The hefty nugget, tipping the scales at just over five kilograms (equivalent to 177 ounces), was found by a nearby prospector one Wednesday morning. Excited by his discovery, he quickly brought it to the Ballarat Mining Exchange Gold Shop.
The lucky prospector’s identity and the exact location of the find are being kept under wraps, but according to gold shop owner Cordell Kent, the nugget was discovered within a 30-kilometer radius of Ballarat’s CBD. The nugget was unearthed about 60 centimeters below the surface using a high-tech metal detector, specifically a Minelab GPX-5000 valued at over $6000.
If the nugget were to be sold at its market value, it would fetch nearly $300,000. However, due to its extreme rarity, its actual worth would be much higher, as stated by Mr. Kent. He mentioned, “If you decide to melt it down, it would fetch close to $300,000 on the market. But as a nugget of this size and shape, it holds a significantly higher value than that. I can’t recall a nugget of this magnitude ever being found in this area before.”
According to Mr. Kent, the prospector had previously discovered tiny fragments of gold, each valued at no more than $1000.
“He mentioned that the smallest nugget he had come across before yesterday was tiny, only about a quarter of an ounce,” he shared.
“A discovery like this really lifts people’s spirits. I’ve been out searching for over twenty years, hoping to stumble upon something like that.
“We’re in the midst of a gold rush with so much potential ahead of us. It’s truly remarkable.”
The nugget is anticipated to be sold to a collector or perhaps even find a home in a museum.
Mr. Kent expressed his hopes of selling the gold nugget within Australia, as exporting it overseas would require special permission due to its size. He also believed that the discovery would spark a new gold rush in the Ballarat region, bringing hope and excitement to many prospectors. Mr. Kent shared his enthusiasm for gold prospecting, stating that there’s nothing quite like the thrill of digging up money. We would like to extend our gratitude to Mr. Cordell Kent for allowing us to use his image and for sharing this remarkable event with us. Despite the discovery taking place years ago, we continue to appreciate the story of the gold nugget and the passion for gold exploration that it represents. Thank you to Cordell Kent and ‘The Mining Exchange Gold Shop, Ballarat, Australia’ for their contribution to our gold prospecting journey.
