A recreational treasure hunter in Australia has struck gold in spectacular fashion, discovering a massive nugget that could ultimately sell for as much as $200,000, according to ABC News.
The find occurred earlier this month on a remote property near Tibooburra, a small community in northwestern New South Wales with a mining history dating back more than a century.
The prospector, who has chosen not to reveal his identity, was nearing the end of another day of searching when his metal detector registered something beneath the ground. Initially, the signal was unremarkable, but after removing several inches of dirt, he spotted what appeared to be gold.
What emerged was a quartz-speckled nugget weighing 1.218 kilograms, or roughly 2.7 pounds. Laboratory analysis determined that approximately 940 grams of the specimen consisted of gold, giving it an estimated precious-metal value of $150,000 to $160,000.
ABC News wrote that the man has dubbed his discovery the "Tibooburra Spud" and hopes to sell it to a collector, potentially commanding a substantial premium over its underlying gold content.
According to Greg Spangler, a longtime prospecting equipment retailer in Broken Hill, discoveries of this magnitude are exceptionally uncommon. In more than 20 years in the business, he has heard of only one other local prospector recovering a nugget weighing more than a kilogram.
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