Using a handheld metal detector, he found the nugget on Wednesday,
60cm underground near the town of Ballarat. Its value is estimated at
more than $A300,000. The BBC reports gold currently trades in Australia at about $A1600 per ounce, but the weight of the nugget could add a premium.
"We are 162 years into a gold rush and Ballarat is still producing nuggets - it's unheard of," said Ballarat Mining Exchange Gold Shop owner Cordell Kent. He said the prospector had been using a state-of-the-art metal detector, which meant he was able to find the gold relatively deep underground in an area which has been searched many times in the past.
"We are 162 years into a gold rush and Ballarat is still producing nuggets - it's unheard of," said Ballarat Mining Exchange Gold Shop owner Cordell Kent. He said the prospector had been using a state-of-the-art metal detector, which meant he was able to find the gold relatively deep underground in an area which has been searched many times in the past.