The man, who doesn’t want his identity known, was searching with a handheld metal detector near the town of Ballarat, in the Australia state of Victoria, The London Daily Telegraph reports. He found the nugget buried in the ground about 60 centimeters below the surface.
Melted down, which is not the plan, the nugget would be worth more than AUS$300,000. That’s about $315,000 in American currency. In its nugget shape the gold is worth more for its collectible and curiosity value.
Cordell Kent, owner of the Ballarat Mining Exchange Gold Shop said of the find: “”I have been a prospector and dealer for two decades, and cannot remember the last time a nugget over 100 ounces (2.8kg) has been found locally.”