WRECK hunters are scouring the ocean floor for £4 million worth of treasure that sank with a boat almost 150 years ago.

The steamship SS Pacific disappeared in 1875 while sailing from Victoria, British Columbia, Canadain San Francisco, in the US state California.

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At the time, the Cassiare Gold Rush was sweeping northern BC and the Pacific Ocean was loaded with £149,000 worth of gold – roughly £4 million in today’s money.

But she collided with the sailing ship Orpheus and sank with all her cargo – and the loss of about 325 souls – south of Cape Flattery, Washington.

It was the deadliest marine disaster in the history of the western United States.

Nearly 150 years after Matthew McCauley and Jeff Hummel, two experts from the Northwest Shipwreck Alliance, believe they have found the lost ship.

Philip Drew, a spokesman for the group, said in December: “The revelation was more of a slow realization than an aha moment.

“Collecting sufficient data and evidence of the site required careful and repeated surveying using side scan sonar lines and Remotely Operated Underwater Vehicle (ROV) dives.

“Jeff Hummel and the team haven’t had much time to take a step back and enjoy the moment. The holidays will give us all a chance to slow down and celebrate.

“We are also very connected to the stories of all those who died on that fateful day in 1875, which tempers our celebration of this discovery.

“And there are still years of hard work ahead to excavate the wreckage, following the appropriate aid to recover and preserve the artifacts.”

One telltale sign was the discovery of two circular depressions on the sea floor, not far from the rest of the wreck.

They are believed to be the paddle wheels of a steamer.

Mr Drew said: “Historical reports describe the Pacific Ocean partially disintegrating at the surface, so we expected to find paddle wheels independent of the rest of the ship.

“Sure enough, we were able to locate both impellers with sonar and view the exposed portion of them with an ROV in a nearby debris field.”

The team has not released the exact location of the wreck, although a judge has granted exclusive salvage rights.

But they gave an approximate location, saying it lies about 23 miles offshore at a depth of 1,000 to 2,000 feet.

The team hopes to open a museum dedicated to the artifacts recovered from the wreck, although descendants will have time to defend ownership in court.

Mr Drew said: “For our region of the world – the US West Coast – the Pacific represents the deadliest maritime disaster in our history.

“We also believe that the wreckage is in an incredible state of preservation, and so we expect and hope that the artifacts we find will have significant historical significance.”

Pacific was captained by Jefferson Davis Howell, who commanded a rebel gunboat during the American Civil War and whose brother-in-law, Jefferson Davis, was a former president of the Confederacy.

Only two people survived the crash; he was among the dead.

Others on board included members of the Pacific Northwest elite, gold miners heading home for the winter, and 41 people identified only as “Chinese.”

As the children did not pay for the sailing, they were probably not counted and a few extra passengers rushed on board at the last minute without buying a ticket.

No human remains have yet been found at the wreck site, which explorers think is unlikely given the depth of the water and strong currents in the area.

Orpheus, which survived the initial collision, steered for the Pacific Ocean after his second mate mistook his lights for the lights of Cape Flattery Lighthouse.

She was also wrecked later that night, although her crew made it ashore.

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