Acadian Gold to Commence Phase Two Drill Program on Bathurst Camp Gold Property.HALIFAX, Nova Scotia For other uses, see Halifax.Halifax, Nova Scotia may refer to any of the following:
SEDAR Southeast Data, Assessment, and Review 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 that it intends to commence a second phase 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 program on its Tetagouche gold property in the Bathurst Camp of New Brunswick New Brunswick, province, Canada New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada. . Drill hole targets recommended by the Company's consultants are based on past drilling results, trench information and induced polarization Induced polarization (IP) is a geophysical imaging technique used to identify subsurface materials, such as ore. The method is similar to electrical resistivity tomography, in that an electric current is induced into the subsurface through two electrodes, and voltage is surveys. The Tetagouche property is a new discovery made in 2003 for which two Bathurst prospectors, Lorenzo Noel and Claude Willett were awarded "the most significant new discovery of the year award" by the New Brunswick Department of Natural Resources Many sub-national governments have a Department of Natural Resources or similarly-named organization:
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. grab samples from altered mafic maf·ic adj. Containing or relating to a group of dark-colored minerals, composed chiefly of magnesium and iron, that occur in igneous rocks. volcanics exposed in trenching ranged in grade between 1.37 g/t to 20.93 g/t gold. The first phase diamond drilling program outlined large alteration zones with extensive 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. associated with intervals enriched in pyrite pyrite (pī`rīt) or iron pyrites (pīrī`tēz, pə–, pī`rīts), pale brass-yellow mineral, the bisulfide of iron, FeS2. and 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. . Gold mineralized intervals include 52.5 metres grading 0.41 g/t gold, 13.6 metres grading 1.52 g/t gold and 4.60 metres grading 2.54 g/t gold. Individual samples from mineralized breccia breccia: see conglomerate. breccia Coarse sedimentary rock consisting of angular or nearly angular fragments larger than 0.08 in. (2 mm). Breccia commonly results from processes such as landslides or geologic faulting, in which rocks are fractured. returned grades as high as 7.40 g/t gold over 0.10 metres. For additional information see press releases December 11, 2003 and March 1, 2004. A geophysical program comprising 22.2 line kilometres of magnetometer, VLF-EM and IP-Resistivity surveying centred on the discovery area successfully identified anomalous zones of interest. Of particular interest is a northeast trending, coincident chargeability high-resistivity high anomaly situated on the flank of a magnetic low and along strike of phase one drill holes, TP04-04, TP04-06 and TP04-09. The anomaly commences in the discovery area and increases in amplitude to the northeast where it has been traced for 200 metres and remains open. Management believes that the extent of the gold mineralization encountered in what was a limited phase one drilling program demonstrates the potential of this new 10 km gold belt in the Bathurst camp. The drilling indicates the gold bearing envelope may exceed more than 52 metres in width, (hole TP02-04), and that the alteration zone should extend beyond the current work area within the 10 kilometre belt of favourable geology controlled by Acadian Gold. Results to date suggest that in addition to targeting higher grade gold mineralization similar to that discovered in earlier trenching, the property also demonstrates potential for large tonnage - low grade gold deposits. Forest Hill Acadian Gold is also pleased to announce that it has filed a final report with the regulatory bodies and on SEDAR on the updated and revised resource estimation for its Forest Hill 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 November 3, 2004. The following resources were estimated by Michael P. Cullen, P.Geo., in accordance with National Instrument 43-101and 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". Based on a 1.0 g/t cut-off and minimum 1.2 meter estimated true width, the Company is pleased to report an indicated resource of 104,055 ounces of gold (245,000 tonnes grading 13.21 g/t gold (uncut) plus an inferred resource of 245,373 ounces of gold (818,000 tonnes grading 9.33 g/t gold (uncut). The indicated and inferred resource figures listed below primarily reflect drilling intercepts centred around the Teasdale Shaft in the central portion of the property and the 1400 E - 1900 E Ramp area located 400-900 metres to the east. The drilling program which was designed to both identify new gold mineralized shoots within stacked, sub-horizontal ribbon type trends as well as provide better definition of known gold mineralized shoots was successful as demonstrated by the increase in tonnages in the inferred category as well as the addition of initial tonnages in the indicated category. The identification of indicated resources at Forest Hill is considered noteworthy in that it represents a positive step forward in the continuing development of this advanced gold project. The updated and revised resource estimation is as follows: Indicated Resources --------------------------------------------------------------------- Gold Grade Tonnes(a) Gold Grade Gold Ounces Gold Grade (g/t) Threshold (g/t) (g/t) Uncut Uncut 50 g/t Cut --------------------------------------------------------------------- 1.0 245,000 13.21 104,055 8.52 --------------------------------------------------------------------- 2.0 188,000 16.82 101,666 10.71 --------------------------------------------------------------------- 3.5 156,000 19.65 98,555 12.3 --------------------------------------------------------------------- Inferred Resources(b) --------------------------------------------------------------------- Gold Grade Tonnes(a) Gold Grade Gold Ounces Gold Grade (g/t) Threshold (g/t) (g/t) Uncut Uncut 50 g/t Cut --------------------------------------------------------------------- 1.0 818,000 9.33 245,373 8.32 --------------------------------------------------------------------- 2.0 609,000 12.27 240,245 10.77 --------------------------------------------------------------------- 3.5 485,000 14.73 229,687 12.84 --------------------------------------------------------------------- (a) Tonnages rounded (b) The inferred resources are in addition to the indicated resources. Management is very pleased with the progress being made with respect to building resources on the Company's advanced gold properties and looks forward to receiving an estimate from its consultants on Goldenville in January, 2005. The current overall resource for the Company's Forest Hill, Tangier and Beaver Dam Beaver Dam, city (1990 pop. 14,196), Dodge co., SE Wis., on Beaver Dam Lake, in a productive farm and dairy area; inc. 1856. Industries included food processing, metal and metal products fabrication, printing, and machinery manufacturing. properties is as follows.
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Gold Resources - (Forest Hill & Gold Ounces Gold Ounces
Tangier - 1.0 g/t threshold, uncut; (uncut) (uncut)
Beaver Dam - 0.3g/t/3.0m threshold, uncut) ------------------------
Measured Inferred(a)
and/or
Indicated
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Forest Hill 104,055 245,373
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Tangier 51,804 167,370
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Beaver Dam 100,407 332,100
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Goldenville - estimate due late January, 2005
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Totals to Date 256,266 744,843
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(a)The inferred resources are in addition to the indicated resources.
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The Company's objective is to identify sufficient gold resources in the near term on its four most advanced properties with a view to treatment in a central mill complex. These properties collectively have a large database base of 881 diamond drill holes totalling 121,324 metres and underground development including three ramps and two shafts. 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. 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 or email: mail@acadiangold.ca Shares Outstanding:36,978,078 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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