Trading Symbol: ADA:TSX
HALIFAX, June 23, 2011 /CNW/ - Acadian Mining Corporation ("Acadian" or "Company") (TSX: ADA) is pleased to announce that it has commenced the first phase of a
diamond drilling program at its Fifteen Mile Stream gold project. This
drill program is part of a comprehensive gold exploration program
planned for the Company's vast landholdings in Nova Scotia,
Canada. Other projects that have been prioritized for significant
exploration activities in the future include the Beaver Dam, Golden
Seal, and FMS Trend projects.
Grant Ewing, President and C.E.O., stated, "We are very pleased to be
commencing the initial drill program on our Fifteen Mile Stream gold
project. This project is viewed as our top priority, and we believe
that the deposit has significant potential for resource expansion. With
Acadian's restructuring activities now complete, we are ready to launch
as a focused gold exploration and development company."
Gold mineralization at Fifteen Mile Stream occurs as both coarse, free
gold in quartz veins and as disseminated and free gold in altered
mudstone-siltstone host rocks. The rock units that host the deposit
have been structurally thickened in the hinge of a moderately
east-plunging, overturned anticline that comes to surface in the main
area of the resource (Egerton-McLean Zone). Approximately 700 metres to
the west the same fold structure, which takes the shape of an elongated
dome, plunges gently to the west and is also mineralized, although no
gold resource has been quantified in this area (Hudson Zone) due to
lack of drilling.
The initial 4,000 metre drill program at Fifteen Mile Stream is expected
to further define the near surface gold potential that has not been
adequately tested in the past. It is expected that considerable gold
mineralization will be encountered in this area. An extensive strike
length measuring approximately 3.2 kilometres has been identified as
having potential to host mineralization in the Fifteen Mile Stream area
and will be drill tested in a second phase of drilling. In addition,
Acadian controls an extensive land position along the prospective trend
(the FMS Trend) that hosts the Fifteen Mile Stream and Beaver Dam
Approximately 27,000 metres of drilling in 136 drill holes have been
completed on the deposit historically, and an inferred resource
estimate totalling 202,000 ounces of gold (3,796,650 tonnes grading
1.66 g/t gold) has been established based on this drilling. (see
"Technical Report and Resource Estimate on the Fifteen Mile Stream Gold
Property, Halifax County, Nova Scotia", May 27, 2008).
Select drill intercepts from the Egerton-McLean zone include:
134.51 metres grading 1.88 g/t gold in DDH 85-12 (100% sampled)*
102.59 metres grading 1.41 g/t gold in DDH 87-024 (89% sampled)
102.93 metres grading 1.46 g/t gold in DDH 87-044 (79% sampled)
*Includes Acadian sampling of previously un-sampled intervals.
Recent sampling of un-sampled intervals of available archived core
returned positive results, indicating the existing resource may be
understated (see News Releases dated March 4, 2010 and March 17, 2010).
The current drill program is also designed to confirm historical data.
Richard Horne, M.Sc., P.Geo., Chief Geologist of Acadian, is a Qualified
Person as that term is defined in National Instrument 43-101 and has
reviewed and approved the technical information contained in this news
Forward Looking Statement
Certain information regarding Acadian contained herein may constitute
forward-looking statements within the meaning of applicable securities
laws. Forward-looking statements may include estimates, plans,
expectations, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Although Acadian 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. Acadian cautions that actual performance will be
affected by a number of factors, many of which are beyond Acadian's
control, and that future events and results may vary substantially from
what Acadian currently foresees. Discussion of the various factors that
may affect future results is contained in Acadian's Annual Information
Form dated March 31, 2011, which is available at www.SEDAR.com. Acadian's forward-looking statements are expressly qualified in their
entirety by this cautionary statement.
About the Corporation
Acadian is a Halifax, Nova Scotia, Canada based company with five
advanced gold projects, all of which host National Instrument 43-101
compliant resources. The Corporation also owns barite properties on
Cape Breton Island, Nova Scotia. Acadian's primary focus is centered on
exploration and development of its gold deposits in Atlantic Canada.
For additional information on Acadian's properties and activities,
please visit our web site at: www.acadianmining.com.
No regulatory authority has approved or disapproved the contents of this
SOURCE ACADIAN MINING CORPORATION
For further information:
Grant Ewing, President and Chief Executive Officer
(902) 444-7779 Toll Free: (877) 444-7774
Halifax, Nova Scotia