From the screenshot you will see what I got from the hole level 2 (where you fight the buthcer)There is a chest in that small cave and as you can see you can get very good stuff.
There's a chest in hole level 2 that drops higher level items, hole level 2 has no enemies in it as it is meant to be the place where you summon and fight the butcher.
Ok there you will have it detailed. You choose this waipoint When in Black marsh you look for the cave name The hole level 1 When you are already inside find level 2 And now you are in the Prize Room !
Your goal is to get some magic find on you and fish for rings/amulets/jewels body armors and weapons.Practically everything rare with high level can steamroll you further. Especially on HC