Gold prospector strikes it rich

A lucky prospector has struck it rich after discovering gold worth $120,000 in an ancient river bed near Ballarat.

Gold dealer Cordell Kent said the gold was one of the largest to be found in Ballarat in recent times.

"It was found a few weeks ago just north of Ballarat,"Mr Kent told the Ballarat Courier. "It was one of the most amazing pieces we have seen for a while."

Gold worth $120,000 discovered in ancient river bed. Photo: 7News
Gold worth $120,000 discovered in ancient river bed. Photo: 7News

The 156 ounce quartz containing about 76 ounces of gold is thought to have lay undiscovered on the river bed for more than 100 years.

The explorer, who gave his name only as Caz, told the newspaper: "As soon as my fingers wrapped around the rock and I started to lift it, I knew it was heavier than just stone.

"Clay stuck all over it, and when I rubbed some of it away, I got my first glimpse of gold."