5 Kilogram Gold Nugget Found in Australia

Just when you think “Why bother, I never find anything good”, a story like this one makes it all worthwhile. A treasure hunter in Ballarat, Australia turned up a 5.5 kilo (about 12 pounds) nugget. The nugget was found using a Minelab GPX Model 5000 detector at a depth of more than half a meter.

The Minelab 5000 isn’t your run of the mill detector, with a retail price of aound $7,000. Take a look at some that are for sale on Ebay now – Minelab GPX Model 5000. While it’s a bit of an investment, the discovery woldn’t have been made with a lesser detector at that sort of depth.

The nugget is worth well over $200,000 in melt, but something of this size is sure to pull in collectors who will pay a premium, perhaps as much as $400,000-500,000. All in all, not a bad day’s work for one fortunate Australian.