A valuable gold deposit worth an estimated $2 billion has been discovered at New Zealand’s Snowy River Mine.
The mine, located near Ikamatua on the West Coast, has revealed a substantial amount of quartz reef containing gold at depths of approximately 850 meters. This discovery marks the first time gold has been found at the Snowy River Mine, following the historically rich nearby Blackwater Mine.
It is estimated that the site may hold around 700,000 ounces of gold, equating to a value of $2.1 billion.
The timing of the discovery is favorable, as gold prices are currently at a historically high level of over $3,000 per ounce.
The significant find has attracted skilled workers to the area, and plans are underway to establish a processing plant on-site. Federation Mining, a major employer on the West Coast, has invested approximately $70 million in the project. Currently, the mine employs 60 workers, with plans to expand to 150 employees within the next year. The Snowy River Mine is projected to produce around 70,000 ounces of gold annually, ensuring a prosperous future for the site.