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Prospecting and Mining for Gold in Iceland

Iceland is an island nation situated in Northern Europe northwest of Ireland and the United Kingdom. The aggregate area of the nation is 103,000 km. It has a very small population of around 329,100; in fact it has lowest number of people per square kilometer in all of Europe.

Iceland’s economy expanded significantly after the nation joined the European Union in 1994. Unfortunately, Iceland was particularly hit hard by the worldwide financial situation in 2008. Education and life span is top notch by world guidelines.


All of Iceland is composed of volcanic origin, with acidic volcanic rocks like rhyolite and granophyre comprising most areas. Typically, one doesn’t assume that volcanic islands are the best places to search for gold, although there are a few exceptions around the world.

There is an abundance source of geothermal power in Iceland. There are less known sources of mineral and metals. The mining business is not a huge portion of the nation’s economy, although recent gold discoveries over the past few years are causing a growing interest within the mining industry here.

Gold Discoveries

The Hofn District, located about 300 miles east of Reykjavik, has reportedly had some gold discoveries in the past. Some of the watercourses that run through Godaborg to the north are said to have placer gold deposits, most likely eroded from rhyolite, granophyre, and diabase sources.

Placer gold has also been found just south of Stykkisholmur. In general, the country has seen very little prospecting activity, although in recent years there has been growing interest from commercial mining companies, any placers that may be present in the many streams created from glacial runoff have likely never been prospected.

Commercial Mining Interest

In 2004, there was just one permit registered to search for gold in Iceland. It was awarded to Melmi to search the west and Westfjords.

In March 2010, an Australian-owned, company, Platina Resources looked for consent to do exploration for gold in eastern Iceland for 2 years. The venture was to compass very large areas, the distance from Vopnafjörður toward the north, south to Breiðdalur,

Prior to 2010, there had been other endeavors to find gold. Gold had been found in small quantities throughout the country. However, the amount of gold was concluded to be so small that commercial production would have been unprofitable.

It is thought that gold existed throughout the worn out geothermal zones all through the nation. One specific location being: the region from Vopnafjörður to Breiðudalur.

In Feb 2013, Gold that was found in a borehole in Þormóðsdalur valley by Lake Hafravatn on the edges of Reykjavík measuring 400 grams for every ton of rock. This would be considered a very rich deposit anywhere on Earth, but for Iceland it was better than anything that had been found.

It was the largest amount of gold found in Iceland to that date. Considering that some ores are profitable at just a few grams of gold per ton of ore, 400 grams is an exceptional discovery. Of course, the extent of this rich ore must be further examined.

In December 2013, new investigation on the area Thormóðsdal outside Reykjavík demonstrated that the gold deposits in the region was sufficient to begin production. The exploration concentrated on the territory Thorsmóðsdal in Mosfellsbær, which is in the outskirts of Reykjavík. The new study from the North Atlantic Mining Associates Ltd determined that the gold in Thormóðsdal was much greater than they had initially suspected.

Also Read: Ireland Gold Panning and Mining Locations

And: Gold Mining in England

In September 2014, more private investors joined in this most recent quest for gold in Iceland, which began in mid-2013. There is a permit enduring until at least 2016 to investigate (9) nine different zones in Iceland.

One is Þormóðsdalur, where gold had already been found around 100 years prior, close to Reykjavík and Vatns¬dalur, in northwest Iceland.

The remoteness of this island nation has most certainly limited the amount of gold prospecting activity that has occurred here.

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