CHINA has discovered a "massive" new goldfield containing reserves worth tens of billions of dollars in the central province of Hunan, reports Hong Kong's South China Morning Post.

Geologists identified more than 40 new gold veins located less than 2,000 metres underground at the Wangu gold mine in Pingjiang county, bringing the total gold resources in the mine's core area to 300.2 tonnes, the Hunan Provincial Geological Institute said in an online statement.

The new find is classified as a "massive" reserve, with its more than 1,000 tonnes of gold deposits estimated to be worth about CNY600 billion (US$82.8 billion) based on current market prices, it said.

Liu Yongjun, the institute's vice-president, said the discovery was a major achievement for China's mineral exploration strategy.