Precious Metals

Australian gold prospector willing to part with 87 ounce nugget

Australian gold prospector Mick Brown says he's willing to part with his recently discovered 87-ounce gold nugget for a minimum price - a mere $200,000 in Australian dollars. That's $154,572 in U.S. dollars as of March 9.

The nugget's precious metal value just for the gold it contains is over $100,000 in U.S. dollars.

Word of Brown's discovery was first publicly announced March 2 by Minelab, the Australian-based company that manufactured the Minelab 4500 metal detector that Brown used to make his discovery. Brown, a metal detecting hobbyist, unearthed his discovery in early February in an area near Wedderburn in the state of Victoria, Australia, and not Inglewood as stated in the March 2 announcement. The nugget was removed from beneath roughly six inches of soil, Brown said.

Brown says he's been metal detecting for gold for approximately 10 years. The nugget is reported to be the largest nugget find in the area in the past three decades, Brown said, and the largest he has ever found.

Brown says he previously found a 17-gram nugget in the Wedderburn area and an 11-ounce nugget at Marble Bar in Western Australia.

Brown has dubbed his 87-ounce nuggest find the Fair Dinkum nugget, Australian slang for "genuine."

While Brown's 87-ounce nugget is impressive, it is dwarfed by a nugget found by another prospector searching in the Wedderburn region in 1981 - the Pride of Australia nugget, weighing in at a whopping 256 ounces. posted a video interview online with Brown near where he discovered the 87-ounce nugget.

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