A Victorian man has sparked a new gold rush after finding a $120, 000 nugget in an old river bed at Ballarat.
Gold dealer Cordell Kent said the man found the gold and quartz nugget under an old river bed using a metal detector and pick.
'I told him it was about 76-ounces of gold and he was excited', said Kent, who insists there is plenty more gold out there.
'We're 161 years into a continous gold rush. The gold has not dried up', he said.
Prospector Geoff Fisher paid around $6000 for his metal detector, and he says it has definitely been worth the investment.
'The biggest piece I've found is 14 grams, but my partner has found a seven ounce piece', he said.
Peter Mahoney from E.E Day Sons, which sells the MineLab range of metal detectors, says today's machines are far superior to earlier models.
'You're just getting more gold every time a new machine comes out', said Mahoney.
