Australian police are launching an investigation after discovering both an unconscious man and $14 million worth of suspected cocaine washed ashore on a riverbank in New South Wales.

The man, whose identity has not been revealed, was wearing high-end diving equipment and was alive when police arrived on the scene near Hunter River in Newcastle, following an emergency call Monday. 100 pounds of a white powder believed to be cocaine were also found in a “number of packages” next to him, according to NSW police.

The man eventually died at the scene after CPR attempts from paramedics failed to revive him. Authorities are now trying to determine if the two discoveries are linked.

"We are trying to identify whether the two incidents are linked. They may well be, but we are open-minded as to the options in front of us," New South Wales police Detective Superintendent Robert Critchlow told reporters.

"It is pretty awful, really, regardless what the fellow may have been up to," Critchlow added.

If the powder is confirmed to be cocaine, it has an estimated street value of $20 million AUD, which is equivalent to about $14 million USD.

Marine Area Command and Police Divers will be assisted by officers from the Australian Border Force to continue to search the surrounding waters for any more evidence.

"An investigation is underway by Organised Crime Squad detectives, who will be assisted by officers attached to the Australian Federal Police," NWS police said.