Goldnev Resources Inc. has completed drilling a total of four of its planned ten core hole exploration and development drilling program on its oil shale permits in Pasquia Hills, Saskatchewan. The remaining six core holes subject to weather conditions are expected to be completed in the next 10 days.
As previously announced, on July 30, 2008, Goldnev undertook to drill and core ten test holes targeting the Favel formation to examine, optimize information and further delineate the Corporation's oil shale resources in order to better identify the leading edge of the oil shale deposit and to better define the oil shale resources on the Corporation's Pasquia Hills oil shale permits as described in its NI 51-101 Contingent Resources Report prepared by Chapman Petroleum Engineering Ltd.
The initial results of the Corporation's core hole drilling program have yielded successful results with three of the four core hole drilling locations having encountered and cored calcareous speckled oil shale. Two core holes were drilled at the northwestern expected outcrop edge with one of the core holes encountering oil shale helping to further define the leading edge of the oil shale outcrop. The third core hole drilled, the southern most core hole drilled to date, encountered significantly more oil shale than had previously been anticipated in that area of the permit.
Goldnev's Pasquia Hills oil shale prospect is located and comprises of two oil shale permits totaling 155,443 acres (6 3/4 townships) of oil shale rights located in the Pasquia Hills oil shale region in east central Saskatchewan. Nearby several other petroleum resource companies are actively developing oil shale projects in the area including those of Oilsands Quest and Outrider Energy. The oil shale deposits on the Corporation's permits are known to be underlain by oil shale kerogen formations, which are located near surface and can be observed on an outcrop adjacent to one of the drilled core holes and also on the banks of the Carrot River which crosses the Corporation's permitted lands.
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