The diggers were lucky to escape with their lives as the walls of the new shaft caved in, leaving the original shaft flooded up to a level of 10m below the surface again.
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Much to the syndicate’s excitement, at 27.4 metres, a stone, not native to Nova Scotia was recovered bearing an inscription.
They believed they were about to recover a hoard of pirate’s treasure.
Sadly, the significance the illegible cypher on this stone was lost on Smith and the other treasure hunters as Smith, who owned the island at that time fitted the stone in his fireplace.
The inscription was translated to read: Believing the pirate treasure to lie beneath the mysterious stone, it was hastily removed from the pit to uncover another layer of wood, rather than the bounty of treasure the prospectors believed would surely lie beneath.
It was decided that a separate treasure shaft be dug next to the original in order to allow the flood water to pass into this new chamber.
At a depth of 33.5 metres, the original shaft was tunnelled into but to no avail.
The very next day, Daniel Mc Ginnis returned to Oak Island accompanied by two friends, Anthony Vaughan and John Smith.
Equipped with picks and shovels they began the task of recover the treasure – but it was to take significantly more digging equipment than first anticipated.
The discovery of the Oak Island Money Pit In 1795 at age 16, Daniel Mc Ginnis made his way across to Oak Island on a fishing expedition.
Once on the island, he found himself stood in a clearing in front of an old oak tree bearing the marks of unnatural scarring.
He gave up, accepting the treasure to be out of their grasp, a feeling many were to experience in the future, even with the use of metal detectors and radar.