Story highlights The Sao Jose-Paquete de Africa sank off the coat of Cape Town in 1794

The ship had been carrying more than 500 slaves bound for Brazil

Archaeologists say they have found the wreck

An earlier version of this article stated incorrectly that the ship was the first sunken slave ship to be discovered. This has been corrected.

(CNN) Archaeologists and divers from across continents believe they have struck history gold, confirming the discovery of a sunken slave ship.

The Sao Jose-Paquete de Africa, a Portuguese slave ship, sank off Cape Town on its way from Mozambique to Brazil in 1794, while carrying more than 500 slaves. The ship's crew and almost half of those enslaved drowned in the violent waves. It is believed that the surviving slaves were resold in the Western Cape.

So far, only a few remnants have been retrieved from the wreck site, a turbulent spot located between two reefs.

Photos: Photos: Iron ballast recovered from the Sao Jose slave ship wreck. The ballast helped to weigh down the slave ship and its human cargo. Hide Caption 1 of 3 Photos: Between 2010 and 2011, Iziko Museum archaeologist Jaco Boshoff discovered an account of the wreck lodged by the captain of the ship, which rekindled interest in the site. Hide Caption 2 of 3 Photos: Copper fastenings and copper sheathing were also uncovered. It's believed that the fastenings held the structure of the ship together and the sheathing provided exterior protection. Hide Caption 3 of 3

The Slave Wrecks Project, founded in 2008, uncovered shackles, an iron ballast which helped weigh down a ship that carrying human cargo and a wooden pulley block. Iziko Museums of South Africa are expected to formally announce the breakthrough in Cape Town on Monday.

"The Sao Jose slave shipwreck site reverberates with historical significance and represents an addition to our underwater heritage that has the potential to advance knowledge and understanding of slavery, not only at the Cape but on a global level," said Rooksana Omar, CEO of Iziko Museums, in a statement.

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