The cache is not at the published coords, but it might help with the theme of this puzzle; on the other hand it might not. Needless to say that you have to complete the following puzzle first.
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1
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3
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4
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6
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7
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A
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1
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2
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3
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4
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B
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C
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5
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D
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E
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6
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7
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F
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G
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8
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Across Clues
1A Sea robbers upset priest initially at sea (7)
5A Complete range seen in a nautical saga muttered by a sailor (5)
6A A cycling knight heard aboard ship (4)
8A I enter the multitudes and raises the Jolly Roger (6)
Down Clues
1D Order given to Pirate captain to clean up a breed of dog (7)
2D Odd drink favoured by buccaneers (3)
3D Whichever way you look at it is a small serving of 2 Down (3)
4D Old sailor reportedly spotted one of man’s best friends (6)
7D The Ayes have it, albeit short of an affirmative initially (3)
Sadly, that's not all. Using the numerical value of the letter that is represented in the grid by LN (where L is the letter down the vertical axis and N is the number on the horizontal axis), complete the formula below to establish the sunken treasure:
N51 A4 F4 . (C1-C2)(A5-A3)(E4-C5)
E001 (E7+E1) . (B5-E7)(G2-E2)(C3-D7)