As per the Province Mineral Resource Authority, the deposit is located in rural Rushan City, which is in eastern China's Shandong Province.
Shandong Provincial Bureau of Geology and Mineral Resources added that the deposit covers a large area and that the ores are easy to mine and dress.
In the past four decades, it has been discovered that the Shandong Province is rich in gold resources with a larger production than any other provincial area across China.
Zhou Mingling, deputy head of the 6th Geological Brigade at the bureau told media reps: "The prospectors drilled more than 250 holes as deep as 1,400 meters to find the deposit."
Meanwhile, the Government evaluation showed that the deposit can produce 2,000 tonnes of gold ores for at least 20 years."
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished