A tagged barramundi worth $50,000 has been let loose in Mount Isa’s Lake Moondarra in north-west Queensland.

It is part of annual fishing competition, with anglers able to claim the cash prize if they catch the fish.

The lake is currently only at 30 per cent capacity due to the drought and the tagged barramundi has never been caught in the event’s history.

Organiser Lyn Holmes-Kidd says serious protocols have been followed in the release of the fish.

“The police are here, the water board are here, all the official people are here to witness all this,” she said.

“We have a special assessor here over from Townsville I believe, so it’s all official.

“The tags are actually kept at the police station – no-one knows what the tag numbers are.

“If a fish comes in with a tag then we will check in the safe to see if it is that number and then it will be announced over the weekend.”