I recently experienced a similar problem with one of my external hard drives.
I downloaded a program called "Disc Rescue" (free). It enables you to recover drives/files that Windows can't access (for whatever reason).
Start Disc Rescue and get it to search for "Physical" drives. When it finds your "lost" drive, select that drive and get it to search for "Logical" drives. It will then provide you with a list of all the recoverable files on that drive. Select the files you want to retrieve and save them to another hard drive. When you have finished, you should then be able to reformat the "lost" drive (remember you will then lose everything on that drive) and start from scratch.
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