Trading Symbol: ADA: TSXV; ADAIF: OTCQX
HALIFAX, June 4, 2013 /CNW/ - Acadian Mining Corporation ("Acadian" or the "Company") is pleased to announce the results of a NI 43-101 compliant Mineral Resource Estimate for the Hudson Zone at its wholly owned Fifteen Mile Stream gold deposit. The Hudson Zone is located approximately 700 metres west of the Main (Egerton-McLean) Zone. The estimate indicates 75,000 ounces of gold in the inferred category at Hudson with an average grade of 1.61 g/T Au at a cut off of 0.7 g/T Au (Table 1). The resource estimate was completed by Snowden Group and supervised by Dr. Simon Dominy, Executive Consultant.
Table 1: Hudson Zone Mineral Resource Estimate, 2013
|Cut off g/T Au||Tonnes||Grade g/T Au||Ounces Au|
- The total inferred resource at the Fifteen Mile Stream project (including Main Zone and Hudson Zone) now stands at 7.44 million tonnes grading 1.6 g/T Au for 383,000 ounces of gold in the inferred category (at a 0.7 g/T Au cut off)
- Strong exploration potential exists at the project - an extensive strike length measuring over 3 kilometres has been identified as having potential to host mineralization in the Fifteen Mile Stream project area
- An updated resource estimate based on a new geologic model is underway for Acadian's wholly owned Beaver Dam project, which is located near the Fifteen Mile Stream project
Mineralization in the Hudson Zone is largely confined to the same mineralized stratigraphic sequence defined in the Main Zone and the reported Mineral Resource Estimate is constrained to a wireframe of this sequence. The estimate is based on 20 diamond drill holes, four of which were drilled by the company in 2011, and a total of 1,951 assays within the mineralized domain. Due to the stratigraphic control on mineralization and the complex folding of the deposit the mineralized stratigraphy was unfolded prior to resource estimation. The method of estimation was ordinary kriging using a top cut of 27 g/T, a composite length of 1 metre and a block size of 25 by 10 by 10 metres.
The satellite Hudson Zone is located approximately 700 metres west of the Main (Egerton-McLean) Zone where an Updated Mineral Resource Estimate completed in 2012 defined 308,000 ounces of gold in the inferred category with an average grade of 1.6 g/T Au and at a cut off of 0.7 g/T Au (Table 2; press release 05-12, June 19, 2012). Combined, a total of 383,000 ounces of gold in the inferred category have been defined at the Fifteen Mile Stream project at a 0.7 g/T Au cut off.
Table 2: Main (Egerton-McLean) Zone Mineral Resource Estimate, 2012
|Cut off g/T Au||Tonnes||Grade g/T Au||Ounces Au|
Further infill drilling is planned for both the Main (Egerton-McLean) and Hudson Zones to improve the resource category from Inferred to Indicated status, and exploration drilling is planned to potentially expand the mineralized area. An extensive strike length measuring over 3 kilometres has been identified as having potential to host mineralization in the Fifteen Mile Stream area.
Dr. Simon Dominy FAusIMM(CP) FGS(CGeol), Executive Consultant, Snowden Group, 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 release that relates to the Mineral Resource Estimate reported. 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 release.
Forward Looking Statements
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 29, 2012, which is available at www.SEDAR.com. Acadian's forward looking statements are expressly qualified in their entirety by this cautionary statement.
About the Company
Acadian is a Halifax, Nova Scotia, based company with several gold projects located in Atlantic Canada. The Company also owns barite properties on Cape Breton Island, Nova Scotia. Acadian's primary focus is centered on exploration and development of its two core gold deposits, namely the Fifteen Mile Stream and Beaver Dam Projects.
For additional information on Acadian's properties and activities, please visit its web site at: www.acadianmining.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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