I visited that area a little over a year ago, but after the tours stopped operating for the season. We did stop to eat at a restaurant right down the road from the island and the owner of the restaurant was a native to the area and a very interesting person. She told us that the locals think that Samuel Ball found at least part of the "treasure" when he owned lots and lived on the island after the U.S. Civil War. She said his only visible means of support was that he raised cabbage, but he always seemed to have money and at his death was one of the richest persons in Nova Scotia. I can't imagine there was that much money in cabbage. So there you go.......
It is very interesting to watch and the actual pit being a diversion could very well be.