The gold was found using a metal detector.
The gold was found using a metal detector.

Old horseshoe turns out to be $250k gold nugget

A Victorian man has struck gold, unearthing a "colossal" nugget worth $250,000 that he first thought was an old horseshoe.

The lucky prospector found the 4kg nugget just one day after he discovered a nine-ounce tennis ball-sized chunk in the same area - a worked-over section at the far southern edge of Central Victoria's Golden Triangle.

"I thought it was rubbish at first," said the man, who wished to remain anonymous.

"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."

More on this at the Herald-Sun