Can a geophysical instrument detect treasures?


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Hello,

It's been a long time since I found gold nuggets. But, I still search whenever I get time. Yesterday, I went to my friend's house to pick him for nugget hunting. He should me some equipment left behind by his brother. It was something like a meter, a detector. When I googled it later, I found that it was a geophysical instrument called overhauser magnetometer. His brother is working in archaeology, so may be it is used for finding ruins below the earth. I was wondering though, could it be used for finding treasures? Does it act like a metal detector? I don't know if it can be used for finding nuggets. But, I'm curious to test it. What do you think? 

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