From the Super Mario Wiki
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A pickaxe is a special tool in Super Mario Party appearing in the King Bob-omb's Powderkeg Mine board in Mario Party and the Gold Rush Mine board in Partner Party. In Mario Party, if the player lands on a "Gold-Mine Gamble" Event Space, they can use a pickaxe to mine for coins up to three times, with the pickaxe having a chance of breaking each time. If this happens, the player loses any coins they would have received in the event.
In Partner Party, if the player lands on a "Dig for Gold!" Event Space after finding a pickaxe on the board, they can mine for gold, with the risk of breaking the pickaxe. If the player lands on a "Golden Opportunity" Event Space after finding a pickaxe on the board, they can mine for a Star.