$127b gold reserve discovered in China

A gold reserve estimated to be worth $127 billion has been discovered just 3000 metres below the surface of a China field.

The world’s largest gold deposit has been discovered in China.

Geological Bureau of Hunan Province (GBHP) scientists claim to have found 300 tonnes of the metal just 2000 metres under the ground at Wangu gold field.

Drilling indicates there are more than 1000 tonnes in reserves that sit at about 3000 metres below the surface.

It is estimated to be worth 600 billion yuan. That is the equivalent of $127.3 billion Australian dollars.

Biggest gold mine ever found in China. Picture: iStock

Chen Rulin, an ore expert at GBHP, told a local news outlet: “Many drilled rock cores showed visible gold.”

The gold was found thanks to 3D geological modelling, the vice head of the bureau said. Further digging has been done of the edge of the site. It has showed promise, the GBHP said.

No plans have been announced to develop the site as of yet.

It is believed there are 138 grams of gold per metric ton of ore — which is much higher than usual.

Up until this point, the largest gold deposit was found in the South Deep mine in South Africa. Around 900 tonnes was found just 3000 metres below the surface.

In October it was revealed that gold had once again reached a new height. The price had surged 31 per cent since January. This meant, for the first time ever, bricks of gold reached $US2700 ($A4070).

“There is a reality where gold could be reaching $US6,000 ($A9200) an ounce if history repeats itself. While history doesn’t repeat, it does rhyme,” Jessica Amir, Moomoo’s market analyst, told NewsWire.

Originally published as $127b gold reserve discovered in China