Online Journal

Anthropologists have uncovered what they believe to be Captain Morgan's sunken ship in the Chagres River in Central Panama.

The team, consisting of divers from Texas State University, volunteers from the National Park Service's Submerged Resources Center and the National Oceanic and Atmospheric Administration/University of North Carolina-Wilmington's Aquarius Reef Base, found a piece of the ship hull in the sand by using a magnetometer, ABC News reports.

"It was like looking for a needle in a haystack," said Frederick "Fritz" Hanselmann, chief underwater archaeologist and dive training officer with the River Systems Institute/Aquarena Center at Texas State University, as reported by ABC News.

The ship, dating back to 1671 and named "Satisfaction," will most likely not be filled with gold or jewels, Hanselmann told ABC, adding that the ship's history is the team's greatest treasure.

"The treasure is the history," Hanselmann said, as reported by ABC News. "Everything we do is not for profit."

The team did get financial help from Captain Morgan's Rum, the company made famous for the pirate's image, ABC News reports.

"When the opportunity arose for us to help make this discovery mission possible, it was a natural fit for us to get involved," said Tom Herbst, brand manager for Captain Morgan's Rum, in a statement reported by ABC News. "The artifacts uncovered during this mission will help bring Henry Morgan and his adventures to life in a way never thought possible."

Dominique Rissolo, executive director of the Waitt Institute who was part of a 2010 team that uncovered six cannons, said that the excavations are part of an ongoing collaboration with Panama to ensure the preservation of Panama's culture, ABC News reports.