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Wall and his crew quickly discovered the traps had been snagged on what appeared to be a large anchor. They attempted to bring the object up to their boat, but it slipped free of their line and plunged back into the depths.
Wall said he marked the spot and had intended to return Tuesday with a diver to search for the object. But on Saturday, he finished fishing early and decided to make another attempt at landing the metal anchor.
The fisherman said he was able to hook the anchor again, and this time succeeded in towing it back to the wharf, where the crew used a hoist to transfer it to Wall's pickup truck.
He estimated the anchor could date to the 1800s.
"But it could be older, could be a little newer," Wall told CBC News. "The metal itself, it's made in layers. It's not smooth like a newer-style anchor would be. And just the sheer size of it, no boats are using an anchor that size."
Wall said he is going to have a sample of the metal from the anchor tested to determine its age and he is consulting with experts to find out the object's story.
"It could just be off any old ship that lost an anchor, and no real story, but it could be off something cooler if we find out how old it is," he said.