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Rush for Codan gold detectors after nugget find

Codan is cashing in on the frenzy of interest after one of its gold detectors was used by an unnamed prospector to find a 5.5 kg gold nugget 60cm underground near Ballarat in Victoria.

The nugget is valued at more than $300,000, and the prospector used a $7000 Minelab GPX 5000 gold detector (pictured alongside) to make the find.

Minelab, based in Adelaide, is part of the publicly listed company Codan and exports gold detectors around the world.

Previously, the company defended itself vigorously against counterfeits of its detector units being made and sold overseas.

According to Minelab, the company has had a massive influx of people interested in its gold detectors – and for good reason: the GPX 5000 flagship unit is said to be the most sensitive gold detector in the world today.

The unit can detect gold buried deeper in the ground than any other detector (what the company calls a “depth advantage”) and can “see through” mineralised ground that gives false signals.

Codan said that the nugget was found in an area frequently swept by other detectors, demonstrating the sensitivity of the GPX 5000.

The unit featuries Minelab's exclusive technologies, Multi Period Sensing, Dual Voltage Technology and Smart Electronic Timing Alignment. 

Minelab is one of the world’s major exporters of gold detectors, with machines sent as far away as remote parts of Africa and South America. The company expects sales in Australia would boom as a result of the Ballarat find.

The prospector, who wished to remain anonymous, discovered the nugget on Wednesday at a depth of 60cm and footage of the discovery was soon posted on YouTube [watch the clip below].


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