Acadian Mining expands historical drill core sampling program at Fifteen Mile
Stream gold property
Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 491,691,616
HALIFAX, March 17 /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian" or the "Company") announced today that following the positive results achieved in the phase one sampling program of historical diamond drill core from the Fifteen Mile Stream gold property archived in the provincial government core library, the program will continue into phase two.
The phase two sampling program will include 13 diamond drill holes, 6 of which are located in the Egerton-McLean area, being the same location of the 13 drill holes which comprised the phase one sampling program. Previous sampling was incomplete, and as such the phase two program presents Acadian with the opportunity to increase gold grade and ounces attributable to its Fifteen Mile Stream gold property.
Highlights of assay results of the phase one sampling program were press released on March 4, 2010, and included intercepts up to 134.51 metres grading 1.88 g/t gold (approximate true width). The 6 holes to be sampled in phase two, total approximately 1,054 metres of un-sampled drill core.
The remaining 7 drill holes totaling 615 metres of un-sampled core are from the Hudson area which is located approximately 700 metres west of the Egerton-McLean area and also hosts wide intervals of disseminated gold mineralization. Incomplete sampling of drill core (in many instances, vein and vein shoulders only), shows multiple gold mineralized intercepts within individual holes which may potentially be demonstrated to be continuous with complete sampling. Hudson area drill holes that highlight the potential of gold grade and interval width improvement through additional sampling include DDH 85-18 and DDH 85-19, which are reported as follows in 1985.
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Drill From Width Grade %
Hole (m) (m) g/t Sampled
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85-18 6.10 8.84 15.37 64
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14.94 42.36 0.07 56
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57.30 3.17 2.83 100
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60.47 42.46 0.01 16
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102.93 0.18 22.63 100
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103.11 49.29 nil 8
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85-19 6.10 33.28 0.05 34
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39.38 13.20 1.95 57
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52.58 7.71 0.02 55
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60.29 10.55 1.16 44
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70.84 20.60 nil 18
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Management Opinion
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Peter Lee, Acting President and CEO stated "Typical increases in grade ranged from 20 to 50% through additional sampling in the phase one sampling program in the Egerton-McLean area. Should similar increases be demonstrated in the Hudson area, the prospectivity of this area would be significantly enhanced, and further support the potential for multiple bulk tonnage gold deposits at Fifteen Mile Stream."
Qualified Person
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Terry Coughlan (P. Geo) is a Qualified Person as defined in National Instrument 43-101, and has reviewed and approved the technical contents of this news release. All sample preparation and chemical analyses on drill core samples was carried out by ALS Chemex in Val d'Or.
About the Corporation
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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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