The world’s largest gold deposit has been found 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.