Valued between $150,000 and $160,000 at spot prices, a massive 1.2-kilogram gold nugget was unearthed by an amateur fossicker in mid-October near the remote New South Wales town of Tibooburra after years of searching red outback dirt.
Prospector Unearths 1.2-Kilogram Nugget Near Tibooburra
Working the rugged red terrain at Mount Stuart station near Tibooburra, an anonymous prospector spent several days digging through ordinary outback debris before uncovering the monster specimen. Like many recreational fossickers, the finder was accustomed to unearthing discarded items rather than precious metal.
You dig lots of rubbish … lots of lead bullets, old timer’s nails, horseshoes, everything.
Anonymous prospector, via Australian Broadcasting Corporation
The fortunate prospector was finishing up a day of searching in mid-October when his Gold Monster 2000 metal detector registered a signal near the north-western corner of New South Wales. Initially fearing the target might turn out to be nothing more than a painted rock
as The Nightly reported, he quickly realized the reality of his find once he began excavating the soil.
It wasn’t a loud signal for the size of the piece that it is [but] once I got down to 100 [millimetres] or something like that, the machine was squealing. It might have been on the first or second scrape I just seen this bright yellow dot in the centre of the hole.
Anonymous prospector, via Australian Broadcasting Corporation
Captured on video, the moment of discovery shows the prospector laughing in disbelief while brushing dirt away from the glittering find. He has affectionately nicknamed the quartz-flecked specimen the Tibooburra Spud.
Collector Market Could Push Price To $200,000
Testing revealed that the 1,200-gram nugget contains approximately 940 grams of pure gold. At current spot prices, the specimen sits comfortably between $150,000 and $160,000. However, because the finder plans to sell the unique piece directly to a private collector, the final transaction price could climb as high as $200,000.
| Valuation Metric | Amount (AUD) |
|---|---|
| Spot Gold Content (approx. 940g) | $150,000 – $160,000 |
| Projected Collector Sale Price | Up to $200,000 |
Finding a nugget weighing more than a single kilogram remains an extraordinary rarity in the region. Greg Spangler, who has spent more than 20 years selling prospecting supplies in nearby Broken Hill, noted that finding anything above an ounce is uncommon.
We have a fictitious club [called] the Ounce Club … but not many people [are] in the ‘Kilo Club’.
Greg Spangler, prospecting equipment seller in Broken Hill, via Australian Broadcasting Corporation
Global Gold Prices Fuel Outback Prospecting Interest
Gold prospecting around Tibooburra has a long history, dating back to the late 1880s. Recreational fossicking on the Tibooburra Common surrounding the remote township is currently suspended while Native Title permissions undergo review.
Pastoral properties such as Mount Stuart and Gumvale permit fossicking for a fee.
Mr Spangler observes that an economic trend is driving more hobbyists into the outback. Global gold markets surged to historic heights, peaking in January at nearly $8,000 per troy ounce. Although prices have since eased to $5,700 per troy ounce, the favorable market has sparked widespread interest in recreational prospecting.
It’s got a lot of people interested,
Greg Spangler, prospecting equipment seller in Broken Hill, via Australian Broadcasting Corporation
Mr Spangler said there are other benefits to the hobby, including fresh air, exercise, and a bit of quiet. He noted that waking up early to see the sunrise is very peaceful and that prospecting is another pastime the whole family can be involved in.
The successful prospector offers a formula for outback persistence to anyone eager to replicate the success of the Tibooburra Spud: keep walking, keep swinging the detector, and dig every target.
More on Greg Spangler
TIBOOBURRA:IS A MODERN DAY GOLD RUSH ABOUT TO HIT THIS TINY OUTBACK TOWN?After a potato-sized gold nugget was found in the area earlier this month, anything is possible.The one kilo nugget, affectionally known as "The Tibooburra Spud", is worth around $150.000.The nugget…