GOLDNEV RESOURCES IN (WKN: 877580)

Goldnev drills three core holes at Pasquia Hills


2007-11-07 09:57 ET - News Release

Mr. Marc Dame reports

GOLDNEV ANNOUNCES OIL SHALE CORE HOLE DRILLING RESULTS AT PASQUIA HILLS

Goldnev Resources Inc. has provided positive drilling results of the first phase, three core-hole, oil shale drilling program on its prospective oil shale permits in Pasquia Hills, Sask.

As previously reported in October of 2007, Goldnev undertook to drill and core three test holes spread across the 6.5 Township permit area into near-surface outcroppings of Cretaceous-age oil shales in order to provide a preliminary assessment and provide representative data on oil shale thickness and grade, as well as glacial overburden thickness, and thus direct further oil shale exploration on these permitted lands.

The corporation's core-hole drilling program was a success with one of the three core-hole locations having encountered and cored calcareous speckled oil shale. This core hole was completed at a depth of 40.27 metres (132 feet) and intersected a total of 24.4 metres (80 feet) of oil shale at a overburden depth of only seven metres (23 feet). The overburden encountered was much shallower than originally anticipated based upon other core-hole samples taken in the immediate area, and in particular, those drilled by Sun Oil (now Suncor) in 1965. The cores were recovered in a plastic sleeve and the corporation was informed by its field geologist, and as noted in the geological logging notes, that he was able to detect an immediate strong petroliferous odour from the oil shale cores extracted and recovered.