A gold nugget weighing more than four kilograms has been found in Victoria.

According to metal detecting manufacturer Minelab, the discovery was made in a worked-over area on the southern edge of central Victoria’s Golden Triangle.

It said the 145-ounce nugget, named Friday’s Joy, could be worth up to $250,000.

The lucky prospector, who has chosen to remain anonymous, said he found the nugget 12 inches below the ground.

“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.

“I was in total disbelief as I didn’t think nuggets of this size were still around.”

Minelab said the prospector, who has used his weekends to search for gold and coins for the past 10 years, found a 9-ounce nugget the day before.

The man said he planned to buy a van and travel around Australia after the finds.

The nugget is being kept in a safe and a replica will be made.

A gold nugget found near Ballarat and weighing more than 3.5 kilograms was sold for $292,800 at auction in 2014.

A prospector says he initially thought the gold nugget was a piece of rubbish. Photo: Minelab/ABC