Gold Chalice Discovered in Divers' Search

— -- Shipwreck salvagers have recovered a gold chalice while searching for the wreckage of a Spanish galleon off the Florida Keys.

The ornate two-handled chalice stands on a gold base and is adorned with etched scrollwork on the upper portion. It was located by Blue Water Ventures diver Michael DeMar beneath about a foot of sand in 18 feet of water approximately 30 miles west of Key West.

The late Key West treasure hunter Mel Fisher began the search for artifacts from the Santa Margarita, which sank in 1622, more than a quarter-century ago.

The chalice is slated to arrive at a Key West laboratory Wednesday morning. Experts hope cleaning it will reveal more details of a crest etched inside the bottom of the piece. Salvors estimated the value of the chalice at at one million dollars or more.