Acadia pulls exceptional hole on Mooseland bet

Acadia Mineral Ventures has drilled what President Donald Smith calls “probably the biggest hole to be pulled in the Maritimes.” It’s hole E-5 put down on the east side of the Tangier River on the company’s Mooseland property in Halifax Cty. Six gold-bearing zones were intersected in the 750-ft hole that was drilled at a 45 degrees angle. Assay results were: Intersection Assay (ft) (oz/ton) 6.63 2.57 6.46 0.15 1.97 0.22 5.54 0.212 4.64 1.15 5.24 0.43

Seven more holes have been put down in the same area. From visual examination, the company’s field geologist says hole E-8, the most recent, seems to be identical to E-5.

The company has already decided to go underground on the west side of the river, about 1,000 ft away where a potential 500,000 tons grading 0.2-0.4 oz gold per ton are indicated to a depth of about 1,000 ft.

Mph Consulting of Toronto is doing a technical assessment of the drilling so far and should be reporting grades and tonnage figures next week.

The latest results have spurred the price of the company’s 4.5 million outstanding shares which have tripled since the company went public in December, 1986.

The company is listed in Toronto.