Ugandan gold find?

Kim1965

I know somebody who invested £500000 into a gold mine.... Lost the lot. All that glitters.. 

Ergates

daz378 said:

Sorry reread it...31 million tonnes ...but I haven't seen it...from a creditable news outlet

It's 31 million tones of *ore* not of gold.   It's still a lot of gold, but not quite *that* much.

agent69

Ergates said:

daz378 said:

Sorry reread it...31 million tonnes ...but I haven't seen it...from a creditable news outlet

It's 31 million tones of *ore* not of gold.   It's still a lot of gold, but not quite *that* much.

an estimated 320,158 tonnes of refined gold could be extracted from the 31 million tonnes of ore

Grumpy_chap

agent69 said:

an estimated 320,158 tonnes of refined gold could be extracted from the 31 million tonnes of ore

How much refined gold is that, anyway?
OK - I know that would make for a nice bit of bling or whatever but, I mean, how much is that in the context of the total amount of gold there actually is?  Would it actually impact the markets anyway?

Steve182

320,000 tons gold from 31,000,000 tons ore is around 1% or 10kg per ton

A good gold mine typically has a yield of >5g per ton. Scotgold has one of the worlds highest grade mines at Cononish with grades often reaching 20g/ton or more in places. Scotgold's grades are exceptionally high.

I've googled the Ugandan story and it does not appear to have been reported or verified by any credible sources that I can see.

If Uganda really did have significant gold resources with a 2,000 times better yield per ton than a typical gold mine I think the gold mining industry would be buzzing and shares in existing gold mining companies plummeting. Geologists would also be wetting their pants, I don't believe either are happening.

masonic

Steve182 said:

320,000 tons gold from 31,000,000 tons ore is around 1% or 10kg per ton

A good gold mine typically has a yield of >5g per ton. Scotgold has one of the worlds highest grade mines at Cononish with grades often reaching 20g/ton or more in places. Scotgold's grades are exceptionally high.

I've googled the Ugandan story and it does not appear to have been reported or verified by any credible sources that I can see.

If Uganda really did have significant gold resources with a 2,000 times better yield per ton than a typical gold mine I think the gold mining industry would be buzzing and shares in existing gold mining companies plummeting. Geologists would also be wetting their pants, I don't believe either are happening.

You wouldn't be alone in being sceptical: https://www.monitor.co.ug/uganda/oped/commentary/our-much-acclaimed-huge-gold-discovery-is-mere-fool-s-gold-3849986

Ergates

masonic said:

Steve182 said:

320,000 tons gold from 31,000,000 tons ore is around 1% or 10kg per ton

A good gold mine typically has a yield of >5g per ton. Scotgold has one of the worlds highest grade mines at Cononish with grades often reaching 20g/ton or more in places. Scotgold's grades are exceptionally high.

I've googled the Ugandan story and it does not appear to have been reported or verified by any credible sources that I can see.

If Uganda really did have significant gold resources with a 2,000 times better yield per ton than a typical gold mine I think the gold mining industry would be buzzing and shares in existing gold mining companies plummeting. Geologists would also be wetting their pants, I don't believe either are happening.

You wouldn't be alone in being sceptical: https://www.monitor.co.ug/uganda/oped/commentary/our-much-acclaimed-huge-gold-discovery-is-mere-fool-s-gold-3849986

That article, again, confuses gold with gold ore.   

The original claim was 31 million tons of ore.

Using  Steve182's typical yield, that becomes 155 tons of refined gold (less than 0.1% of the total gold discovered to date)- worth about $9 billion.

So, a lot of gold, and a lot of money, but not going to turn the world's economy on it's head.

That is, of course, assuming that the claimed 31 million tons of ore is true in the first place...

masonic

Ergates said:

masonic said:

Steve182 said:

320,000 tons gold from 31,000,000 tons ore is around 1% or 10kg per ton

A good gold mine typically has a yield of >5g per ton. Scotgold has one of the worlds highest grade mines at Cononish with grades often reaching 20g/ton or more in places. Scotgold's grades are exceptionally high.

I've googled the Ugandan story and it does not appear to have been reported or verified by any credible sources that I can see.

If Uganda really did have significant gold resources with a 2,000 times better yield per ton than a typical gold mine I think the gold mining industry would be buzzing and shares in existing gold mining companies plummeting. Geologists would also be wetting their pants, I don't believe either are happening.

You wouldn't be alone in being sceptical: https://www.monitor.co.ug/uganda/oped/commentary/our-much-acclaimed-huge-gold-discovery-is-mere-fool-s-gold-3849986

That article, again, confuses gold with gold ore.   

The original claim was 31 million tons of ore.

Using  Steve182's typical yield, that becomes 155 tons of refined gold (less than 0.1% of the total gold discovered to date)- worth about $9 billion.

So, a lot of gold, and a lot of money, but not going to turn the world's economy on it's head.

That is, of course, assuming that the claimed 31 million tons of ore is true in the first place...

I did notice the discrepancy. Is there a official source of what the government actually stated? Because news reports are putting the 320,000 tonnes extractable gold together with the 31 million tonnes of ore as if both were stated, along with the find being worth $12tn. Seems like whatever this is, the president misspoke when announcing it, and so far there has been no follow up or mainstream reporting of the comments.

eskbanker

As Private Eye readers will know well, you can't beat a good Ugandan discussion....

Steve182

Ergates said:

masonic said:

Steve182 said:

320,000 tons gold from 31,000,000 tons ore is around 1% or 10kg per ton

A good gold mine typically has a yield of >5g per ton. Scotgold has one of the worlds highest grade mines at Cononish with grades often reaching 20g/ton or more in places. Scotgold's grades are exceptionally high.

I've googled the Ugandan story and it does not appear to have been reported or verified by any credible sources that I can see.

If Uganda really did have significant gold resources with a 2,000 times better yield per ton than a typical gold mine I think the gold mining industry would be buzzing and shares in existing gold mining companies plummeting. Geologists would also be wetting their pants, I don't believe either are happening.

You wouldn't be alone in being sceptical: https://www.monitor.co.ug/uganda/oped/commentary/our-much-acclaimed-huge-gold-discovery-is-mere-fool-s-gold-3849986

That article, again, confuses gold with gold ore.   

The original claim was 31 million tons of ore.

Using  Steve182's typical yield, that becomes 155 tons of refined gold (less than 0.1% of the total gold discovered to date)- worth about $9 billion.

So, a lot of gold, and a lot of money, but not going to turn the world's economy on it's head.

That is, of course, assuming that the claimed 31 million tons of ore is true in the first place...

There is a huge amount of gold in the ground and often the general location is well known. It's known that a major gold belt runs from Newfoundland, through Northern Ireland, Scotland and into Scandinavia.

The reason gold is expensive is that it generally exists as dust rather than nice juicy nuggets so mining is expensive.

If Uganda has deposits on par with what Scotgold believe exists in the Grampian region of Scotland then Uganda could potentially create a nice little mining industry of their own. Many African countries have successful gold mines as there is plenty of gold to be found in Africa.

It's entirely possible that the total ore resource of 31,000,000 tons as quoted by Uganda exists, but this will only be a very rough estimate at best and they will certainly have no accurate estimate of the grade. This is simply because the cost of the drill testing needed to establish a resource of this size with any degree of accuracy (let alone in compliance with internationally recognised standards) would be prohibitive. This number has therefore almost certainly been made up.