The world's largest gold deposit has been discovered in China's central Hunan province - and geologists believe it could hold 1,000 tonnes of the precious metal.

At current prices this 'supergiant gold deposit' could be worth more than $80 billion (£63bn), making it the richest source of gold on the planet.

Scientists from the Geological Bureau of Hunan Province (GBHP) say they have discovered more than 40 veins beneath the Wangu gold field in Pingjiang County.

Drilling shows there are already more than 300 tonnes of gold just in the veins less than 2,000m (6,500ft) deep.

However, further 3D modelling suggests there are veins holding an additional 700 tonnes extending down to a depth of 3,000m (9,800ft).

Rock samples taken at the site show that every tonne of ore could contain as much as 138 grams of pure gold.

This would be a truly astonishing level of richness considering that ore is considered high quality if it contains just eight grams per tonne.

Chen Rulin, an ore-prospecting expert at GBHP, told state media: 'Many drilled rock cores showed visible gold.'

Using ore prospecting techniques and 3D geological modelling, geologists have mapped the structure of the vast mineral veins beneath the Wangu gold field.

The discovery surpasses even the 900 tonnes buried within the 3,000m-deep (6,500ft) South Deep mine in South Africa which was previously the world's largest reserve.

And the geologists behind the find say that there might be even more veins yet to be found.

GBHP told state media that gold was also found during drills around the site's edges, raising the prospect that there could be veins which haven't yet been detected. 

Chinese officials have not yet announced plans to develop the site but it is likely that the Wangu gold field will soon become one of the country's biggest mining projects.

Currently, the country's biggest gold mine is the Xiling gold mine in Shandong Province, a coastal region in the East of China. 

But even that mine, with its massive deposit of 580 tonnes, would only be almost half the size of any mine built over the Wangu gold field. 

Gold prices lept at the news of the discovery, rising to near-historic highs in the days following.

Amid rising geopolitical tensions and mounting uncertainties, the price of gold has already been climbing over the course of 2024.

But as the news of the Wangu gold field broke the price of gold briefly jumped to £2,171 ($2,759) last weekend.

China is already one of the world's largest producers of gold, accounting for 10 per cent of the global output.

Earlier this year, estimates already put the country's total gold reserves at over 2,000 tonnes.

However, China is also a huge market for gold and currently consumes more of the precious metal than it can produce.

Years of rapid economic development and a fast-growing middle class have fueled demand for gold as a form of investment for many Chinese citizens.

In the first three quarters of this year, China consumed 741 tonnes of gold while producing only 268 tonnes, leading to massive flows of imports.

As the demand for the metal surges, the country has become increasingly concerned over the need to shore up domestic supply.

The Hunan Provincial Geological Institute says this discovery could be 'significant in helping safeguard the country’s resource security.'

This discovery comes as China embarks on its massive SinoProbe II project which aims to produce a detailed subterranean atlas of the country.

Starting early next year, thousands of researchers will begin drilling to record depths to uncover the structure of rock layers kilometres beneath the surface.

The 6-year survey will not only settle longstanding scientific questions but also reveal China's vast mineral wealth and reduce the country's dependency on imports.