Using an unmanned underwater vehicle called the REMUS 6000 - funded by the Dalio Foundation and operated by Woods Hole Oceanographic Institution (WHOI), researchers discovered the 62-gun, three-masted San José containing chests of gold, silver and emeralds minted in Peru - estimated to be worth up to $17 billion. 

"The REMUS 6000 was the ideal tool for the job, since it's capable of conducting long-duration missions over wide areas," said WHOI engineer and expedition leader Mike Purcell.

To confirm the identity of the San José, REMUS, celebrated for its ability to conduct long-duration missions over wide areas, descended near the suspected wreck, found about 2,000 feet underwater, capturing photos of a key distinguishing feature of the San José: bronze cannons engraved with dolphins, the WHOI said in its release. WHOI said it obtained authorization by Maritime Archaeology Consultants Switzerland AG and the government in Bogotá to release new details. -Marketwatch