@Aussie Reefer thank you for the response, my guess is that it's either marine grade SAE 316 stainless steel spring, or titanium spring but I'm leaning to SAE 316, while it's not completely "rust-proof", the alloy is more corrosion-resistant than other common stainless steels.... side note; surgical steel is made from subtypes of SAE 316 stainless.
Like you noted, it will require maintenance to keep it working and prevent it from sticking due to calcium buildup and/or something else (snail, sand, etc.) getting stuck and causing a catastrophic failure of the value.