Amid a slowing economy, Uttar Pradesh has struck gold. The Geological Survey of India and Uttar Pradesh Directorate of Geology and Mining have confirmed a large gold reserve of around 3,000 tonnes in Sonbhadra district of the state.

The state may now receive huge revenue after the auction of gold reserve. The UP government has already started the process for allocation of blocks, where the yellow metal is said to be found. The government has also constituted a seven-member team for auctioning of these blocks through the e-tendering process.

The team will be geo-tagging the entire region and submit it's report to the Directorate of Geology and Mining, Lucknow by Saturday, said official sources here on Friday.

As per the official letter of the Uttar Pradesh Directorate of Geology and Mining, 2,943.26 tonnes of gold reserve is said to be at Sone Pahadi, while 646.15 kg gold is said to be at Hardi block.

As per the World Gold Council, India currently has 626 tonnes of gold reserves. The new reserves are almost five times that amount and estimated at Rs 12 lakh crore.

The work for finding gold reserves in Sonebhadra started in the year 1992-93 after the Central Geological Survey of India took over.

It was reportedly the British who first initiated the process to find gold reserve in Sonebhadra region.

Speaking to reporters, Prithivi Mishra, who has worked for the Geological Survey of India in this regard and retired in 2011, said the gold reserve in the region is divided in two parts.

Dr Mishra had also revealed the information at the time of his retirement and claimed that there was a rock made of gold, which is almost 1 km long, 18 metres high and 15 metres broad.