Acadian Gold Hits 4.73 Metres Of 10.15 Grams Per Tonne Gold On Its First Drill Hole At Its Grass Roots Upper Seal Harbour Property.HALIFAX, Nova Scotia For other uses, see Halifax. Halifax, Nova Scotia may refer to any of the following:
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 results from its 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 programs at its Upper Seal Harbour and Cameron Dam properties. Results from an initial drilling program comprising 450 metres in three holes at Upper Seal Harbour has outlined 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. along the same anticline anticline: see fold. that hosts extensive gold mineralization on the adjacent property controlled by Orex Exploration. Drill hole USH-04-01 intercepted an estimated true width of 4.73 metres grading 10.15 g/t gold. Drill holes USH-04-02 and USH-04-03 cut quartz veined zones mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. with sulphides but did not yield gold assays of significance. Highlights from drill hole USH-04-01 are as follows:
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Hole From To Intercept Est. True Gold Grade
(m) (m) Length (m) Width (m) (g/t)
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USH-04-01 82.6 87.8 5.2 4.73 10.15(a)
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including 82.6 83.6 1.0 0.91 51.0
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and 86.8 87.3 0.5 0.45 2.87(b)
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and 87.3 87.8 0.5 0.45 0.67
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(a) uncut weighted average grade; (b) visible gold intersected
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Acadian Gold's Upper Seal Harbour property had never previously been drill tested and as such management is highly encouraged by this initial discovery hole. Future drilling will be targeted to further test the mineralization at depth and along strike. Diamond Drill Results - Cameron Dam Two diamond drill holes totalling 300 metres were drilled to test the Cameron Dam property where historical work identified vein structures well mineralized with pyrite pyrite (pī`rīt) or iron pyrites (pīrī`tēz, pə–, pī`rīts), pale brass-yellow mineral, the bisulfide of iron, FeS2. , arsenopyrite arsenopyrite (är'sĭnōpī`rīt, ärsĕn`ō–) or mispickel (mĭs`pĭkəl), silver-white to steel-gray mineral with the metallic luster characteristic of a pyrite. and minor chalcopyrite chalcopyrite (kăl'kəpī`rīt, kăl`kōpī'rīt) or copper pyrites (pīrī`tēz, pə–), brass-yellow mineral, sometimes with an iridescent tarnish. as well as gold. Drill hole CD-04-02 returned a 0.4 metre intercept grading 5.0 g/t gold which supported historical intercepts of 10.85 g/t gold over 0.32 metres and 17.28 g/t over 0.22 metres in drill hole CD-88-03 by Scotia Prime Resources Inc. in 1988. Hole CD-04-01 did intersect abundant sulphide mineralization in quartz veins and wallrock but did not intersect gold values of economic interest. Correction - Press Release No. 18-04 Diamond drill results announced in the above release on Forest Hill were incomplete. Drill hole FH-04-67 should have included an additional gold mineralized intercept grading 10.47 g/t gold over an estimated true width of 1.2 metres on the Fraser-Alimak vein. The intercept 5.73 g/t gold over 1.2 metres was previously reported in PR No. 18-04. Assay results for this drill hole are as follows.
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Sampling
Interval
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Estimated Gold
From To True Grade(a) Vein Grid Ribbon
Hole (m) (m) Width g/t System Easting Number
(m) Name (m)
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FH-04-67 45.85 47.17 1.20 5.73 Schoolhouse 1400 1
6A
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including 46.50 46.60 0.09 75.60(b)
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and 79.83 81.15 1.20 10.47 Fraser 1400 1
Alimak
including 80.0 80.65 0.65 20.70
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and 80.9 81.15 0.25 1.05
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(a) uncut weighted average grade; (b) visible gold intersected
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Grant of Stock Options Acadian Gold further announced today that it has granted incentive stock options for 475,000 shares to its Vice-President under the terms of its existing Incentive Stock Option Plan previously approved by shareholders and 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. . The options have an exercise price of $0.20 per share, vest over a period of two years and have a five year term. Peter C. Webster, P. Geo., is responsible for the management and supervision of the Company's exploration program and Mr. Webster and Michael P. Cullen, P.Geo. are 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. Mr. Cullen is a Senior Geologist at Mercator and independent third party person as defined by National Instrument 43-101. The Company has implemented a quality control program to ensure that all exploration, sampling and analytical procedures Analytical Procedures is one of financial audit skill which help an auditor understand the client's business and changes in the business, to identify potential risk areas and to plan other audit procedures. are conducted in accordance with best practices. All drill core samples are sawn in half with half shipped by courier to SGS SGS Société Générale de Surveillance SGS Symantec Gateway Security (appliance) SGS School of Graduate Studies SGS Subgrid Scale SGS Singapore Government Securities SGS Shell Global Solutions Canada Inc. for analysis and half retained in the core box for future study. Samples are analyzed for gold using fire assay pre-concentration procedures followed by atomic absorption or gravimetric finish. Samples containing quartz veins or visible gold and samples initially grading more than 0.5 grams gold/tonne are prepared using a screen metallics assay method, which provides a weighted average grade based upon analysis of plus and minus 150 mesh sample fractions. 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 statement s 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 email or fax distribution list for future news releases and updates, please contact us at phone: 902-444-7779, fax: 902-444-3296. Shares Outstanding:38,878,078 The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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