Acadian Gold Announces Gold Resource Estimate For Goldenville Property-33,847 Ounces Indicated Plus 259,212 Ounces Inferred.HALIFAX, Nova Scotia For other uses, see Halifax. Halifax, Nova Scotia may refer to any of the following:
Acadian Gold Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:ADA Ada, city, United States Ada (ā`ə), city (1990 pop. 15,820), seat of Pontotoc co., S central Okla.; inc. 1904. It is a large cattle market and the center of a rich oil and ranch area. ) ("Acadian Gold") is pleased to announce initial resource estimations for its Goldenville project in Nova Scotia Nova Scotia (nō`və skō`shə) [Lat.,=new Scotland], province (2001 pop. 908,007), 21,425 sq mi (55,491 sq km), E Canada. Geography , effective January 31, 2005. The following indicated and inferred resource figures have been provided by Peter Webster Peter Webster is an English artist and sculptor, best known for his sculpture of the British athlete Steve Ovett, which was exhibited in Preston Park, Brighton. Webster also created the statue of Max Miller, the English comedian, currently on display in the grounds of the Royal , P.Geo., of Mercator Geological Services Limited ("Mercator"), independent consultants to Acadian Gold, in accordance with NI 43-101 and in accordance with "Canadian Institute of Mining, Metallurgy and Petroleum The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) is a technical society of professionals in the Canadian minerals, metals, materials and energy industries. It was founded in 1898. In 2006, the organization had 12,000 national members. Standards on Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature and Mineral Reserves Definition Guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. ". A minimum gold grade threshold of 1.0 g/t over 1.2 metre minimum true width and a high grade block grade cutting factor of 50 grams per tonne was used in the resource estimations. Estimations were also made based on gold grade thresholds of 2.0 g/t and 3.5 g/t. The independent consultants resource estimate is based on a draft NI 43-101 report dated January 31, 2005 and the Company is anticipating filing the final report within 30 days to comply with NI 43-101 requirements. Based on a 1.0 g/t cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, and minimum 1.2 metre estimated true width, the Company is pleased to report an indicated resource of 33,847 ounces of gold (157,109 tonnes grading 6.70 g/t gold (uncut) plus an inferred resource of 259,212 ounces of gold (884,906 tonnes grading 9.11 g/t gold (uncut). Based on a 3.5 g/t cut-off, eliminating resource blocks less than 3.5 g/t results in an indicated resource of 28,298 ounces of gold (59,183 tonnes grading 14.87 g/t gold (uncut) plus an inferred resource of 230,903 ounces of gold (394,348 tonnes grading 18.21 g/t gold (uncut). INDICATED AND INFERRED RESOURCES Indicated Mineral Resource Estimate --------------------------------------------------------------------- Gold grade Tonnes Gold Grade Gold Grade Total Ounces Threshold Uncut Uncut (g/t) (g/t) 50 g cut Uncut --------------------------------------------------------------------- 3.5g/t 59,183 14.87 13.45 28,298 --------------------------------------------------------------------- 2g/t 92,339 10.39 9.48 30,849 --------------------------------------------------------------------- 1g/t 157,109 6.70 6.16 33,847 --------------------------------------------------------------------- Inferred Mineral Resource Estimate --------------------------------------------------------------------- Gold grade Tonnes Uncut Gold Grade Gold Grade Total Ounces Threshold Uncut (g/t) (g/t) 50 g cut Uncut --------------------------------------------------------------------- 3.5g/t 394,348 18.21 12.24 230,903 --------------------------------------------------------------------- 2g/t 551,790 13.75 9.49 243,959 --------------------------------------------------------------------- 1g/t 884,906 9.11 6.45 259,212 --------------------------------------------------------------------- Mercator completed a compilation and validation of historic exploration, development and mining data pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the Goldenville property held by Acadian Gold. The purpose of this effort was to create a digital data set for the Goldenville property upon which a mineral resource estimate could be established and future programs designed to assess the property's potential economic viability. The above resource estimations are based on weight averaged composite gold values from surface and underground diamond drill intercepts from 142 drill holes and underground sampling completed by previous operators in the period 1961-1988. Composite resource blocks volumes were calculated using the end area method on cross sections created in Surpac v5.0 software. A maximum polygon polygon, closed plane figure bounded by straight line segments as sides. A polygon is convex if any two points inside the polygon can be connected by a line segment that does not intersect any side. If a side is intersected, the polygon is called concave. block height was established, and polygons were extended 25 metres above and below the weighted average drill hole intercept intercept in mathematical terms the points at which a curve cuts the two axes of a graph. . If an adjacent drill hole or underground working was closer than 25 metres to the drill hole, the polygon was extended one half the distance to the adjacent drill hole or working. Indicated Mineral Resources were defined in the area between the Bluenose bluenose a name used in the UK for a photosensitive dermatitis of the horse's face marked by a cyanotic appearance in the early stages of skin which later sloughs. The disease occurs in the spring and may be accompanied by such a severe edema that it resembles purpura hemorrhagica. and Stuart Shaft areas. Resources of this class were defined on the basis of proximity to underground sampling or continuity of individual intercepts between two or more drill holes, which increased the confidence in the potential for strike and dip Strike and dip refer to the orientation or attitude of a geologic feature. The strike of a stratum or planar feature is a line representing the intersection of that feature with the horizontal. continuity of stratabound veins. Inferred Mineral Resources were defined in areas tested by diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral only. A minimum weighted average gold grade of 1 g/t over an estimated true width of 1.2 meters was applied to all inferred resource polygons. Management is greatly encouraged by the initial resource estimates for Goldenville and by the potential to add to these resources by completing further diamond drilling on the prospective Goldenville structure which crosses Acadian Gold's property for a distance of 8 kilometres. Of particular interest is the 1.25 kilometre zone between the Stuart Shaft and the Bluenose Shaft (Stuart-Bluenose Zone), which is the location of historic production of 212,000 ounces of gold as well as the above reported resources. The deepest drill hole to date at Goldenville is in the Stuart-Bluenose Zone which assayed 14.67 g/t over 1.2 metres g/t gold at a vertical depth of 317 metres. Other prospective target areas include the relatively unexplored areas east of the Bluenose Shaft, immediately west of the Stuart Shaft, and in the vicinity of Mitchell Lake Mitchell Lake is a small lake in San Antonio that encompasses approximately 600 acres in southern Bexar County. It was used as a waste management center for the city but has since fallen under SAWS control. where previous drilling reported a drill intercept assaying 1.33 g/t gold over 20.2 metres (press release December 1, 2004). Acadian Gold has just completed a limited drill program at Mitchell Lake and assays are pending. The Goldenville Mine property is an advanced exploration/development project which boasts a large historic database generated from exploration programs completed in the 1980s. In addition to 28,768 metres of diamond drilling in 142 drill holes, the three compartment Stuart Shaft was rehabilitated to the 183 metre level and a limited program of underground sampling and drilling was undertaken prior to project suspension in 1988. A planned bulk sampling program based on recommendations by MPH Consulting Limited was not completed. A final report by MPH Consulting Ltd. (May, 1989), recommended that any future evaluation of the property continue the underground evaluation program initiated in 1988 and complete the required mine development in areas of high potential to obtain bulk sample material. The ultimate objective of the recommended program was to prepare a mineable reserve calculation and to develop operational parameters for use in a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. . The key mineral claims comprising the Goldenville Mine property cover 8 kilometres of strike length of the most important portion of the gold bearing structure hosting the former Goldenville mines. Approximately 110 gold bearing quartz veins are reported to occur over an approximate width of 156 metres. Some of these were mined on both the north and south limbs of the anticlinal anticlinal /an·ti·clin·al/ (-kli´n'l) sloping or inclined in opposite directions. an·ti·cli·nal adj. Inclined in opposite directions, as two sides of a pyramid. structures. The eastern portion of the anticline anticline: see fold. is characterized by saddle veins which are reported (Faribault, Canadian Geological Survey The term geological survey can be used to describe both the conduct of a survey for geological purposes and an institution holding geological information. A geological survey , 1903) to be amongst the largest in the Nova Scotia goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. . The following table is a summary of resources announced for Forest Hill, Tangier, Beaver Dam and Goldenville.
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Property Name Tonnes Grade Gold Ounces Uncut Press Release
and Resource Uncut(a) g/t Reference and
Category Date
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Measured Inferred(b)
and
Indicated
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Forest Hill PR No. 22-04;
Nov 09, 2004
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Indicated 245,000 13.21 104,055
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Inferred 818,000 9.33 245,373
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Tangier PR No. 17-04;
Oct 05, 2004
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Indicated 294,000 5.48 51,804
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Inferred 899,000 5.79 167,370
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Beaver Dam PR No. 29-04;
Dec 22, 2004
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Measured 219,000 2.32 16,377
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Indicated 1,110,000 2.39 85,373
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Inferred 3,808,000 2.73 334,271
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Goldenville PR No. 01-05;
Feb 01, 2004
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Indicated 157,000 6.7 33,847
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Inferred 885,000 9.11 259,212
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Totals to Date 291,456 1,006,226
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(a)Rounded (b)The inferred resources are in addition to the
indicated resources.
Management is very pleased with the progress that has been made with respect to building resources on the Company's gold properties and is now reviewing options on how to best exploit these properties. Acadian Gold is bringing a new approach to the development of gold mines in Nova Scotia by pursuing a multiple mine - central processing strategy. Will Felderhof, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated "Acadian Gold has the largest gold resource ever reported in the Nova Scotia goldfields which puts Acadian Gold in a unique position in Nova Scotia. In addition, these four key properties have potential for additional gold mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. ." Peter C. Webster, P. Geo., is responsible for the management and supervision of the Company's exploration program and is responsible for the preparation of the technical information reported in this news release. Mr. Webster is an independent third party geologist, President of Mercator Geological Services Limited and a qualified person as defined by National Instrument 43-101. This news release includes statements about expected future events and/or financial results that are forward looking in nature and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbour for forward looking statements provisions contained in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward looking statements may include statements, plans expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company 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. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company's control, and that future events and results may vary substantially from what the Company currently foresees. Discussion of the various factors that may affect future results is contained in the Forward Looking Statements section of the Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Results in the Company's Annual Report for 2003 which is filed with the Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. and SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review . For additional information on the Company's properties and activities, please visit our recently updated web site at www.acadiangold.ca. If you wish to be added to the Company's e-mail or fax distribution list for future news releases and updates, please contact us at phone: 902-444-7779, fax: 902-444-3296 or email: mail@acadiangold.ca. Shares Outstanding: 46,953,521 The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for the adequacy or accuracy of this release. Acadian Gold Corporation (TSX VENTURE:ADA) |
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