It is in Cormaya, about 120 steps west of the spot the map marks with that name.

And 4 down from the surface once you are there.

• 1 — Cormaya, as the map itself names it
• 2 — the ground above the treasure

• A rope. You drop in through a hole, and a rope is how you climb back out.
• Something for giant spider, orc leader and orc berserker — they live down there.

The chest is 4 floors under the surface. Going down over it, this is what each floor uses:

1. 1 down: down through a hole.
2. 2 down: down through a hole.
3. 3 down: down through a hole.

• 1 — the way in: a hole, 1 down
• → — the treasure lies this way

• 2 — a hole, 2 down
• → — the treasure lies this way

• 3 — a hole, 3 down
• → — the treasure lies this way

Some floors are not on the list: their way down is further off than the rest, and that stretch you have to find yourself.

• 1-2 — the chests

There are 2 chests here under 2 quest numbers, so you can take them all.