RE:RE:Frac Sand News ! hawkeye77: Be careful not to confuse "oil sands" with "frac sands".
What they have found here is not actually oil, but sand. This type of sand is required for hydraulic fracture (or frac) as it is mixed with fluids before being injected at high pressure inside oil formation.
With that said, this still looks like a nice find as hydraulix fractures are getting more and more common.
By the looks of the trading activity seen earlier today, there is no doubt that the news was leaked and that someone, somewhere was very pleased with the results.
I am not sure if this is the kind of deposit that would require a NI 43-101 for resource estimate just like any other minerals. Does anyone know if this qualifies?