A Russian warship that sank more than a century ago has been found off the coast of a South Korean island, a company searching for the vessel has claimed.

The 5,800-ton ship, known as Dimitrii Donskoi, was scuttled by her crew in 1905 after Japan's victory in the Battle of Tsushima – viewed as a pivotal moment in the Russo-Japanese war.

The Shinil Group, a South Korean firm, says it has found the warship and has posted photos and footage online of their discovery.

“The body of the ship was severely damaged by shelling, with its stern almost broken, and yet the ship’s deck and sides are well preserved,” the Seoul-based discovery team said in a statement.

Some have suggested there may be treasure on board and although there is no proof to verify the claims, reports said the Donskoi was carrying gold worth more than $130bn (£100bn) for Russia's Pacific Fleet.

It was intended to be used to pay the salaries for the crew and also docking fees.

The Shinil Group has still not applied for salvage rights to South Korea's Ministry of Maritime Affairs and Fisheries, according to the BBC.

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If the company were to apply it would need to pay 10 per cent of the estimated value of the wreck – which has been estimated at up to $10bn.

Kirill Kolesnichenko, a professor of social sciences at Russia's Far Eastern Federal University, cast doubt over rumours of large quantities of gold being present on the ship.