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When I read an article about this today it said it was initially believed to be live but later confirmed as being an inert telemetry missile for testing. If I would have reeled that in I would have dropped it back over the side straight away.
We had a trawler bring up 6 x Mk 6 Anti submarine mortar projectiles about 10 years back. Combined they were over 1200lbs of minol (206 lbs each). They were actually bought into shore and one of my mates had to try and move them somewhere to get rid of them. Even after some time in the water they made a really good bang.