The article give a much more detailed backstory, but in 1795 three teens found an odd depression in the soil of an island in Nova Scotia. As they examined the site they saw a block and tackle hanging from a tree above the depression. They guessed that pirate treasure was buried there and tried to dig it up. Every 10 feet they hit a floor of oak logs. At 90 feet they hit a stone tablet with symbols that could not decipher. They removed the stone and the hole flooded with seawater. Apparently there is a series of flood tunnels (and they found remnants of theses) that lead back to a cove and will flood the hole with seawater if it is accessed improperly.
Every since then treasure hunters (including Theodore Roosevelt) have been trying to recover the supposed treasure. There originally were a lot of clues, rock carving etc. that were on the surface but one treasure hunter tried to recover it with brute force by bulldozing and excavating a huge whole. It eventually flooded and collapsed. That excavation eliminated any signs of the original site.
The series is the story of a new group of guys trying to prove the legend, locate the site and recover the treasure from what is referred to as "the money pit" by the locals with intentional irony. Last season they spent a couple of million trying to bore to the money pit with mixed results. This is season number 5 and they think they've located it by drilling a grid with 6" inch holes. It looks as if they may have found something. One hole has pulled up human bones from about 190' down. A metal detector shows a large anomaly at about 160' down the same hole.
I've been watching it since the start and I admit I am hooked. It is slow and there is a lot repetition, but the members of current searcher group are earnest and interesting.