and 1993 had stated that the area is rich in gold.

Data show that researchers have found a ductile shear zone about 50 kilometers long and 1 to 3 kilometers wide with one large, two medium and four small deposits with a total proven amount of up to 64.39 tons and a forecast deposit of up to 280 tons.

As for the two deposit belts in Wangxia, Belt One is 10 kilometers long and 60 to 300 meters wide, while the Belt Two is 11 kilometers long and 300 to 500 meters wide. The total proven deposit of this area is 8.03 tons, and the forecast deposit is 80 tons. The two belts are controlled by an east-west decollement-nappe structure and stratum.

Until the end of 2006, southwestern Hainan had output 25.6 tons of gold, according to local media.

Affected by the depreciation of the dollar and soaring oil price, investors are resorting to gold, prompting the gold price to reach a decade high in 2007.

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