The frozen spread was found in a sack in a former pony stable nearly a century after the adventurer’s mission to the South Pole.
Captain Scott and his four colleagues died on their way back from the pole after coming second to Norwegian explorer Roald Amundsen.
Restoration workers also discovered shelves of tinned food, bedding and clothing in the Britons’ Cape Evans hut.
The butter, however, is the only example of fresh foods used by the explorers.
But what has excited the New Zealand discoverers the most is the fact that the spread is a product of their own country, still famous for its dairy products today.