Whether wreckage was discovered "on the coast north of St.. Augustine" or "on the north coast of St. Augustine," the fact that archival documents indicate there were no survivors and the fact that no documents have yet come to light regarding the salvage of a wreck in the area after the hurricane of 1715, I think it is safe to say that the ship went down in fairly deep waters.
And then there is this interesting information:
In 1966, the same year that Captain Lewis discovered the Dry Tortugas shipwreck
another shrimper dragging his nets in a depth of 1,200 feet snagged
into a wreck about sixty miles east of St. Augustine, Florida. He
pulled up six large copper cooking kettles, some ballast rock and
three cannon balls. Early in 1990, Seahawk relocated this shipwreck
with sonar. Merlin was committed to the Dry Tortugas site so
Seahawk needed another way to survey and excavate this second
shipwreck. They signed a research agreement with the Harbor
Branch Oceanographic Foundation in Fort Pierce, Florida, which had
earlier worked on the ironclad Monitor.
In October 1990 a ten-day survey of the wreck was
conducted with the submersible Johnson-Sea Link I. I served as
chief scientist/archaeologist and had one of the greatest thrills of my
life working on the bottom at a depth of 1,200 feet. This was, at that
time, the deepest that anyone had actually been on the sea floor and
recovered historical artifacts. Each day we made two dives of three
to four hours duration and in the sixty-six hours I spent on the
wreck site we were able to make as comprehensive an archaeological
survey of the site as if we were in shallow water. Using the Sea Link’s
manipulator arm, we first laid out a grid pattern of buoys. Then
using both video and a 70mm still camera mounted on the bow of
the submersible, we made a photo-mosaic of the wreck. It shows
thirteen cannon and two anchors lying on or close to a large ballast
pile and more copper cooking kettles, ceramics, cannon balls, ship’s
fittings, tools and other artifacts which were all measured, plotted and
photographed in situ.
During the next phase, we obtained samples of artifacts and dug
test holes using a small suction pump. Overall we retrieved more
than one hundred artifacts including a glass rum bottle, two small
iron cannon, hundreds of cannon balls, a brass telescope, a stone
grinding wheel, ceramics and hundreds of lead musket balls. The
most interesting item was a piece of wood with cotton fishing line
still wrapped around it.
The small suction pump was unable to dig very deep, so when
we returned to the site in April 1991, we had a better excavation
tool - a thruster which was mounted on the bow of the
submersible and worked in the same manner as the prop-washes
used on shallow water sites. We were able to remove a great deal of
sand from the ballast pile and were delighted to discover that most of the
ship’s lower hull was well preserved. We could see that the ship
was of typical Spanish construction with pine planking and oak used
for the structural members such as the keel and ribs. Another cannon
and an anchor were recovered as well as hundreds of other artifacts
such as wooden pulley blocks, fragments of rope and anchor cable,
tools, brass buttons and buckles, sheets of lead and copper, a pewter
spoon, animal bones, ceramic shards, leather, tools and six Spanish
silver coins from the early eighteenth century. One of the missing ships
from the fleet of 1715 was lost in this area and comparison of the
artifacts recovered to date supports the likelihood that it may well be
one of the 1715 wrecks.
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working with seahawk 
