Acadian Mining reports new assay results of 134.51 meters grading 1.88 g/t
gold at fifteen mile stream from historical drill holes
Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 491,691,616
HALIFAX, March 4 /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian" or the "Company") announces assay results from its Fifteen Mile Stream gold property in Nova Scotia. The samples were taken from archived drill core stored with the Nova Scotia Department of Natural Resources which had only been partially sampled by previous owners in 1985.
The drill hole results reported in Table 1 below are from the Egerton-McLean area where the Company previously reported an inferred resources of 202,000 ounces of gold (3,796,650 tonnes grading 1.66 g/t gold at a 0.70 g/t cut-off), effective May 27, 2008 (News Release No. 08-08, May 29, 2008).
The 2009-2010 sampling program was successful in both increasing the width and grade of the intercepts recorded in 1985. Examples include drill hole 85-12 which increased by 28% from 134.51 meters grading 1.46 g/t gold to 134.51 meters grading 1.88 g/t gold; drill hole 85-13 increased by 32% from 94.09 meters grading 0.81 g/t gold to 94.09 meters grading 1.07 g/t gold; and drill hole 85-17 in which the 19.69 meter intercept increased by 51% from 0.95 g/t gold to 19.69 meters grading 1.43 g/t gold. These will impact positively on the above inferred resource. In addition, the results of the current sampling program showed that a number of holes were either collared or terminated in gold mineralization, reflecting the lack of full understanding of the extent of the gold mineralization in the Egerton-McLean area.
Table 1 - Summary of Assay Results
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From Interval Gold Grade
Drill Holes (m) (m) (uncut g/t)
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FMS-85-1 6.10 20.70 0.29
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67.20 2.10 3.93
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115.95 14.20 0.51
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FMS-85-2 102.38 37.83 0.53
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incl 112.87 11.12 1.21
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FMS-85-5 110.22 6.49 0.54
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132.47 7.40 2.30
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FMS-85-6 99.52 32.43 0.64
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incl 102.41 27.07 0.72
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144.78 6.84 20.02
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incl 149.05 0.15 858.51
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FMS-85-7 117.56 27.83 0.86
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incl 136.73 8.66 2.02
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FMS-85-8 6.58 26.28 0.85
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incl 22.09 8.38 1.20
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41.00 6.61 0.72
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FMS-85-9 7.77 46.09 1.08
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incl 13.72 17.13 1.28
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50.90 2.96 6.98
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FMS-85-12 8.44 134.51 1.88
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incl 8.44 111.16 2.10
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incl 8.44 60.63 3.16
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FMS-85-13 5.49 94.09 1.07
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incl 5.49 68.39 1.24
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incl 39.20 34.68 1.57
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incl 92.05 4.94 2.72
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FMS-85-15 8.84 6.70 1.72
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FMS-85-15A 65.23 7.92 0.32
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FMS-85-16 9.30 5.09 0.92
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29.02 16.43 1.17
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107.02 14.90 44.30
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incl 115.82 0.10 7,076.57
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FMS-85-17 38.65 21.70 0.90
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42.25 16.73 1.11
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90.13 0.46 220.11
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101.01 19.69 1.43
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128.38 10.76 0.90
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Drill intercepts are approximate true width, except for FMS-85-2, 85-5, 85-6, 85-7 and 85-9 which are 85-90%.
Noteworthy is that drill holes 85-01, 85-08 and 85-13 collared in gold mineralization, and drill holes 85-02, 85-05, 85-06, 85-07, 85-12, 85-15A, 85-16 were too short, having terminated in gold mineralization. Drill hole 85-03 remains to be sampled.
The earlier 1985 drill campaign was the first of a four year program that in total, comprised 26,630 meters of diamond drilling in 136 holes, mostly in the Egerton-McLean and Hudson areas in the central portion of the property.
The overall success of this new sampling and assaying of 1985 drill holes to completion, suggest a high probability that drill holes with incomplete sampling in the 1986-1988 drill campaigns will also have understated assay results. As such, a certain number of the 1986-1988 drill holes will be re-drilled in future drill campaigns. With the exception of one drill hole, there is no archived drill core from the 1986-1988 campaign.
The bulk tonnage potential of the Egerton-MacLean deposit, with final boundaries yet to be determined, is underlined by the wide intervals of gold mineralization (Table 2 below) highlighted as reported earlier (News Release No. 08-08). In addition, while coarse, nuggety gold is characteristic of the quartz vein hosted gold, the obvious contribution of the disseminated gold in the mudstone units is the prevalent character of the mineralization.
Table 2 - Historical Drill Highlights
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From To Int. Gold
Hole (m) (m) (m)* g/t(xx)
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86-005 88.69 107.32 18.63 5.57
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86-008 43.01 150.25 107.24 0.99
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87-022 119.00 153.02 34.02 2.23
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87-024 49.41 152.00 102.59 1.41
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87-042 109.63 135.00 25.37 10.15
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87-044 39.07 142.00 102.93 1.46
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87-049 77.35 139.10 61.75 2.33
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88-107 103.21 142.50 39.29 2.43
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* = approximate true width
(xx) = uncut, weighted average grade of intercept with
unsampled intervals at zero grade
Management Opinion
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Peter Lee, Acting President & CEO, stated "These assay results are highly encouraging and strongly support our confidence in growing resources at Fifteen Mile Stream. Disseminated style gold mineralization has been identified in a number of areas over a 3.2 kilometer distance at Fifteen Mile Stream, of which Egerton-McLean is one. We consider this region highly prospective."
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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