Large gold deposit discovered in Inner Mongolia

A large-scale gold deposit whose value is estimated at 17 billion yuan ($2.38 billion) was discovered recently in Urad Middle Banner of Bayannuur, Inner Mongolia autonomous region, during a geological exploration, Bayannuur Daily reported online on Wednesday.

The total amount of gold available would weigh about 38 metric tons, the report said.

Fifty-seven exploratory holes were drilled at the Tugurige Gold Mine, where the gold deposit was found. The precious metal is distributed over approximately 2.52 square kilometers underground.

Ongoing exploratory work will provide a geological basis for the development and utilization of the gold and extend the service life of the mine, the report said.

Within Urad Middle Banner, there are 68 types of mineral deposits — coal, oil, iron, lead-zinc, silica, crystalline graphite, granite, gold and silver.

Proven gold reserves have reached 143 tons in an area with a total reserve of about 300 tons. Annual gold extraction is around 4.8 tons, which puts the banner among the top 10 counties and cities in the country, the news outlet reported.