Drugs with an estimated street value of £1.65m have been found washed up on a Gwynedd beach.
A large sealed package containing about 30kg (65lb) of high purity cocaine was discovered by a member of the public in the Meirionnydd area.
Last week drugs were also washed up at Bude in north Cornwall and at the Lizard Peninsula.
North Wales Police confirmed they were working closely with Devon and Cornwall officers to see if there was a link.
The outer package of the Gwynedd find was carefully sealed with smaller packages inside.
Det Insp Jim Coy of North Wales Police said they had recovered about 30kg (65lb) of high purity cocaine on the beach.
"We are working on the theory that the incidents are linked, but keeping an open mind."
He said a chemical test for cocaine was positive but it is undergoing further examination.
Inside the "bale" - which measured approx 70cm by 30cm by 30cm (28in by 12in by 12in) - there were 25 smaller packets.
Det Insp Coy said there were "striking similarities" with the drugs finds in Cornwall last week but he added that "for every similarity there is a dissimilarity".
"The timing of each find is significant in itself - as is the approximate sizes and nature of the packages," said Det Insp Coy.
"We are working on the theory that the incidents are linked, but keeping an open mind.
"It appears to have been in the water for a long time".
Operational reasons
The cocaine was first taken to Dolgellau police station and then transferred to police headquarters in Colwyn Bay.
A joint investigation has been launched with HM Revenue and Customs.
After the discovery, a search was carried out using the force helicopter, RAF helicopter, the navy and coastguard along the Meirionnydd coastline, but nothing further was found.
The discovery of the drugs was made 10 days ago but was not publicised until now for operational reasons, the spokeswoman added.
Police are not releasing the exact location of the find.
Det Supt Peter Chalinor said: "This is a substantial amount of Class A drugs that no doubt was on its way to the UK mainland.
"If members of the public find any suspicious packages or parcels washed up on the shoreline they should contact us or HM Revenue and Customs immediately," he added.
Anyone with information is asked to phone North Wales Police on 0845 607 1001 (Welsh) or 0845 607 1002 (English).
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