Acadian Gold pins estimate on Tangier (October 05, 2004)

Acadian Gold (ADA-V) has tabled an initial resource estimate on its Tangier gold deposit in Nova Scotia.

The estimate, by consulting firm Mercator Geological Services, puts Tangier’s indicated resource at 294,000 tonnes grading 5.5 grams gold per tonne, based on a 1-gram cutoff grade. In addition, 899,000 tonnes grading 5.8 grams per tonne are inferred.

Tangier, on the south coast about 75 km east of Halifax, was test-mined in the late 1980s by Coxheath Gold Holdings, but did not go into commercial production. The gold zones occur in a 300-metre-wide corridor along the northeast-trending axis of an anticline that runs for just over 7 km across the property.

The indicated resource is calculated in the Blueberry Hill area in the western part of the property, where Acadian has done both drilling and underground sampling. The inferred resources are on the Blueberry Hill zone and on the Strawberry Hill and Mooseland East zones, about 700 metres to the east.

Acadian had already received a resource calculation on the Forest Hill project, in Guysborough Cty. about 40 km southeast of Antigonish.Forest Hill, which was also the subject of underground bulk sampling and development in the 1980s. That estimate, released in August, put the inferred tonnage of the Forest Hill deposit at 792,000 tonnes grading 11.8 grams gold per tonne, again based on a 1-gram cutoff grade. Cutting high-grade results to a maximum of 50 grams per tonne brought the average grade down to 9.3 grams per tonne.