Pactolus Bank (or Burnham Bank) is (or was) a seamount in the Southern Ocean, west of Cape Horn. It was discovered by Captain W.D. Burnham of the American ship Pactolus on November 6, 1885. The bank has been proposed as a possible location for Elizabeth Island, a phantom island reported by Sir Francis Drake in October 1578. However, subsequent surveys have been unable to locate the bank, which may itself be a phantom.