Golden River Resources

Fifteen Mile Stream

Fifteen Mile Stream

Fifteen Mile Stream consists of 3 licenses totalling 39 claims showing potential for hosting over 2Moz Au over a 3km distance. The deposit is a key property and potentially the most valuable in Nova Scotia; this is the focus of Acadian's gold activities.

The property is located in Eastern Halifax County, Nova Scotia, approximately 95km northeast of the provincial capital, Halifax. Site access is excellent, via Highway 374 and a major hydroelectric transmission line is located approximately 3km west of the property.

History

Gold was first discovered in the Fifteen Mile Stream district in 1867, and reported production for the district from 1883 to 1911 was approximately 19,400 ounces of gold from 42,500 tonnes of ore crushed.

The historic drill program in 1985 comprised 26 drill holes totalling 3,155.9 meters targeting vein style gold mineralization. Sampling was restricted to veins and shoulders and as such the drill core was 79% unsampled. This drill core has been made available to Acadian by the Nova Scotia Department of Natural Resources for logging and sampling which is now underway.

From 1995-1989 136 diamond drill holes (26,630m) were completed at the property by various operators. The database generated by this work is now the basis of the National Instrument 43-101 compliant technical report and an inferred resource estimate completed on the Egerton-Maclean deposit located in the central portion of the Fifteen Mile Stream property.

Geology

Fifteen Mile Stream has exceptional land position. The gold mineralization at Fifteen Mile Stream occurs as both coarse, nuggety gold in quartz veins and as disseminated to nuggety gold in mudstone host rocks. These zones exhibit weak to strong alteration in the form of carbonatization, sericitization, silicification and chloritization and are generally enriched in sulphide mineralization. The two gold mineralized mudstones have been structurally thickened in the Egerton-MacLean area. In this area the gold mineralized Seigel and Orient mudstones occupy the hinge zone and flanks of an east striking, shallow plunging, overturned (north), complex anticlinal structure that has been extensively faulted and sheared. The thickness of the gold mineralized Seigel and Orient mudstones ranges between 10m and 100m, and averages approximately 30m. The inferred resource as presently defined occurs over a strike length of 400m.

The bulk tonnage potential of the Egerton-MacLean deposit, with final boundaries yet to be determined, is underlined by the wide intervals of gold mineralization highlighted in Table 1 below.

Table 1 Fifteen Mile Stream drill highlights

Resources and Reserves

NI43-101 Resources (Measured, Indicated & Inferred)

Recent Exploration and Future Developments

The Fifteen Mile Stream property is a bulk tonnage target gold property which boasts wide historic drill intercepts including DDH 87-044 with 102.93 meters (approximate true width) grading 1.46 g/t gold (cut and uncut). Gold mineralization occurs both as nuggety gold in quartz veins and disseminations in mudstones. Disseminated gold has been intersected in drill holes over a distance of approximately 3 kilometers, demonstrating the potential for significant resource expansion at Fifteen Mile Stream.

Acadian announced the completion of its diamond drill program in January 2012 and all results from the 2011 program have been reported. 

Highlights from the drill program:

• The Fifteen Mile Stream drill program included 29 holes for a total of 3,732 metres. The first 20 drill holes targeted the Main Zone; one hole was an exploration hole north-east of the Main Zone; and eight holes were drilled at the Hudson Zone, located approximately 700 metres to the west. 

• At a 0.70 g/t cutoff, the Main Zone deposit hosts an inferred resource of 202,000 ounces of gold (3,796,650 tonnes grading 1.66 g/t gold) based on drilling completed in the 1980's (see "Technical Report and Resource Estimate on the Fifteen Mile Stream Gold Property, Halifax County, Nova Scotia", May 27, 2008). No gold resource has yet been quantified on other areas of the project. 

• The 2011 drilling program at the Main Zone was designed to identify additional mineralization in untested areas of the projected mineralized stratigraphy outside the boundaries of the existing resource. These objectives were realized (see news releases dated Sept. 19, 2011 and Oct. 13, 2011 where the following intercepts were reported: 2.03 g/T over 106.8 metres in drill hole FS11-110, and 1.63 g/T over 115.3 metres in drill hole FS11-116), and it is anticipated that this drilling will result in a significant increase to the current resource estimate. 

• The mineralized stratigraphy found in the Main Zone has been confirmed by the current drilling to extend to the Hudson Zone, approximately 700 metres to the west. 

• Results from the Hudson Zone confirm the presence of wide mineralized intervals with similar grades as those encountered in the Main Zone, indicating the potential to define an initial resource in this area. 

• Mineralized intervals at the Main and Hudson Zones are characterized by coarse free gold in quartz veins and as disseminated free gold in altered mudstone-siltstone host rocks, with significant widths of continuous mineralization that support potential bulk mineable open pit resources. 

• The mineralized stratigraphy is folded and the true (stratigraphic) thickness varies down the hole depending on the location within the folded stratigraphy. 

• An extensive strike length measuring over 3 kilometres has been identified as having potential to host mineralization in the immediate Fifteen Mile Stream area; the current drill program tested only a small portion of this prospective region.

Plans for the 2012 Work Program can be found here.

A detailed till survey covering the FMS Trend, a prospective structural-stratigraphic belt that hosts the Company's Fifteen Mile Stream and Beaver Dam gold deposits, and the Moose River project is also nearing completion. The extensive FMS Trend is considered prospective for discovery of other potentially bulk minable gold deposits. The extent of the Trend has been refined using high resolution aeromagnetic data previously acquired by Acadian.

The till survey is considered to be an effective method to evaluate the FMS Trend for subcropping mineralization as the area is blanketed by till, with only minor bedrock exposure. The survey covers approximately 8,300 hectares and includes over a thousand samples. The results of the till survey will assist Acadian in locating areas to focus more detailed gold exploration programs.

The till survey consists of collecting approximately 10 kilograms of till at stations spaced approximately 150 metres along strike and 300 metres across strike. Information on till type and composition is recorded at each station. Gold grain analysis of the till samples is being completed by Overburden Drilling Management located in Ottawa, where gold grains are extracted, counted and their morphology classified as pristine, modified or rounded. The grain morphology classification provides an assessment of the relative dispersal, with pristine grains indicating minimal dispersion from a bedrock source. Aspects of till type, the number of gold grains and their morphology are considered in the overall interpretation.

• 19 March 2012 Annual Financial Statements for the year ended June 30, 2011 > Read more

• 16 January 2012 Final Results from Acadian's 2011 Fifteen Mile Stream Drill Program > Read more

• 21 December 2011 Acadian Mining Corp. Joins OTCQX > Read more

• 15 December 2011 First Drill Results From The Hudson Zone at Acadian's Fifteen Mile Stream Project Return Wide Mineralized Intervals > Read more

• 5 December 2011 Drill Results From Acadian's Fifteen Mile Stream Project Continue to Expand Size of Mineralized Area > Read more

• 21 November 2011 Acadian Mining Corporation 3rd Quarter Management Discussion & Analysis > Read more

• 21 November 2011 Acadian Mining Corporation 3rd Quarter Financial Statement > Read more

• 21 November 2011 Acadians Regional Till Survey Identifies Several New Gold Anomalies on Prospective FMS Trend in Nova Scotia > Read more

• 13 October 2011 Acadian's Fifteen Mile Stream Project Continues to Deliver Impressive Results > Read more

• 19 September 2011 First Drill Results From Acadian's Fifteen Mile Stream Project Return 2.81 g/T over 72.9 Metres > Read more