I just read a very interesting article about this in Rolling Stone magazine (not available on website at least not yet) and I am completely fascinated by it. Not what might be hidden there (if anything) but the design and construction of such intricate and advanced systems (flood tunels and the fake beach) back in the 1500-1600's.
I highly recommend reading it if you get a chance. This may just be Blankenship's last gasp effort to receive not only the rights to the island but also funding, who knows?
http://www.herald.ns.ca/stories/2003/12/29/f168.raw.htmlAfter 38 years of searching, Oak Island's most famous treasure hunter believes he's solved the mystery of the famous Mahone Bay island.
In an exclusive interview with this newspaper, Dan Blankenship said he has uncovered evidence that proves the 32-hectare island is the repository for millions in silver and gold left behind by marauding Spaniards in the mid-16th century.
He located the shaft based on measurements taken from the position of a series of oddly shaped multi-tonne stones. First discovered by rival treasure hunter Fred Nolan of Bedford, the rocks form the shape of a giant cross and Mr. Blankenship now believes they serve as a key to the mystery.
He was prompted to look for the shafts after the previously unreported discovery of stone icons by a small Norwegian exploration team that worked on the island in June. He believes the European team was hoping to confirm that the island was the repository for the Shakespearean works of Francis Bacon, but he believes his subsequent find points to the Spanish treasure.
Quoting from a book that details 1,500 years of mining experience in Spain, Mr. Blankenship hinted that many of the surface icons are markers that mirror something happening deep below the surface.
All exploration requires a licence from the the province, and all licences for searches in the area expired in July, said Rick
Ratcliffe, the province's registrar of mineral and petroleum titles.
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Good summary sites
http://www.activemind.com/Mysterious/Topics/OakIsland/
http://www.unmuseum.org/oakisl.htm