Current prices could deem the discovery to be worth more than $80 billion (€75 billion).

Geologists believe the deposit could hold 1,000 tonnes of the precious metal.

Current prices could make this 'supergiant gold deposit' the richest source of gold on the planet worth more than $80 billion (€75 billion).

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

Drilling has shown there are already more than 300 tonnes of gold just in the veins less than 2,000 meters deep.

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

A staggering level of wealth could be expected as rock samples taken at the site show that every tonne of ore could contain as much as 138 grams of pure gold.

Ore is considered high quality if it contains only eight grams per tonne!

Chen Rulin, GBHP ore-prospecting expert revealed: "Many drilled rock cores showed visible gold."

This discovery is greater than the 900 tonnes buried within the South Deep mine in South Africa, which was previously the world's largest reserve.

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