Unconfined three-dimensional gravity currents generated by lock exchange using a small dividing gate in a sufficiently large tank are investigated by means of large eddy simulations under the Boussinesq approximation, with Grashof numbers varying over five orders of magnitudes. The study shows that, after an initial transient, the flow can be separated into an axisymmetric expansion and a globally translating motion. In particular, the circular frontline spreads like a constant-flow-rate, axially symmetric gravity current about a virtual source translating along the symmetry axis. The flow is characterised by the presence of lobe and cleft instabilities and hydrodynamic shocks. Depending on the Grashof number, the shocks can either be isolated or produced continuously. In the latter case a typical ring structure is visible in the density and velocity fields. The analysis of the frontal spreading of the axisymmetric part of the current indicates the presence of three regimes, namely, a slumping phase, an inertial-buoyancy equilibrium regime and a viscous-buoyancy equilibrium regime. The viscous-buoyancy phase is in good agreement with the model of Huppert (J.