Dieter Noli, the archaeologist who has been examining the wreck, told The Times of South Africa the site is the richest gold find on the continent since a major ancient Egyptian discovery in the Valley of the Kings.

"I told them sooner or later you'll find a wreck; and I've been waiting patiently for the last 20 years ... but now: jackpot," he said.

The 500-year-old ship was carrying at least 2,500 gold coins from Spain and 50 elephant tusks. The vessel was heavily armed, but some of the weapons were out of date.

Noli thinks the cargo suggests a European pirate or rogue captain may have been trying to sell arms to African rulers.

The ship's timbers have long since decayed, but a few human bones have turned up.

A DeBeers geologist spotted copper ingots on April 1, suggesting that the mine 600 feet off a beach, contained more than diamonds.