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Junior Miner Intercepts Impressive Results at Gold Property In Nova Scotia
By: AllPennyStocks.com News
February 26, 2010
As the gold harvest wound down on Canada’s west coast, a scrappy little company on the east coast trumpeted new progress in the search for gold. Halifax-based Acadian Mining Corporation (TSX:ADA) in late February announced the results of the remaining seven diamond drill holes of its recently completed 14-hole, 2360.5-metre program, on the Beaver Dam gold property, also located in Nova Scotia. The current resource is based on drilling at a 25-metre line spacing and 20 metres along the line grid pattern.
Mineralization on Beaver Dam ranged up to 4.38 uncut grams per ton (g/t) on an eight-metre interval, enough to make seasoned mining pros sit up and take notice.
Drilling on Beaver Dam began last September, the company’s ultimate objective being to move the project, which is being evaluated for both its bulk tonnage-open pit potential and underground potential at depth, to the feasibility stage. Further exploration drilling is also planned with the objective of expanding resources.
Beaver Dam is one of five gold properties (Fifteen Mile Stream, Tangier, Forest Hill and Goldenville are the others), which form the core holdings of the Scotia Goldfields Project. ADA is bringing a new approach to the development of Nova Scotia gold deposits by pursuing a multiple mine, central processing, managing and servicing strategy.
ADA also boasts important zinc-lead and barite properties elsewhere in Atlantic Canada. ADA operated an open-pit, zinc-lead mine at Gays River, Nova Scotia between May 2007 and March of last year, through its 100% wholly-owned subsidiary, ScoZinc Limited.
ADA’s 100% owned Daniels Pond deposit is located in the 16,075 hectare Tulks North mineral property strategically located in the centre of the world-class Buchans base metal camp in central Newfoundland. Buchans Mine operated for 58 years before shutting down in 1984 and was one of the world's richest base metal mines, having produced over 16 million tonnes with average grades of 14.51% zinc, 7.56% lead, 1.33% copper, 126 g/t silver and 1.37 g/t gold.
ADA holds a 29.18% interest in Royal Roads Corp. (TSX-Venture:RRO), which is actively exploring in Newfoundland and Labrador with a current focus on Buchans Camp.
The 52-week trading range for ADA stock has been a fairly narrow one, jumping to the stratospheric 13 cents in mid-May of last year, after crawling along at 1.5 cents in the dog days of March last year. Even the day after the announcement at Beaver Dam, the stock could still be had for a mere seven cents. This is a stock that, for all its success in finding rich, new gold reserves, with the prospect of lots more, could be the best-kept secret on the market.
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