How Much Money Can You Make From Gold? 8-Pound Nugget Found In Australia

It’s rubbish! It’s a horse shoe! No, it’s an 8-pound gold nugget!

An Australian prospector was lucky enough to have those thoughts recently while he was taking a look around a worked-over area in Central Victoria’s Golden Triangle, according to a press release from the metal detector companies released Thursday. The gold is worth an estimated $250,000 AUD, or about $19,000.

"I thought it was rubbish at first, maybe an old horseshoe," the prospector, who was not identified by the manufacturer, said. “About 12 inches below the ground, I could just barely make out the top of something. As I began to scrape away the clay and dig deeper, I really couldn't believe my eyes - this wasn't an old piece of steel in front of me. I had just unearthed a colossal gold nugget - a once in a lifetime find! I was in total disbelief as I didn't think nuggets of this size were still around"

The prospector isn’t letting the riches go to his head, however. He reportedly had a deal with some of his prospector friends to split any large items that they may come across, so he’s only getting a portion of the nugget cash. He plans on buying a van to travel across the continent with his money.

So, its’ great news for the prospector and the metal detector company, but can others get lucky too?

Maybe, but either way it is likely that they’ll try. Rita Bentley, who works with the Prospectors and Miners Association, said that it is likely a mini gold rush will start now that the story of the 8-pound gold nugget is getting out.

“I would imagine there will be some new people who thought 'I've always wanted to try that', and this will be what pushes them over the edge, buy a miner's right and get out there ,” Bentley said to ABC News Australia.