Forte Energy NL (ASX: FTE)
ASX
RELEASE
1 JULY 2009
FIRAWA URANIUM PROJECT: MAIDEN
RESOURCE ESTIMATE
Initial Inferred Resource - 11.6 million
pounds of contained U3O8 at 296ppm
Highlights
Maiden JORC resource estimate for Firawa Uranium
Project, Republic of Guinea (West Africa)
Initial Inferred Resource of 17.7Mt @ 296ppm U3O8
for 11.6Mlbs of contained U3O8 (100ppm cut-off)
Additional density testing may underpin tonnage
increase by using a higher density than the 2.2t/m3 figure used
for the initial resource
Deposit open along strike and at depth - excellent
potential for increases with ongoing drilling
International uranium company Forte Energy NL
(ASX: FTE, AIM: FTE; "Forte" or "the Company") is
pleased to announce a maiden JORC Code compliant resource estimate for its
100%-owned Firawa Uranium Project, located in the Republic of
Guinea, West Africa.
Using a cut-off grade of 100ppm U3O8,
the initial Inferred Resource estimate is 17.7Mt grading 296ppm U3O8
for 11.6 million pounds of contained U3O8.
The resource, which was independently estimated and verified by Coffey Mining
Pty Ltd, is summarised below using a range of different cut-off grades:
Cut off
(U3O8 ppm)
|
Mt
|
Grade
(U3O8 ppm)
|
U3O8
(M lbs)
|
100
|
17.7
|
296
|
11.6
|
200
|
14.1
|
329
|
10.2
|
300
|
7.7
|
396
|
6.7
|
400
|
2.9
|
475
|
3.0
|
While the Company is delighted with this substantial
maiden resource for the Firawa Project, it is also encouraged by the
significant scope for increases to this figure from bulk density testing
currently underway and from further drilling which has been recommended to test
for extensions to the deposit - which remains open along strike and down dip.
Results from bulk density testing carried out on
five samples returned an average of 3.5t/m?. A more conservative figure
of 2.2t/m? was used in the resource calculation pending results from the
additional testwork currently underway.
If these results support the use of a higher density
figure, the estimated U3O8 resource would increase.
In addition to remaining open along strike, the
mineralisation at Firawa dips steeply to the north and remains open at depth -
as shown in the cross-sectional diagram from the Coffey Mining report:
Figure 1: Mineralisation interpretation
typical section view (413100mE, looking east)
The resource calculation was based on results from
29 holes totalling 1,809 metres of reverse circulation (RC) drilling undertaken
in May 2007 and 56 holes totalling 5,859 metres of diamond drilling completed
in January 2009. The drilling was carried out predominantly at 50 metre
intervals on an East-West trending zone of uranium mineralisation extending
over a 2km strike length.
Commenting on the initial resource announcement,
Forte Energy's Managing Director, Mark Reilly, said: "This is a great
result and a credit to our exploration team headed by Bosse Gustafsson, who has
led our exploration campaign in Guinea and Mauritania with great energy and
vision over the past two years.
"This is the Company's maiden JORC compliant
uranium resource and represents an important first step towards building a
substantial inventory of U3O8 resources in West Africa.
"Firawa is now the most advanced of
our uranium exploration projects in Guinea and this substantial maiden uranium
resource estimate represents a significant milestone towards the Company's
ultimate development and production goals," he continued.
"The
Board will further consider the details of the Coffey Mining report, including
recommendations for additional drilling, to assess the most appropriate
strategy going forward.
"Given
the scope for increases in the Firawa resource, both from density testwork and
further drilling, we are very excited by the opportunities presented by this
Project," he added.
"With
drilling scheduled to commence in Mauritania this quarter with a view to
delivering our first JORC compliant uranium resources later this year, the
Company is very well placed to realise its objective of becoming a significant
player in the global uranium industry."
Mark Reilly
Managing Director
Note:
The
information in this report that relates to exploration results in West Africa
is based on information compiled by Mr. Bosse Gustafsson of Forte Energy NL and
Mr. Doug Corley of Coffey Mining Ltd. Mr. Gustafsson and Mr. Corley have
sufficient experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which they have undertaking
to qualify as a Competent Person as defined in the 2004 Edition of the
"Australasian Code for Reporting of Mineral Resources and Reserves".
Mr. Gustafsson is a member of the European Federation of Geologists a
Recognised Overseas Professional Organisation ("ROPO"). Mr Bosse
Gustafsson is a full time Technical Director of Forte Energy NL and is
responsible for exploration activities in Mauritania and Guinea. Mr. Gustafsson
and Mr. Corley consent to the inclusion in this report of the matters based on
their information in the form and context in which it appears.