Sailing and Grailing Across the Atlantic

About eight years later, according to the original 19th century article, another company examined what was to become known as the Money Pit. The Onslow Company sailed 300 nautical miles from central Nova Scotia near Truro to Oak Island with the goal of recovering what they believed to be secret treasure. They continued the excavation down to approximately 90 feet (27.43 m), and found layers of logs or "marks" about every ten feet (3 m) and layers of charcoal, putty and coconut fibre at 40, 50 and 60 feet (12, 15 and 18 m).

According to one of the earliest written accounts, a newspaper article called "The Oak Island Diggings" from the Liverpool Transcript (Oct 1862) at 80 or 90 feet (27 m) they recovered a large stone bearing an inscription of symbols. The pit subsequently flooded up to the 33 foot (10 m) level. Bailing did not reduce the water level and the excavation was abandoned.Investors formed The Truro Company in 1849, which re-excavated the shaft back down to the 86 foot (26 m) level where it flooded again. They then drilled into the ground below the bottom of the shaft. According to the 19th century account, the drill or "pod auger" passed through a spruce platform at 98 feet (30 m), a 12 inch head space, 22 inches (560 mm) of what was described as "metal in pieces", 8 inches (200 mm) of oak, another 22 inches (560 mm) of metal, 4 inches (100 mm) of oak, another spruce layer, and finally into clay for 7 feet without striking anything else.

One account states they recovered three small gold links of a chain from mud stuck to the drill. They attempted to prevent the pit from flooding by damming Smith's Cove, and later by excavating a shaft into what was believed to be a flood tunnel from the sea to block it and prevent the pit from filling with water.