Acadian Mining intersects 41.0 meters grading 1.15 g/t gold including 8
meters grading 3.93 g/t gold at Beaver Dam, Nova Scotia
Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 491,691,616
HALIFAX, Feb. 25 /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian" or the "Company") announced the results of the remaining 7 diamond drill holes of the recently completed 14 hole, 2360.5 meter program, on the Beaver Dam gold property, Nova Scotia. The current resource is based on drilling at a 25 m line spacing and 20 m along the line grid pattern. The ultimate objective is to move the project, which is being evaluated for both its bulk tonnage-open pit potential and underground potential at depth, to the feasibility stage. Further exploration drilling is also planned with the objective of expanding resources.
The highlights of drill holes BD-09-147 to BD-09-153 are presented in Table 1 below. A list of highlights of previously released drill holes (BD-09-140 to BD-09-146) are presented in Table 2.
Table 1 Significant Results - Drill Holes BD-09-147 to BD-09-153
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Drill Holes From (m) Interval (m) Gold Grade (uncut g/t)
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BD-09-147 160 10 .45
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BD-09-148 160 19 .51
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and 192 8 1.10
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BD-09-149 169 10 1.03
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and 187 9 1.25
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BD-09-150 202 48 .61
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Including 244 6 1.21
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BD-09-151 153 11 .53
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BD-09-152 74 41 1.15
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Including 107 8 3.93
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BD-09-153 173 8 4.38
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The true width of gold mineralized intercepts, except for BD-09-153, varies from approximately 80% (-50 dip hole) to 85% (-45 dip hole) of the intercept width. Drill hole BD-09-153 was drilled at the Mill Shaft area, approximately 800 meters west of the Main Zone. This hole intersected a narrow quartz vein at a fold hinge, and as such was for a large part in the plane of the vein. However, the vein showed visible gold over several meters. Future efforts in the Mill Shaft area are expected to focus on solving geological structure and following up on historical gold drill intercepts.
Drill holes BD-09-147 to BD-09-151 were drilled to test the depth potential of discrete higher grade zones within wide zones of low grade gold mineralization being assessed for bulk tonnage - open pit potential. This drilling has confirmed the continuity of the key vein structures at depth. Furthermore, additional information needs to be collected to better understand possible structural controls on higher grade zones. Present interpretation points to steeply plunging shoots.
Results in drill hole BD-09-152, an infill hole drilled in the centre of the Main Zone, supported drill hole results on adjacent lines 12.5 meters to the east and west.
Table 2 Significant Results - Drill Holes BD-09-140 to BD-09-146
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(Previously Released Nov 4, 09 and December 15, 09)
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Drill Holes From (m) Interval (m) Gold Grade (uncut g/t)
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BD-09-140 18.00 53.00 2.25
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Including 18.00 21.00 4.99
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Including 38.00 1.00 81.08
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BD-09-141 31.00 51.00 1.42
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Including 63.00 19.00 2.11
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Including 63.00 9.00 3.48
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BD-09-142 7.00 40.00 0.87
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Including 24.00 21.00 1.12
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Including 34.00 10.00 1.88
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BD-09-143 23.00 55.00 0.91
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Including 23.00 30.00 1.25
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Including 23.00 18.00 1.68
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BD-09-144 54.00 33.00 1.37
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Including 70.00 14.00 2.27
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Including 70.00 8.00 3.01
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BD-09-145 155.00 1.00 18.70
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And 202.00 20.00 0.87
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Including 207.00 3.00 3.13
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Including 207.00 9.00 1.38
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BD-09-146 159.00 1.00 5.84
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And 159.00 17.00 0.87
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Including 159.00 10.00 1.22
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Drill hole co-ordinates for drill hole numbers BD-09-140 to BD-09-153 are tabulated in the news release dated November 4, 2009. The true width of gold mineralized intercepts in Table 2 above vary from approximately 80% (-50 dip hole) to 85% (-45 dip hole) of the intercept width.
The Beaver Dam Main Zone as presently defined has a strike length of 725 meters and averages approximately 30 meters in width. Drilling to date has generally been to shallow depths to support a potential bulk tonnage - open pit development plan. However, limited deep drilling to date demonstrates the continuity of the gold zones to depth, and supports the potential for a gold deposit amenable to underground mining methods below the open pit target.
The current resource at Beaver Dam is comprised of cut indicated resources of 446,000 oz. gold (9.08 million tonnes grading 1.53 g/t gold) and cut inferred resources of 504,000 oz. gold (10.40 million tonnes grading 1.50 g/t gold) based on a lower cut-off of 0.3 g/t gold and top-cuts of 14 and 25 g/t gold. Details of the Beaver Dam resources are described in the "Technical Report on the Updated Mineral Resource Estimate", effective date July 16, 2007 and filed on SEDAR September 17, 2007.
Other
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Terence F. Coughlan, P. Geo., is a qualified person as defined by National Instrument 43-101 and has reviewed the technical information reported in this news release for accuracy. All analyses were carried out by ALS Chemex in Val d'Or.
Technical Reports
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"Technical Report on the Updated Mineral Resource Estimate for the Beaver Dam Property, Halifax County, Nova Scotia, Canada", dated September 14, 2007 and filed on SEDAR September 17, 2007.
About Acadian
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Acadian is a Halifax, Nova Scotia, Canada based mining company with five advanced gold projects, all of which host National Instrument 43-101 compliant resources. The Company also owns a zinc-lead mine (Scotia Mine) at Gays River, Nova Scotia, which is currently on care and maintenance. Acadian is actively exploring and developing its gold, zinc-lead, and barite properties in Atlantic Canada. Acadian holds a 29.18% interest in Royal Roads Corp. (RRO-TSX-V), which is actively exploring in Newfoundland and Labrador with a current focus on the historic Buchans Camp.
Forward Looking Statement
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Certain information regarding Acadian contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Acadian believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Acadian cautions that actual performance will be affected by a number of factors, many of which are beyond Acadian's control, and that future events and results may vary substantially from what Acadian currently foresees. Discussion of the various factors that may affect future results is contained in Acadian's Annual Information Form dated March 31, 2009, which is available at www.sedar.com. Acadian's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
Additional Information
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For additional information on Acadian's properties and activities, please visit our web site at www.acadianmining.com.
No regulatory authority has approved or disapproved the contents of this release.
For further information: Paul K. Smith, VP Field Operations, Compliance, Permitting, (902) 444-7779, Toll Free: (877) 444-7774, [email protected]
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