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Amateur Australian prospector finds huge gold nugget

An Australian prospector has made a discovery many before him have missed — a gold nugget worth $300,000.

A prospector searching near the town of Ballarat, in an area prospectors have been searching for 162 years. He reportedly found the 5.5 kg chunk of gold buried about 60 cm underground.

Amateur Finds $300,000 Gold NuggetAn amateur prospector was walking in the Australian bush, when he found a 5.5 kilogram gold nugget worth $300,000. It was buried 60 centimeters underground and is one of the rarest finds of its kind. The man made the discovery on a site near Ballarat, Australia that had been mined by prospectors for more than 160 years. 160 years!? I guess, Australians never really got the whole "rush" part of "Gold Rush".

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The man found the gold nugget using a metal detector, according to Reuters. More surprising than the valuable discovery is that prospectors have never found the piece before now, even after a gold rush in the area during the 1850s.

The nugget has drawn the prospector considerable attention since he brought it to the Ballarat Mining Exchange Gold Shop but he wishes to remain anonymous. The shop posted about the discovery, saying the prospector had used a modern detector.

While 60 cm doesn't sound very deep, the post says the prospector detected the nugget "at an incredible depth from the search coil."

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Media reports say the prospector plans to sell the nugget and pay off some of his bills.

In 1980, another prospector discovered an even bigger gold nugget in this area known as the 'Golden Triangle.' That piece of gold, weighing 27.21 kg, was dubbed the 'Hand of Faith' and sold to the Golden Nugget casino in Las Vegas for more than $1 million.

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