A video of villagers rushing to mine a type of "fool's gold" has received over 5.50 million views online, according to dahe.cn.

Hua Wenhai, deputy chairman of the Gem and Jewelry Trade Association of Henan, said the mineral is in fact phlogopite, a subclass of mica.

The woman who shot the video said she had seen many women in Taiqingguan village decked out in "gold" during the Spring Festival. The village is located in Nanyang, a city in Henan province.

A villager said that mica was quite common in the village, but after people began processing it into jewelry the "gold rush" began.

At a shop in the village, processing a ring with mica costs 10 yuan ($1.65) and a bracelet costs 20 yuan ($3.29). A bracelet had just sold for 50 yuan ($8.24), a woman said.

When questioned about whether the mineral was gold, a shop owner said it wasn't pure, but that it might contain 20 percent placer gold.

A test of a bracelet by a provincial geological institute found that it mainly contained bronze (58.97 percent) and zinc (34.68 percent).

Some villagers have begun complaining that the jewelry is fake. The local government has since stopped the mining and an investigation is underway.