Foreign firms find high-grade gold ore in Japan, eye first new mine in half-century

Foreign firms have recently discovered high-grade gold ore in Japan, potentially leading to the country's first new commercial gold mine in nearly 50 years. This discovery suggests that economically viable gold deposits may still remain untapped. Japan has not seen a major new gold mine discovery since the Hishikari Mine in Kagoshima Prefecture was found in 1981, with an average gold content of around 20 grams per metric ton.

Gold, a rare resource, is particularly valuable due to its scarcity and wide range of applications. Approximately 220,000 tons of gold, which accounts for three-quarters of the estimated mineable reserves, have already been extracted, leaving around 66,000 tons remaining. Apart from its use as a stable asset that does not lose value, gold is also a base metal widely used in electronic devices and medical equipment due to its resistance to corrosion and superior conductivity.

Foreign capital-backed companies have recently found high-grade gold deposits in several locations. In March 2026, Canadian exploration company Irving Resources Inc. announced the discovery of multiple high-grade mineral deposits in the Yamagano Gold Mine in northern Kagoshima Prefecture, with gold content ranging from 10.30 to 46.10 grams per metric ton.

The Yamagano Gold Mine, first discovered in 1640, was once Japan's largest gold producer during the late Edo period (1603-1867), but it ceased operations in 1965. Irving Resources believes that only limited veins have been developed so far.

Additionally, Irving Resources has repeatedly found high-grade gold in Oumu, a town in northern Hokkaido, where they have been conducting exploratory drilling since 2019. During their first exploratory drilling in 2019, they discovered ore with an exceptionally high gold content of 118.5 grams per metric ton. In October 2025, the company also announced the discovery of ore containing gold with a maximum grade of 24.22 grams, along with silver and other minerals, in multiple exploration pits.

Another Canadian company, Japan Gold Corp., announced in July 2025 that it had discovered ore with a gold grade of 24.1 grams near the site of the Konomai Gold Mine in Monbetsu, Hokkaido. To achieve commercial mining, these companies must conduct further exploratory drilling to confirm sufficient reserves, and they are actively pursuing their investigations.