Our source reports that Oak Island Tours Inc have started their investigation by digging a series of shafts which, according to Oak Island author, D'Arcy O'Connor, are several feet north of the famed Money Pit.

This original site is where, as legend has it, a group of boys on a fishing expedition to the island discovered disturbed earth beneath a block and tackle hanging from an Oak Tree back in 1795.

Often called 'the world's greatest treasure hunt' due to the millions of dollars which have been spent on trying to overcome the ingenious set of traps devised to protect what some believe may be the biggest repository of treasure the world has seen.

Other speculators suggest the lost works of Shakespeare, Templar treasure and even that Oak Island could be the final resting place for the Holy Grail.

Today, interest is high as new investors from Michigan have teamed together with long time Oak Island treasure Dan Blankenship.

It would seem efforts are concentrated further north than the original Money Pit as three holes have been dug - one to 160 feet and two more to a huge depth of 300 feet.

This initial exploration has not resulted in any significant finds, but digging is to continue very soon as more of the island is probed to try and uncover its mysterious past.