12 Pound Gold Nugget Found Using Metal Detector; Worth Over $300,000
A 12-pound chunk of gold was discovered this week by an unidentified prospector in Australia who used a metal detector to find the massive nugget.
The identity of the prospector and specific location of the find were not released but the nugget was taken to the Ballarat Mining Exchange Gold Shop to be evaluated.
The store's owner, Cordell Kent, told Australia's The Courier that the impressive gold chunk was found about 20 miles from Ballarat using a Minelab GPX-5000 detector, which costs about $6,000. The prospector reportedly found the nugget about 24-inches below the ground.
Kent said that the person who discovered the 12-pound gold nugget could melt it down and sell it at market value for about $300,000. The finder could also decide to auction off the entire gold nugget, which could bring in significantly more money.
"If you are silly enough to melt it down, it would be worth just under $300,000 on market value but as a nugget at this size and shape, it's worth significantly more than that, I can't remember a nugget this big ever being found locally," Kent said.
Kent also added that he believes the find will raise enthusiasm among the prospecting community and cause more people to head out and look for gold.
"A finding like this gives people hope," Kent said, according to The Daily Telegraph. "It's my dream to find something like that, and I've been prospecting for more than two decades. We're so far into a gold rush and we have years and years and years of hope ahead of us. It's unbelievable.
"I've got no doubt there will be a lot of people who will be very enthusiastic about the goldfields again, it gives people hope. There's nothing like digging up money, it's good fun."
