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Altius updates oil shale exploration and evaluation in New Brunswick |
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Written by Newswire
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ST. JOHN'S, NEWFOUNDLAND AND LABRADOR - Last week, Altius reported progress from its ongoing oil shale exploration and evaluation activities at its wholly owned 9,702 hectare oil shale licence located in southeast New Brunswick.
Since acquiring the licence in mid-2006, Altius has compiled geological, geophysical and other technical exploration data and has completed a 23-hole core drilling program totaling 7,835 metres in three target areas. Most of the drilling was completed in the central target at Albert Mines. Oil shale has been intersected in all three areas and results indicate that these occurrences, and in particular the Albert Mines area, compare favourably with documented oil shale occurrences worldwide in terms of shale oil yield and thickness, says the company. Geological correlations between the three areas, which occur over a distance of 19 kilometres, have not been undertaken.
Altius's objective has been to conduct exploration and characterize the oil shale on its licence to facilitate its efforts to attract a partner with suitable extraction technology research capabilities. In-situ oil shale extraction technology has not yet been commercialized but several global petroleum companies are currently conducting large scale research and development programs with this objective in mind.
Drill results indicate that both thick and high grade oil shale intervals occur over a one kilometre wide area at Albert Mines. Three stratigraphic intervals of oil shale have been recognized and are termed Upper, Middle and Lower oil shale, each separated by approximately thirty-five metres of low grade oil shale or barren siltstone. The geology of the Albert Mines area is characterized by folded, moderately to steeply dipping units. Oil shale at Albert Mines is exposed at surface whereas the deepest oil shale has been intersected at a vertical depth of 660 metres where it appears to continue to depth.
Detailed results of the exploration and evaluation programs to date are available at the company's website at www.altiusminerals.com/albert_oil_shale.php. Other data will be posted on the website as it becomes available.
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