 These bergs have been observed stationary for up to a month in the vicinity of the bank, and are thought to be responsible for the loss of several ships that have run into them, or been trapped.Felix Riesenberg, who served under Burnham, postulated that Pactolus Bank was the sunken location of Elizabeth Island, discovered by Sir Francis Drake's ship the "Golden Hinde" in 1578.Leaving the Magellan Strait, Drake's ship was driven far to the west and south, before clawing its way back towards land.