Henley farmer James Adam discovered the bricked-up cavity in the side of an embankment after it was exposed by a landslip following recent heavy rains.
"At first I thought it was just part of an old retaining wall. But then we were shifting some cows the other day and we saw the arch there," he said.
"We thought it might have been used to store gold.
The Adam clan had an accommodation house here in the gold rush days and the stagecoach used to stop on the way through from Central.
"When we were kids, we heard about how gold used to be stored for the prospectors who were staying.
"But it's certainly a bit of local history."
Mr Adam's aunt, Jessie Irving (93), who had lived across the road from the site from 1939-73 in the Adam family homestead "Glenallen", said the discovery was "an absolute mystery".
"We used to picnic over there among the blue gums over and over again and there was never a sign of it in my day," she said.
"I can't understand it at all. It's an absolute mystery to me."
Mrs Irving visited the site to see it for herself last week.
"When my ancestors had the accommodation house, there were always stories about how the gold was stored away for the prospectors coming back from Gabriel's Gully and Lawrence.
The gold was stored overnight and there was a guard walking around."
Historic Places Trust regional archaeologist Matthew Schmidt examined the site yesterday and measured the cavity at 130cm long, 165cm high and 190cm wide.
"It's made with hand-made bricks and lime mortar and there are no frog marks [maker's identifying marks] on the bricks, so it's got to be early," he said.
"It's possible it could have been used to store gold and it would be exciting if it was.
"But I think it was probably used to store fresh water."
He estimated the structure was built about 1860.
"It's a lovely wee structure. It's still got some of the plaster lining.
"It goes to show what's hidden in some of the steep areas of old pastural land."
The site would be registered with the New Zealand Archaeological Association, Dr Schmidt said.
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