October 17, 2026
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China uncovers giant gold reserve in Hunan with potential value of $83 billion

China’s gold reserves could see a significant boost with the discovery of a massive deposit in Hunan Province. Geologists have identified over 40 gold veins in the Pingjiang area’s Wangu gold field, estimating a total reserve of around 300 tons at depths of up to 2,000 meters.

According to the Geological Bureau of Hunan, the potential gold reserves at this site could extend down to 3,000 meters, with an estimated total of over 1,000 tons. This discovery could hold an economic value of approximately 600 billion yuan (US$83 billion or Rp. 1,323 trillion).

Exploration expert Chen Rulin from the Geological Research and Monitoring Institute of Hunan noted that many rock cores from drilling showed significant gold content, with one tonne of ore containing up to 138 grams of gold at a depth of 2,000 meters. The implementation of advanced technologies, such as three-dimensional geological modeling (3D), has been key in the exploration of the Wangu gold field.

Further drilling in surrounding areas has revealed promising indications of additional reserves, offering hope for the continued development of one of China’s largest gold mines.

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Europa MEuropa Metals has secured A$4 million (€2.47 million) through a share placement and commenced trading on the Australian Securities Exchange, providing funding for exploration across its Austrian antimony and gold portfolio. The capital is intended primarily for projects in the Carinthia region, where historical mining and documented mineral occurrences will be assessed using modern exploration techniques. The company issued 20 million shares at A$0.20 each ahead of its ASX admission. The start of trading marks a new stage in its efforts to evaluate mineral potential across several historically explored Austrian districts. Exploration Priorities in Carinthia Europa’s principal targets are Kreuzeck West, Kreuzeck East and Goldeck-Siflitz, which contain historical workings and mineral occurrences associated with potential antimony and gold mineralisation. The wider portfolio also includes Schellgaden, prospective for gold and tungsten, and Leogang, where historical base-metal mineralisation has been identified. Kreuzeck West covers approximately 21.1 square kilometres, with a mineralised trend extending for around 9 kilometres. Europa intends to integrate historical geological records with modern geophysical surveys, verification sampling and targeted drilling to assess the continuity and extent of mineralisation. Resource Definition and Technical Work The exploration programme will focus on verifying historical mineralisation, refining geological interpretations and selecting drill targets. The objective is to determine whether existing workings and mineral occurrences correspond to continuous mineralised systems that could support modern resource estimates. No JORC-compliant mineral resource or ore reserve has been established across the Austrian portfolio. The current funding is therefore intended for exploration rather than mine development. Licence renewals may also be required for parts of the portfolio as work advances. Antimony Supply and European Industrial Demand Antimony is used in flame retardants, specialised alloys, defence applications and advanced industrial products. European industry remains heavily dependent on imported supplies, increasing interest in potential domestic sources and historically mined districts that have not been fully evaluated using modern exploration methods. Austria’s established infrastructure and proximity to European industrial customers could support future project development if exploration establishes sufficient mineral grade, continuity and scale. The immediate technical milestones are the planned geophysical programmes, verification of historical mineralisation and selection of drilling locations. The results will determine whether the Austrian assets can advance towards compliant resource definition.etals Raises €2.47 Million for Austrian Antimony and Gold Exploration

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