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Pakistan gold deposits: In some rare piece of good news for Pakistan, India's enemy next door has reportedly discovered huge deposits of placer gold in Attock and Mansehra districts in Punjab and Khyber Pakhtunkhwa provinces, respectively, estimated to be worth a staggering Rs 80,000 crore.
As per Pakistani media reports, the state-owned National Engineering Services Pakistan (NESPAK) has reportedly discovered a huge placer gold deposit has been found on the banks of the Indus River in Attock district. Pakistani scientists have claimed the the placer gold deposit in Attock is estimated to be worth around $9.6 billion (about Rs 80,000 crore). US and China eyeing Pakistan's treasure?
Meanwhile, the giant gold deposit has captured the attention of investors from all over the world, including those from China and the United States. Unconfirmed reports claim a Texas-based investor, Gentry Thomas, who is a friend of US President Donald Trump's son Donald Trump Jr, has already signed a deal in this regard with Apex Energy, a Pakistani private energy company.
Under the agreement, the Pakistani and US firms will jointly conduct excavations to find gold deposits along the Indus River, according to reports.
Extensive research was conducted in the Attock and Mansehra district which led to the discovery of placer gold deposits, reports said. Geologists used advanced geochemical and geophysical exploration techniques to find traces of gold deposits, while mining operations will be conducted over an area spanning 4579 square kilometers in Mansehra, and 6857 square kilometers in Attock district. Pakistan strikes gold in Gilgit
Earlier this year, reports emerged that Pakistan has discovered larges reserves of gold, copper, nickel and cobalt in the Gilgit-Baltistan region.
According to Pakistani media reports, at least ten mineral blocks have been discovered in Gilgit-Baltistan, where the presence of gold, copper, nickel and cobalt was confirmed during a state-funded survey. The reports further revealed that Pakistan is exploring potential mineral resources in Chiniot in Punjab province.
As per a report by Pakistan-based Express Tribune, OGDCL is in talks with Punjab's Mineral Department to expedite the process. How placer gold deposits are formed?
Placer gold deposits are formed when gold particles, along with other heavy minerals, are moved and sorted by natural forces like erosions and water flow, resulting in the gold being concentrated along places like riverbeds, beaches, and desert regions. This phenomenon takes millions of years, as the accumulated gold is slowly transported and deposited by water, wind, and other sources from the original source.
Experts believe that the recent discoveries of gold and other rare minerals could provide a significant boost to the crumbling Pakistan economy which currently lies in tatters due to high inflation, food insecurity, and dwindling foreign exchange reserves.
