Shipwreck salvagers have recovered a gold chalice while searching for the wreckage of a Spanish galleon off the Florida Keys.

The ornate two-handled chalice stands on a gold base and is adorned with etched scrollwork on the upper portion. It was located by Blue Water Ventures diver Michael DeMar beneath about a foot of sand in 18 feet of water approximately 30 miles west of Key West.

More than a quarter-century ago, the late Key West treasure hunter Mel Fisher began the search for artifacts from the Santa Margarita, which sank in 1622.

The chalice is slated to arrive at a Key West laboratory Wednesday morning. Experts hope cleaning it will reveal more details of a crest etched inside the bottom of the piece.

Salvors estimated the value of the chalice at $1 million or more.