(Image courtesy - Minelab)
Central Victoria: A lucky prospector, who chose to remain anonymous, said he found the nugget 12 inches below the ground.
According to Minelab, a metal detecting manufacturer said that the discovery was made in southern edge of central Victoria's Golden triangle.
This gold nugget is named Friday's Joy and can be worth $250,000.
"I thought it was rubbish at first, maybe an old horseshoe," he said.
"As I began to scrape away the clay and dig deeper, I really couldn't believe my eyes - this wasn't an old piece of steel in front of me."
According to abc.net.au, the prospector has been searching for gold and coins for past 10 years and luckily also found a 256 gm (approx) gold coin day before the big discovery.
The man who found the gold nugget plans to buy a van and travel around Australia.
Currently, the nugget is in safekeeping and a replica will be made soon for people to admire.