A large gold deposit worth $1.7 billion discovered in Turkey

A large gold deposit worth over $1 billion discovered in Turkey.

According to Ermaden, geological exploration work is being conducted in the Kangal district of Sivas province, reports BAKU.WS with reference to TASS.

According to preliminary estimates, the deposit reserves may reach 424 thousand ounces (about 12 tons of gold).

The value of the metal at the current market rate is approximately $1.7 billion.

Ermaden company owns a license to develop an area of more than 5.8 thousand hectares. Drilling has already been carried out at 360 points where rock samples were taken. Analysis showed that the subsoil may contain up to 14 million tons of ore with a gold content of 0.89 g per ton.

Currently, specialists continue exploration work. Additional drilling is being conducted to clarify the potential assessment. Independent experts, including foreign ones, are studying the reserves.