What is the Oak Island Treasure Mystery? For more than 200 years, people have been on a quest to find this hidden treasure. A lot of people have tried to find the treasure but were only able to find traces of it. Located off the shores of Nova Scotia, along Canada's Atlantic coast, Oak Island is among 360 islands dotting Mahone Bay. The islands past is filled with mysteries and tragedies. They claim there is a "money pit" of treasure buried there...check it out if you like, it's a pretty neat story!