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Huge nugget may spark new Victorian gold rush

Reported by By ninemsn staff
Thursday, February 16, 2012
World's kookiest billionairesBillionaires and their eccentric and outlandish publicity stunts.

A Victorian prospector could spark a new gold rush after he found a gold nugget worth $120,000 — one of the largest discoveries in recent times.

The prospector, identified only as Caz, made the lucrative find under an old riverbed in Ballarat by using a metal detector.

The gold, which was found inside a 4.8kg hunk of quartz, is believed to weigh close to 76 ounces.

With recent economic turmoil sending the price of gold to $1600 an ounce, Caz was overjoyed but keen to keep his identity and the location of his prize discovery a secret.

A week after his find Caz dug up a smaller nugget worth $20,000.

Caz told the Ballarat Courier about his excitement at finding the larger quartz piece.

''As soon as my finger tips wrapped around the rock and I started to lift, I knew it was way heavier than just stone, '' he said.

Ballarat's Mining Exchange Gold Shop owner Cordell Kent said the find had prompted hundreds of others to take to Victoria's gold fields.

''The gold rush is still on,'' Mr Kent told Nine News.

Recent technological improvements in the equipment used to track down gold have also contributed to a greater interest in prospecting.

"The newer technology is giving a greater depth and obviously the better depth you have the more chance you have of finding something," said Mark Day, a spokesman for metal detector manufacturer Minelab.

24/10/2014 20:31Sydney, Australia. 24 October,2014
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