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12-pound gold nugget discovered in field where hundreds of prospectors had searched before

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Record 12-pound gold nugget found in Australia

Record 12-pound gold nugget found in AustraliaAn anonymous gold prospector using a Minelab GPX-5000 metal detector has discovered a 12-pound gold nugget worth a whopping $315,000 dollars.  The prospector was searching in a field near the city of Ballarat in Victoria, Australia, in a well-known, previously searched gold prospecting field.  It is estimated that hundreds of prospectors had searched the same field in the past.  The $5,200 metal detector, which of course was not available to gold prospectors when Ballarat’s 1862 gold rush began, is a state of the art gold detecting machine.

According to the manufacturer:

The GPX 5000 sets the new benchmark in gold detecting technology. With an amazing range of features and functions the GPX 5000 is not only superior to its predecessor, the GPX-4500, and is in a class of its own. Featuring Minelab’s exclusive technologies, Multi Period Sensing (MPS), Dual Voltage Technology (DVT) and Smart Electronic Timing Alignment (SETA), the high performance GPX 5000 is capable of finding more gold than ever before. From sub-gram nuggets to the elusive ‘retirement nugget’ and everything in between, with the GPX 5000, you can find it.

It is believed that the nugget will ultimately fetch more than its $315,000 market value.  Its rare size and shape could drive the price into the six figure range or higher.