Trading Symbol: ADA:TSX; C2Z-Frankfurt
Shares Outstanding: 491,691,616
HALIFAX, April 5 /CNW/ - Acadian Mining Corporation (TSX: ADA) ("Acadian" or the "Company") is pleased to announce that it has commenced a high resolution helicopter airborne magnetic survey totaling 7,300 line kilometers over its large gold claim holdings which total approximately 67,000 hectares in the Nova Scotia goldfields. The objective of the survey is to identify targets with potential for bulk tonnage gold deposits.
A principal focus of the survey will be the FMS Trend, a 145 kilometer long, northeasterly trending geological corridor which has been identified by Acadian through its extensive exploration efforts in Nova Scotia as being prospective for low grade, bulk tonnage gold deposits potentially amenable to surface mining. Four advanced gold projects, two of which, Beaver Dam and Fifteen Mile Stream are 100% owned by Acadian occur on the FMS Trend.
At both Beaver Dam and Fifteen Mile Stream, gold mineralization occurs over wide intervals and is hosted by both quartz veins and the mudstone-siltstone host rocks. An approximate true width drill intercept at Fifteen Mile Stream of 134.51 meters grading 1.88 g/t gold, including 60.63 meters grading 3.16 g/t gold, highlights the bulk tonnage potential of these deposits (see news releases of May 28, 2008 and March 4, 2010 for more details). The mudstone and siltstone host rocks often show gold mineralization associated with wispy pyrrhotite which occurs in quantities ranging between 1-5%. A photograph showing this style of mineralization at Fifteen Mile Stream is posted on the Company's website. The pyrrhotite bearing mudstone and siltstone unit that occurs at the base of the Goldenville Formation, has been named the Fifteen Mile Stream Formation, and is an integral part of the FMS Trend as currently defined.
The Company's airborne magnetic survey is designed to identify the subtle magnetic signatures associated with the pyrrhotite bearing Fifteen Mile Stream Formation and coincident structural features which may be the loci for economic concentrations of gold.
The airborne survey will be conducted over an approximate 115 kilometer length of the FMS Trend, which includes Beaver Dam, Fifteen Mile Stream and extensive claim holdings east and west of the Osisko-Orex joint venture at Goldboro. In addition, the survey will include the Tangier, Forest Hill, Lake Catcha, Oldham, Cameron Dam and Killag gold properties. A map showing the airborne coverage areas will be posted on the Company's website.
Peter Lee, Acting President and CEO stated, "Given that 99% of the Nova Scotia goldfields are covered with overburden, Acadian's airborne survey should be an effective tool in the search for blind gold deposits. The easy discoveries were made by prospectors 100 years ago. The new discoveries are more likely to be made with the increasingly sophisticated technology such as high resolution magnetics, available to the mining industry today".
Terry Coughlan (P. Geo.) is a Qualified Person as defined in National Instrument 43-101, and has reviewed and approved the technical contents of this news release.
About the Corporation
Acadian is a Halifax, Nova Scotia, Canada based mining company with five advanced gold projects, all of which host National Instrument 43-101 compliant resources. The Company also owns a zinc-lead mine (Scotia Mine) at Gays River, Nova Scotia, which is currently on care and maintenance. Acadian is actively exploring and developing its gold, zinc-lead, and barite properties in Atlantic Canada. Acadian holds a 29.18% interest in Royal Roads Corp. (RRO-TSX-V), which is actively exploring in Newfoundland and Labrador with a current focus on the historic Buchans Camp.
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, 2010, which is available at www.sedar.com. Acadian's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
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 release.
SOURCE Acadian Mining Corporation
For further information: For further information: Paul K. Smith, VP Field Operations, Compliance, Permitting, Halifax, Nova Scotia, (902) 444-7779, Toll Free: 877-444-7774, firstname.lastname@example.org