Acadia ups tons, grades

Avard Hudgins is building a mine.

Nine fill-in holes put down on the L’Estrange shoot on Acadia Mineral Ventures’ Mooseland property in Nova Scotia have demonstrated the existence and continuity of a new gold-bearing shoot along a strike length of at least 1,000 ft.

According to Avard Hudgins, Acadia’s chief geologist, the potential ore tonnage in the new shoot is in the order of 500,000 tons at an average grade of 0.80 oz gold per ton. This adds substantial tonnage to an already reported 675,000 tons of mineralization grading 0.244 oz outlined by the company in 1987 on the same part of the property.

Total reserves indicated on the property now stand at 1,175,000 tons grading 0.48 oz, The Northern Miner calculates.

The new shoot, which is still open along strike and at depth, has been defined from 300 ft below surface to a depth of 1,300 ft, Hudgins says. It is located on the west side of the Tangier River.

“Gold values are contained within a steeply-dipping belt comprised of multiple quartz-sulphide veins in a slate-schist horizon,” Hudgins says. “The average true width is about 4.3 ft and contains 1.03 oz (uncut). Therefore, there is a possible grade of over 0.80 oz across a potential mining width of about 5.0 ft.”

There is more reserve building potential on the east side of the Tangier River as well. Two drills will continue drilling on the property in the very near future.

Hecla Mining of Coeur d’Alene, Idaho, has until the end of February to decide whether or not to arrange the major financing needed to put the property into production. The U.S. major can earn a 60% interest in the Mooseland property by making the commitment, which could be in the order of $50 million, according to President Donald Smith.