I don't think it works like that. If you are in the middle of an ice burg and drill down to the ocean below it, does water start shooting up through the hole?

Yes, if the bottom of the iceberg-hole is below sea level.

If the mantle at the bottom of this new bore-hole is under pressure and liquid, then it will go up the bore hole until the pressure above it equals the pressure below. If the bottom of the bore-hole hits a part of a liquid mantle with a lot of pressure, then we might get a volcano. Hence, Moria.

The mantle isn't liquid, it's solid rock.

So, If you want to create your own island in the middle of nowhere all you have to do is drill a couple of holes to the mantle. I can certainly see some people creating islands this way in the hope of using them decades latter.

Superman movie.

If they hit adamantine, I say we call the whole thing.

Yeah, it would be bad if any of the clowns got out.