More than 100 Indigenous and European objects have been retrieved from Springbank Island on Canberra's Lake Burley Griffin as part of a 10-day archaeological dig by local students and members of the public.

Archaeology students from the Australian National University (ANU) studied the site for more than a year and began excavating and exploring layers of the past hidden beneath the island's surface earlier this month.

The project involved both the field school for ANU students and community engagement through a public open day.

Project leader Duncan Wright said the stories of the "treasures" were more significant than the age of individual objects.

"I'm delighted this project has raised the profile of archaeology and generated interest in Canberra's local cultural heritage," Dr Wright said.

A handle found on Springbank Island during the dig. ( ABC News: Adrienne Francis )

"[For example] this door handle looks incredibly insignificant but it is from the original Springbank homestead."

Dr Wright said the Springbank homestead was bulldozed around 1963 to create a park on land that would become an island following the creation of Lake Burley Griffin.

"Despite that bulldozing we found a door handle, bricks, cemented concretions and roofing nails from the homestead," he said.

"We found what we set out to and much more."

'Prized find' turns out to be just rock

Third-year ANU archaeology student Simon Williams was among students carefully prizing dirt from the objects using toothbrushes.

"A 10-year-old girl who visited the site as part of the public open day was very adamant that she would become an archaeologist," Mr Williams said.

A glass stopper found on Springbank Island found during the dig. ( ABC News: Adrienne Francis )

"She found a stone object and there was this strong element that it would be hers and not ours."

But toothbush cleaning today revealed the object was actually just a rock and not a historic stone paver from the former Springbank Homestead as originally thought.

"So the 10-year-old girl can come forward now and have it back," Dr Wright said.

Among other objects found at the sight was a glass bottle stop that descendents of the homestead suggested may have been from a rum bottle.

"We are looking for maker's marks on all the glass and ceramic pieces to try to identify the age and nature of the object," Dr Wright said.

"Some of the Aboriginal artefacts and lithics may also be carbon dated in the future."