Retiree discover 2kg gold nugget worth $160,000 in Ballarat

Is this the start of a new gold rush? A retiree has struck it rich in Ballarat, unearthing a 2kg nugget worth $160,000.

A retiree has struck it rich in Ballarat, unearthing a gold nugget worth $160,000.

The 2kg nugget was discovered under a lead bullet on the outskirts of the historic gold mining town.

The prospector, who wished to remain anonymous, was digging around when his metal detector made a noise that led him to a .22 lead bullet.

At first he thought that may be it but a deeper dig of about a metre under the earth in old pastureland helped him uncover the jackpot.

He decided to name the nugget “You Wouldn’t Believe It”.

The nugget was found on the outskirts of Ballarat.

Gold Ballarat owner Mark Day said the prospector approached him a few days after his eureka moment.

“When he showed me the nugget in the store he was shaking like a leaf. He didn’t know what to do with it. He hadn’t slept in three days,” Mr Day said.

He said the 2kg nugget was one of the biggest he had seen in his 25 years in the business.

And in another slice of good timing, the price of gold recently soared to more than $2000 per ounce.

Mr Day said the man had already fielded offers of more than $160,000.

And his nugget success had spurred him on to upgrade his kit, buying a top of the range Minelab GPZ 7000 metal detector to return to the scene.

“He certainly thinks there’s more gold out there,” Mr Day said. “And after this, who can say he’s wrong?”

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Mr Day said the nugget had a gold value of about $130,000 but collectors would offer more because of how rare the nugget was.

“People collect nuggets, they don’t want them melted down,” he said.

“And this one has real character to it. We were in awe when he brought it in. It really looks good.”

As for the location, the closest hint the lucky prospector would give was that it was within 150km of Ballarat.

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