A "supergiant" deposit of high-quality gold ore containing an estimated 1,000 metric tons (1,100 US tons) of the precious metal was discovered in central China in late 2024, according to Chinese state media.

Valued at up to approximately 600 billion yuan or US$83 billion, the discovery could be one of the largest and most lucrative reservoirs of gold ever uncovered, surpassing the 900 metric tons estimated to lie within the mother of all gold reserves, South Deep mine in South Africa.

Some commentators are not yet convinced of the deposit's scale and feasability, but if the discovery becomes verified, it will represent a major find for China.

The Geological Bureau of Hunan Province announced the detection of 40 gold veins within a depth of 2 kilometers (1.2 miles) in the northeast Hunan county of Pingjiang.

These alone were thought to contain 300 metric tons of gold, with 3D modeling suggesting additional reserves may be found to a depth of 3 kilometers.

"Many drilled rock cores showed visible gold," said bureau prospector Chen Rulin at the time of the discovery.

Core samples suggest every metric ton of ore could contain as much as 138 grams (nearly 5 ounces) of gold – an extraordinary level of quality considering ore excavated from underground mines is considered high grade if it contains more than 8 grams.

China already dominates the world's gold market with reserves considered to be in excess of 2,000 tons earlier in 2024, its mining industry contributing around 10 percent of the global.