In video posted to Youtube by TroyAurum, a 177-ounce gold nugget was found near Ballarat, Victoria, Australia, Jan. 16, 2013

When an amateur prospector strapped on a metal detector and set out to look for gold he was hoping to get lucky, but he had no idea how lucky he would be. The prospector, who wishes to remain anonymous, was searching for the precious metal just outside of Ballarat, Australia, on Wednesday, when he came across a massive gold nugget weighing in at over 11 pounds.

Cordell Kent, the owner of The Mining Exchange Gold Shop in Ballarat, told the Australian Broadcasting Corporation that the find was one of the most significant in his 20 years in the business: "We have 800 prospectors on our books and only a couple of those have ever found a nugget over 100 ounces."

Kent is seeking a buyer for the gold nugget on behalf of the prospector. With the price of gold skyrocketing to over $1,680 an ounce, Kent is expecting the 177 ounce nugget to sell for over $300,000.

"A lot of people think Victoria's goldfields are dead and that there's none left," Kent told the Australian Broadcasting Corporation, "but he (the prospector) has worked in an area where a lot of people have worked in the past but he persisted and he's been rewarded."