▁( 3 1   m ). ▁Although ▁the ▁p umps ▁could ▁not ▁keep ▁up ▁with ▁the ▁flo od water , ▁tools ▁that ▁had ▁been ▁used ▁by ▁the ▁On slow ▁and ▁Tru ro ▁companies ▁were ▁recovered . ▁The ▁Oak ▁Island ▁Association ▁also ▁did ▁some ▁work ▁at ▁Smith ' s ▁C ove ▁by ▁dr illing ▁a ▁few ▁sh aft s ▁in ▁an ▁attempt ▁to ▁shut ▁off ▁and ▁se al ▁the ▁alleg ed ▁flo od ▁t unn els . ▁All ▁of ▁these ▁attempts ▁were ▁fail ures ▁in ▁the ▁end , ▁due ▁to ▁the ▁t ide ▁which ▁eventually ▁broke ▁through ▁bar riers ▁that ▁were ▁put ▁in ▁place . ▁One ▁final ▁attempt ▁was ▁made ▁in ▁ 1 8 6 4 ▁to ▁intersect ▁the ▁money ▁pit , ▁resulting ▁in ▁an ▁alleg ed ▁flo od ▁t unn els ▁again ▁being ▁bre ached . ▁By ▁this ▁time , ▁salt water ▁was ▁und erm ining ▁the ▁walls ▁of ▁the ▁original ▁sh aft ▁which ▁some ▁workers ▁refused ▁to ▁enter . ▁The ▁original ▁sh aft ▁was ▁ins pected ▁by ▁min ing ▁engine ers ▁who ▁declared ▁it ▁unsafe , ▁and ▁the ▁company ▁abandoned ▁their ▁efforts ▁when ▁their ▁money ▁ran ▁out . ▁ ▁In ▁ 1 8 6 6 , ▁a ▁group ▁known ▁as ▁The ▁Oak ▁Island ▁E ld or ado ▁Company ▁or ▁more ▁commonly ▁The ▁Hal if ax ▁Company ▁was ▁formed ▁to ▁find ▁the ▁tre asure . ▁By ▁this ▁time ▁there ▁were ▁many ▁sh aft s , ▁bore ▁holes , ▁and ▁t unn els ▁under ▁Oak ▁Island ▁made ▁by ▁previous ▁tre asure ▁hun ters .