12-Pound Gold Nugget Found In Australia

A 12-pound gold nugget was found Wednesday by an amateur prospector in Ballarat, Australia.

12-pound gold nugget found

The "incredibly rare" gold nugget, which has a value of more than $300,000, was dug up at a depth of a little over 2 feet using a $6,000 metal detector.

 "There has been many prospectors that have walked past the exact place where the nugget was found and have missed it with an ordinary detector and did not have the technology to find it…that’s why this guy found it," Ballarat Mining Exchange Gold Shop owner and dealer Cordell Kent told Adelaide Now. "This detector he used is the best there is, it goes deeper and further into the ground, better than others."

Kent said the nugget is approximately 220mm long, 140mm wide and has a maximum depth of 45mm.

"We’ve got 800 local prospectors on our records. I cannot remember the last time we saw a nugget of this size," Kent added.

Kent is now looking for a buyer of the 12-pound gold nugget on behalf of the prospector, who wants to remain anonymous.