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No the Zealand has not been found at all. The hull that was discovered in 1899 was not that of the Zealand. Jim Kennard believes that the Zealand lies in depths greater that 500ft. It's likely that salvagers found a schooner (RH Rae) and mistaken the hull as a steamer due to the schooners unique machinery on deck and the fact that it was busted up. I emailed another wreck hunter to ask what his opinion is.

The steamer zealand wrecked in Lake Ontarioin one of the many 1880 storms, I saw an article from 1899 saying that the hull was found, however there is no modern location of the wreck (at least not that I can find) does anyone know if the wreck site is actually known?