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"The ground plan of the fossil strikingly resembles living groups of ostracods which shows the pace of evolutionary change has not been particularly fast," he said.
The copulatory organ of the fossilised male is "large and stout" which indicates that "maybe size mattered" for the ancient ostracods, he added.
"This is a male and there must have been females around. The discovery tells us something about the biology of reproduction; it provides unequivocal evidence for sex in an animal that lived in the Silurian age," he added.
In addition to the penis, the scientists were able to trace the animal's entire digestive tract from mouth to anus as well as study anatomical details such as its six pairs of gills and the limbs it used for sensing, feeding and swimming.
"The whole animal is amazing," Professor Siveter added. "We've got something we could only dream about before."
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