10th April 2013
Drilling to commence in highly prospective areas in Mauritania
Forte Energy NL ("Forte Energy" or "the Company") (ASX/AIM: FTE) is an emerging international uranium company focused on the exploration and development of a portfolio of uranium assets in the Republics of Mauritania and Guinea, West Africa.
The Company is pleased to announce that a contract has been signed with Wallis Drilling Africa Pty Ltd for approximately 5,000m of NQ Aircore drilling in the highly prospective areas close to the A238 prospect and at Hassi Baida. Drilling is scheduled to start in Mid-May, following the shipment of the drill rig to Mauritania.
Figure 1: Mauritanian Licences
Hasi Baida is a highly prospective calcrete area situated approximately 50km north-east of the existing Forte Energy licences and covers over 800km2. The drilling programme will target eight separate prospects within the Hasi Baida licence. The targets are all uranium in superficial calcrete deposits
The 5,000m programme will also include aircore scout drilling which will target blind, near surface metasomatite style uranium mineralisation along interpreted major structural corridors close to the A238 Prospect.
Commenting on the update, Mark Reilly, Managing Director of Forte Energy, said:
"The additional drilling of the calcrete as well as the metasomatite style deposits in close proximity to our existing resources is consistent with our stated strategy of proving up a number of economically viable deposits within our licence areas in Mauritania. Forte remains committed to being at the forefront of Mauritania's uranium mining industry and looks forward to commencing the drilling campaign within the next month."
Mark Reilly
Managing Director
For further information contact:
Mark Reilly Geoff Nash/Ben Thompson Managing Director Elizabeth Johnson (broking) Forte Energy NL finnCap
Tel: +44 (0) 203 3849555 Tel: +44 (0)207 220 0500
Bobby Morse/Cornelia Browne Stuart Laing
Louise Hadcocks RFC Ambrian Ltd
Buchanan (AIM Nominated Adviser to the Company) Tel: +44 (0) 207 466 5000 Tel: +61 (0) 8 9480 2506
Forte Energy NL
Australia United Kingdom
Suite 3, Level 3 3C Princes House
1292 Hay Street 38 Jermyn Street
West Perth WA 6005 London SW1Y6DN
Ph: +61 (0)8 9322 4071 Ph: +44 (0)203 3847474
Fax: +61 (0)8 9322 4073 Fax: +44 (0)207 2878387
Email: [email protected] Email: [email protected]
Web: www.forteenergy.com.au
About Forte Energy
Forte Energy is an Australian-based minerals company focused on the exploration and development of uranium and associated bi-products in Mauritania and Guinea in West Africa. The Company has an extensive pipeline of assets and total JORC resources of 76.8Mt @ 266ppm
U₃O₈for 44.9Mlbs contained U₃O₈ (100ppm cut-off).
Its flagship assets are the A238 prospect (23.4Mlbs U₃O₈) and the Bir En Nar project (2.06Mlbs
U₃O₈) in Mauritania, and the Firawa Project in Guinea (19.5Mlb U₃O₈).
Forte Energy U₃O₈ JORC resources (all at a 100ppm cut-off):
|
Project
|
Resource
Category
|
M tonnes
|
ppm U3O8
|
Contained U3O8 Mlbs
|
|
A238*
|
Inferred
|
45.2
|
235
|
23.4
|
|
Bir En Nar
|
Indicated
|
0.5
|
886
|
1.0
|
|
Bir En Nar
|
Inferred
|
0.8
|
575
|
1.0
|
|
Firawa
|
Inferred
|
30.3
|
295
|
19.5
|
|
Total
|
Indicated
|
0.5
|
886
|
1.0
|
|
Total
|
Inferred
|
76.3
|
262
|
43.9
|
|
Total
|
Total
|
76.8
|
266
|
44.9
|
* A238NW Anomaly included in the A238 Inferred Resources
Forte Energy's strategy is to target high grade uranium ore bodies and build a low cost West African-focused uranium producer. The Company is quoted on the Australian Stock Exchange (ASX: FTE) and AIM market of the London Stock Exchange (AIM: FTE). For more information, visit www.forteenergy.com.au
Note:
The information in this report that relates to the reporting of Mineral Resources is based on information compiled by Mr. Galen White, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr White is the Principal Geologist of CSA Global (UK) Ltd. CSA Global have an on-going role as geological consultants to Forte Energy NL. Mr. White has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. White consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.