There is provided an Axially separating drill bucket for drilling large holes in the earth by which a drilling operator can perform the drilling operation with the Axially Separating Drill Bucket, incorporating a spring loaded latching mechanism and a hydraulic cylinder within a drill head casing, and remove the excavated material in one operation. The unit can be raised to the surface where the bucket portion is moved up or down from the drill head to empty the excavated material. A spring loaded latching mechanism is disclosed having a pushrod which activates the latch by making contact with an external force. A centrally located hydraulic cylinder power assists the drill head to be raised and lowered to remove the material collected within the drill bucket.