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A 400-year-old shipwreck off the coast of Portugal is "the most important discovery of all time" for the country, a Reuters news agency specialist told Reuters on Monday.

Archaeologists have found spices, cannons, Chinese ceramics and cowrie shells in and around the sunken ship that was discovered in early September near Cascais, a seaside resort near the Portuguese capital, Lisbon.

The researchers found the wreckage during a ten-year archaeological project backed by the Navy, the Portuguese Government, the Cascais City Council and the Nova University of Lisbon.

The boat – which was 40 feet below the surface of the ocean – was returning from India. Its director, Jorge Freire, told Reuters that its content was "very well preserved".

Artifacts litter the seabed off the coast of Portugal at the site of a centuries-old sinking in Cascais, as shown in this photo published on September 24, 2018. Augusto Salgado / Cascais Town Hall / Document via Reuters

"From a heritage perspective, it's the discovery of the decade. In Portugal, it is the most important discovery of all time, "said Freire.

The researchers believe that the ship was wrecked at the height of the spice trade with India between 1575 and 1625.

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"We do not know the name of the ship, but it's a Portuguese ship from the late 16th or early 17th century," Freire said. The Guardian. "It tells us a lot about the maritime history and identity of Cascais … It's a great discovery and its greatness lies in what it and its artifacts tell about the cultural landscape."

The remains of a historic ship and its contents are illustrated on the seabed of Cascais, Portugal, in this photo published on September 24, 2018. Augusto Salgado / Cascais Town Hall / Document via Reuters

The peppercorns were among the items found at the wreck site, which is in an area of ​​330 feet by 160 feet, the newspaper reported. Cowries discovered with the ship were commonly used in the slave trade.

It is the last ship to be discovered at the mouth of the Tagus. In 1994, the Our Lady of Martyrs A boat was found near a military defense complex in the area, reported Reuters.

Divers are exploring a century-old sinking in Cascais, Portugal, as shown in this photo published on September 24, 2018. Augusto Salgado / Cascais Town Hall / Document via Reuters

"For a long time, experts have considered the mouth of the Tagus as a hot spot for shipwrecks," Culture Minister Luis Mendes told Reuters. "This discovery has come to prove it."

Carlos Carreiras, Mayor of Cascais, said The Guardian: "This is an extraordinary discovery that allows us to learn more about our history, strengthen our collective identity and our shared values. This will certainly make us more attractive and competitive. "

The wreck of a centuries-old shipwreck is illustrated in this photo taken off Cascais in Portugal and published on September 24, 2018. Augusto Salgado / Cascais Town Hall / Document via Reuters

Towards the end of last year, it was learned that eight shipwrecks of Roman antiquity had been discovered off the coast of a Greek island. A few weeks earlier, the Egyptian government announced that three shipwrecks had been found in Egypt.

Nova University of Lisbon did not immediately respond to a request for comment.