The wreck of a United States aircraft carrier which helped to stop the Japanese advance across the Pacific in World War II has been discovered in deep waters 500 miles off Australia’s north-east coast.

The USS Lexington, or “Lady Lex”, one of America’s first aircraft carriers, was found about 1.7 miles beneath the surface of the Coral Sea after a six-month search led by Paul Allen, a billionaire who co-founded Microsoft.

The vessel, which fought in the Battle of the Coral Sea - the first ever battle involving aircraft carriers - was deliberately sunk in May 1942 by another US vessel after taking crippling blows from two Japanese torpedoes and two bombs.

During the four-day battle, 216 crew members aboard the Lexington were killed and went down with the ship and the remaining 2,735 were evacuated before it was sunk to prevent it being captured. The ship is considered a war grave and will not be raised.

The Lexington’s rough location was known but it has not been seen since it sunk 76 years ago.