A year of drilling and data compilation at four gold prospects in central Nova Scotia has allowed Halifax-based
The latest resource estimates are:
– Forest Hill — 245,000 measured and indicated tonnes grading 13.21 grams gold per tonne and 818,000 inferred tonnes grading 9.33 grams gold, or a contained 349,000 oz.
– Tangier — 294,000 measured and indicated tonnes grading 5.48 grams gold and 899,000 inferred tonnes at 5.79 grams gold, or 220,000 contained ounces.
– Beaver Dam — 1.3 million measured and indicated tonnes of 2.38 grams gold and 3.8 million inferred tonnes of 2.73 grams gold, or 436,000 contained ounces.
– Goldenville — 157,000 measured and indicated tonnes at 6.7 grams gold and 885,000 inferred tonnes at 9.11 grams gold.
In total, Acadian now has 291,000 oz. gold in the measured and indicated categories, plus 1 million oz. inferred.
These resource figures are compliant with the standards outlined in National Instrument 43-101 and were calculated by Peter Webster of Mercator Geological Services.
The figures are based on uncut gold grades, a lower cutoff grade of 1 gram gold, and a minimum 1.2-metre true width of mineralization.
Acadian is looking to a “Ribbon” model to explain the properties’ style of mineralization — similar to the model developed for the historic Bendigo mining camp of Australia (for an-depth history of Acadian, see T.N.M., March 5/04).
Acadian carried out 12,000 metres of drilling last year and plans to drill 5,000 metres initially this year.
Work will begin with 10-12 holes at Forest Hill, where the focus will be on the recently discovered Fraser-Alimak zone. There, Acadian has recognized a new gold-mineralized horizon at surface and traced it for 500 metres to the east, where it is still open.
“We’re keen to build ounces at Forest Hill, because it could be quickly brought back into production,” says Acadian President Will Felderhof. “Overall, we’re making good progress and are going to push ahead this year with advancing these four projects.”
Acadian’s grand plan is to prove up sufficient material at several sites to recommence open-pit and underground mining, with processing at a single, central mill.
“There’s no doubt in my mind that as time passes, Nova Scotia’s goldfields will become more and more recognized as a high-potential camp,” says Felderhof, pointing to the success of Australian-listed
“The key to Nova Scotia gold is uniformity of gold mineralization within the high-grade chutes and the predictability of these chutes,” says Felderhof, “and I think that’s the hurdle that’s being crossed here by us and others. There’s also the recognition of disseminated gold in siltstones and certain greywacke packages.”
In December 2004, Acadian raised $1.4 million by privately placing 7.6 million units priced at 18 apiece. A unit comprises a share and half a warrant, with a whole warrant exercisable at 27. The company raised another $590,000 by placing 2.4 million flow-through shares at 25 apiece.
The money will be directed toward this year’s exploration programs at Forest Hill, Tangier, Beaver Dam and Goldenville.
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