A significant discovery of high-quality gold ore has been made in central China, revealing approximately 1,000 metric tons (1,100 US tons) of gold, according to state media.

This find, valued at around 600 billion yuan ($83 billion), could be the largest gold reservoir ever identified, exceeding the estimated 900 metric tons found in South Africa’s South Deep mine, Xinhua reported.

The Geological Bureau of Hunan Province announced the discovery of 40 gold veins at depths of up to two kilometres (1.2 miles) in Pingjiang County, Hunan. Such veins alone are believed to contain 300 metric tons of gold, with 3D modeling indicating that further reserves could extend to depths of up to three kilometres.

“Many drilled rock cores showed visible gold,” stated Chen Rulin, a prospector from the bureau.

Core samples indicate that each metric ton of ore could yield up to 138 grams (nearly 5 ounces) of gold—an impressive figure, especially given that ore from underground mines is classified as high grade only if it contains more than eight grams.

China, which already leads the global gold market with reserves estimated at over 2,000 tons as of early 2024, contributes about 10 per cent of the world’s gold output through its mining industry.

The announcement of this remarkable find has further driven up gold prices, which were already on the rise due to increasing demand amid global uncertainty.