An ancient shipwreck has been discovered off the coast of a Maltese island that is remarkably well preserved. Its intact cargo has already proved to be a treasure trove of Phoenician artifacts - some of the oldest the world has ever seen.

"This discovery is considered to be unique... because it is the oldest shipwreck in the central Mediterranean and is in a fantastic state of preservation," Timmy Gambin, who led a team in exploring the site, told the Times of Malta. "The technical team is working on putting together the data... creating a very high-resolution 3D model of the site."

The shipwreck was reportedly spotted a few months ago on the ocean floor not far from the island grouping that makes up the Republic of Malta. Gambin, at the University of Malta, told the Associated Press (AP) that when he and his team arrived, they quickly found about 20 grinding stones and 50 amphorae - narrow necked wine containers - harbored inside the ship from around 700 B.C.

While the official location of the wreck has not been disclosed, experts have revealed that it was probably sailing between Sicily and Malta when it sank, and is located in a sandy seabed which likely softened its drop to the ocean floor - explaining the intact cargo.

The Phoenicians were an ancient mercantile people that were situated on the western coastal part of the Fertile Crescent. They are thought as the forefather to the Lebanese, with the Phoenician cities centered around where Lebanon is today.

These people were considered master shipbuilders during their time, building warships for Assyrian rule (from when the cargo dates from) and mercantile vessels. Basically the UPS of the time, Phoenician merchants were hired to ship goods from one city-state or even empire to another, and played a huge role in the growing wine trade of the region. They were also famous for their purple dye, which was thought to be the color of Mesopotamian royalty.