**China Discovers World's Largest Gold Deposit in Hunan Province**

In a groundbreaking discovery, geologists have identified the largest gold deposit in the world beneath China's central Hunan province. The unprecedented find in the Wangu gold field, located in Pingjiang County, could potentially hold up to 1,000 tonnes of gold, valued at over $80 billion (£63 billion) at current market prices.

Scientists from the Geological Bureau of Hunan Province (GBHP) have reported uncovering more than 40 gold veins below the surface. Initial drilling has already confirmed the presence of over 300 tonnes of gold in veins less than 2,000 meters deep. However, further geological 3D modelling indicates that the veins could extend to depths of 3,000 meters, holding an additional 700 tonnes of the precious metal.

Each tonne of ore from the site could contain up to 138 grams of pure gold. This figure is extraordinary, especially considering that high-quality ore often contains just eight grams per tonne. Chen Rulin, an ore-prospecting expert at GBHP, noted the visible gold in numerous drilled rock cores. The discovery surpasses even South Africa’s South Deep mine, which was previously the largest known gold reserve with 900 tonnes.

Adding to the excitement, gold was also found during drills around the periphery of the site, indicating there could be even more undiscovered veins. While Chinese officials have yet to announce development plans, the Wangu gold field is poised to become one of the country's most significant mining projects. Currently, China’s largest gold mine is the Xiling mine in Shandong Province, which holds a deposit of 580 tonnes. Compared to this, the Wangu gold field's potential is almost double.

The announcement of this discovery has had a significant impact on global gold prices, which soared to close to historic highs. Prior to this news, the price of gold was already on the rise due to geopolitical tensions and economic uncertainties, reaching £2,171 ($2,759) after the discovery was made public.

China, already one of the top gold producers in the world, contributes 10% to the global gold output. As of earlier this year, estimates suggested China’s total gold reserves exceeded 2,000 tonnes. However, the country still imports large quantities of gold due to high domestic demand fueled by rapid economic growth and a burgeoning middle-class population. In the first three quarters of the year, China consumed 741 tonnes of gold while domestic production stood at 268 tonnes, highlighting the need to increase local supply.

The remarkable findings in Hunan Province come as China embarks on its SinoProbe II project, a six-year initiative aimed at creating a detailed underground atlas of the country. Starting early next year, thousands of researchers will engage in deep drilling activities to explore the subterranean structure of China, potentially uncovering more mineral wealth and decreasing dependency on imports. This current discovery is deemed significant in advancing the country's resource security and scientific understanding of its geological structure.