Proactiveinvestors Australia

Forte Energy highlights ‘excellent’ progress in first quarter

Tue, 01 May 2012 18:14:00 +1000

Forte Energy (LON:FTE, ASX:FTE) today described its first quarter as one of ‘excellent’ progress.

It has been reaping the reward of recent drilling work as the analysis has been providing the basis of new resource calculations.

More than 13,300 metres of exploration drilling has been completed during the quarter.

Total uranium resources have increased significantly rising 37 million pounds from 28.5 million pounds. This upgrade comes as Forte upped the resources for the A238 prospect, in Mauritania, by 70 per cent.

Further resource updates are expected as the year progresses, as assays are still awaited from drilling on Forte’s Guinea assets.

"The first quarter has been another period of excellent progress for Forte Energy, with a substantial increase in its Mauritanian uranium resources,” said managing director Mark Reilly.

“The company looks forward to further advances this quarter with the remaining assays from Guinea and a revised JORC resource calculation expected for its Firawa project.

“With over 37Mlbs of U308 identified to date, the company is also making progress on the next stage of monetising this growing resource base".

Drilling is still ongoing at the A238 project, which remains open at depth and along strike.

Forte Energy drilling results encouraging for resource update say brokers - update

Fri, 20 Apr 2012 18:10:00 +1000

- adds broker comment

Forte Energy (LON:FTE) reported encouraging assay results from its flagship Firawa uranium project in Guinea, where a resources update is expected before the end of the quarter.

The intersections reported today included 32 metres at 359 parts per million (ppm) uranium, 17 metres at 364 ppm uranium and 16 metres at 628 ppm uranium.

Importantly, assay results from nine holes have confirmed the continuity of the mineralisation in the central area, which had not been accessible previously.

“The results so far are pleasing and confirm continuity of mineralisation in the central area,” said managing director of Forte Energy Mark Reilly.

“We look forward to receiving the remainder of the Guinea assay results and incorporating them into a revised JORC resource estimate for the Firawa project that remains on schedule to be released towards the end of this quarter.”

The reverse circulation programme, which was completed at Firawa in February, included 63 holes, of which 38 have now been assayed.

The company has so far received assay results for the first 16 holes with results from the remaining 22 holes expected in May this year along with the nine sampled holes at the Bohoduo project, which is located 120 kilometres north of Firawa.

Only a week ago, Forte increased the uranium resource at the A238 prospect in Mauritania by 70 percent to 45.2 million tonnes at a grade of 100 parts per million, which gives the company a total of 23.4 million pounds (mlbs) of contained uranium.

Forte’s total resource inventory across its whole portfolio stands at 37 million pounds of contained uranium, up from 28.5 million pounds previously.

Shares in Forte rose 1.6 percent to 3.18 pence in early deals, valuing the company at £22.1 million.

Broker Ambrian added the results today were encouraging as the consistency of the grade was greater than 300ppm.

More importantly, all of the results are within 100m of surface and would be accessible through an open pit operation, it added.

Canaccord, meanwhile, said that the area of the latest drilling was lower lying ground that is harder to access and drill, but the fact that there was mineralisation gives it confidence resources at the site will rise.

Canaccord has a 6.9 pence target based on in-situ resources and a 44% chance that management can expand their resource base to hit its target of 57mlbs.

If management achieves this target, an unrisked valuation would equate to 8.5 pence per share.

Forte expects to announce a resource update at Firawa by the end of June and a further resource update at its A238 resource in Mauritania in July.

The resource updates could provide some share price upside, Canaccord added.

Forte Energy reports encouraging assay results from Forte uranium project

Thu, 19 Apr 2012 17:54:00 +1000

Forte Energy (LON:FTE, ASX:FTE) reported encouraging assay results from its flagship Firawa uranium project in Guinea, where a resources update is expected before the end of the quarter.

The intersections reported today included 32 metres at 359 parts per million (ppm) uranium, 17 metres at 364 ppm uranium and 16 metres at 628 ppm uranium.

Importantly, assay results from nine holes have confirmed the continuity of the mineralisation in the central area, which had not been accessible previously.

“The results so far are pleasing and confirm continuity of mineralisation in the central area,” said managing director of Forte Energy Mark Reilly.

The reverse circulation programme, which was completed at Firawa in February, included 63 holes, of which 38 have now been assayed.

Only a week ago, Forte increased the uranium resource at the A238 prospect Mauritania by 70 percent to 45.2 million tonnes at a grade of 100 parts per million, which gives the company a total of 23.4 million pounds of contained uranium.

Forte’s total resource inventory across its whole portfolio stands at 37 million pounds of contained uranium, up from 28.5 million pounds previously.

Shares in Forte rose 1.6 percent to 3.18 pence in early deals, valuing the company at £22.1 million.

Uranium to radiate value over the long-term, says broker

Fri, 13 Apr 2012 23:17:00 +1000

Now is a good time to buy shares in uranium companies as long-term demand for the radioactive material will continue to grow, analysts at City broker Ambrian Capital believe.

The nuclear industry as a whole suffered in the wake of Japan's Fukushima disaster in March 2011, with share prices of uranium miners and explorers falling sharply.

The broker, though, suggests it may be time for a reassessment.

Ambrian said: “The indications for future demand are yet to be appreciated in Uranium Equities, which have not recovered from the sell-off post Fukushima.

“Despite the uranium spot price staying relatively flat over this period, Uranium Equities are yet to recover and are still 50% below their levels of March 2011.”

The trend for growing demand is evident in the S$3 billion worth of mergers and acquisitions last year, such as Rio Tinto (LON:RIO) acquiring Hathor Exploration for C$578milliion and the acquisiton of Kalahari Minerals by China Guangdong Nuclear.

China is leading the way for future demand, accounting for 36 per cent of forecasted global growth.

Currently 62 nuclear reactors are in the process of being built world-wide with another 150 planned to come on line in the next 10 years.

Ambrian does note there is some short term uncertainty for demand due to post Fukushima nervousness.

In October 2011, a White Paper was issued in Japan which stated the intention to downsize nuclear power; currently all but two of its remaining 51 operable reactors are offline.

Despite this the broker believes an energy shortage in Japan will drive Japan to return to it existing infrastructure to make up the short-fall.

Also uranium could fall out of favour with France, which is responsible for 14 per cent of global U3O8 demand, if the French opposition leader, Francois Hollande is elected.

However continued demand in the future should be supported by the fact that there is no easy substitute for uranium as a nuclear fuel.

It is slow and complex to create new supply because of strict regulations, difficult processing and political challenges facing the sector.

Ambrian also assessed the prospects for companies either looking for or currently producing uranium.

Ambrian said it likes West African-focused Forte Energy (LON:FTE, ASX:FTE), which has properties in Mauritania and Guinea with a contained uranium resource of 37Mlb U3O8.

Forte’s main focus in Mauritania is on the Bir Moghrein Project where Forte has been drilling the A238 orebody. In April results from the most recent drill programme showed a resource of 23.4 mt, a 56% rise from the previous contained resource.

Ambrian added: “We believe the valuation will be driven further in the future by upcoming resource upgrades.” Its stance for Forte is "hold".

Uranium Resources (LON:URA) is a "speculative buy" as Ambrian believes the Tanzania-focused exploration company’s Mtonya Project shows the potential for significant uranium mineralisation.

“Drilling results from the current programme have the potential to act as a share price catalyst through 2012,” said Ambrian.

Deep Yellow (ASX:DYL) is also a "buy" with a target price A$0.19 (current price A$0.15).

Nambia-focused Deep Yellow is favoured by Ambrian because it believes it has signification exploration potential and Namibia is notably supportive of the industry.

Deep Yellow’s strategy for 2012 is to drill its flagship Omahola project, located in the ‘Alaskite Alley’, systematically to reach an open-pittable resource of between 50-60Mlb U3O8 at an average grade of 450ppm.

Ambrian added the high-grade and shallow nature of the Omahola project should ensure it is relatively cheap to mine.

Deep Yellow which plans to list on London's AIM market in the second quarter of this year, also recently discovered a new satellite deposit 2km from the Ongolo deposit at its Omahola project.

Other companies cited as noteworthy by Ambrian include Australian listed Energia Minerals (ASX:EMX), Fission Energy (ASX:FIS) Paladin Energy (ASX:PDN) and Uranium Equities (ASX:UEQ). It also likes NexGen, which it expects to IPO in 2012.

Forte Energy lifts uranium resources by 70 pct at Mauritania projects

Wed, 11 Apr 2012 18:47:00 +1000

Forte Energy (LON:FTE, ASX:FTE) has increased the uranium resource by 70 per cent at the A238 prospect Mauritania.

The project’s resource now stands at 45.2 million tonnes at a grade of 100 parts per million, which gives Forte a total of 23.4 million pounds of contained uranium.

It also means that the firm’s total resource inventory across its whole portfolio stands at 37 million pounds of contained uranium, up from 28.5 million pounds.

"These excellent results demonstrate that Forte Energy is on track to increase its resource base from the recent drilling campaigns in Mauritania and Guinea,” said managing director Mark Reilly.

“Following the completion of the resource upgrade we look forward to initiating further studies on both A238 and the Firawa project, and to taking Forte Energy onto its next stage of its evolution".

Overall the resource can be split into two separate parts the A238 Prospect and A238NW.

Forte explains that 10 million pounds, or 46 per cent, of the contained uranium resource is found along a 1.75 kilometre strike length of the A238 Prospect, between the surface and a depth of 150 metres.

The A238 Prospect remains open at depth and along strike. Further drilling work continues here and Forte plans to complete another resource update in July to incorporate results from that programme.

The separate A238 NW (or north west) is found 800 metres away from the A238 Prospect.

Forte is planning a relatively small drill programme to drill deeper to test north plunging shoots of uranium mineralisation. This is expected to get underway next month.

Current drill programme is concentrated on an area between the main zone of the A238 Prospect and A238 NW. Work will switch focus to an area south of the main zone to possible extensions.

Work is also underway on elements of a pre-feasibility study for the project.

Additionally Forte said that it has identified numerous other prospects within its tenement package in Mauritania. And these prospects are currently being prioritised for follow up exploration.

In February Forte completed a drill programme on its Firawa and Bohoduo projects in Guinea. It drilled 4,712 metres at the Firawa project. The programme confirms extensions to the mineralisation, along strike to the east and west of the existing resource.

Subsequently a new resource estimate for Firawa is expected by June.

Forte Energy: Final assays from A238 confirm mineralisation below resource

Fri, 16 Mar 2012 20:34:00 +1100

Final assays from the A238 prospect in Mauritania confirm that mineralisation exists beneath the existing resource, Forte Energy (LON:FTE, ASX:FTE) told investors today.

Results from the final seven holes from the recent drilling programme showed "positive" findings, the company said.

The deposit currently has a resource of an estimated 14.9 million pounds of U3O8 (triuranium octoxide), contained in 26 million tonnes of material with 256 parts per million U3O8.

Mark Reilly, managing director, said today the results continued to confirm the company's geological model of significant mineralisation beneath the existing JORC resource.

"The orebody is also open to the north west and to the south east which adds further comfort to the understanding of this deposit. We look forward to providing a JORC resource update later this month for A238," he added.

Notable highlights included 10 metres U308 at 268 parts per million from 60 metres and 14 metres at 557 parts per million U308 from 120 metres in hole RC169.

This hole (RC169) was sunk in the main zone of the prospect and confirmed down dip extensions of mineralisation to over 100 metres from surface.

Meanwhile, assays from holes RC 175 and RC 176 on the western side of the A238 North West anomaly confirmed mineralisation at depths from 75m to 125m, the firm added

The firm said a 2,000 metre drill programme has now begun to test the down dip extensions to the north of the southern zone over 1.0km, which was previously only drilled down to 50m from surface.

Further drilling, estimated at 2,500m is also planned before the end of May to test the down dip extensions along strike to the north and south, which have not been tested at depths below 50m from surface.

Yesterday, Forte confirmed that it was on track to produce a revised JORC resource for A238 by the end of this month.

Forte Energy on track for A238 uranium resource update by end-March

Thu, 15 Mar 2012 19:43:00 +1100

Forte Energy (LON:FTE, ASX:FTE) said it is on track to produce a revised JORC compliant resource report for its A238 prospect in Mauritania by the end of March 2012.

The initial drilling programme at A238 comprised 63 holes totalling 8,567 metres and was completed earlier this year. The deposit currently has a resource of an estimated 14.9 million pounds of U3O8 (triuranium octoxide), contained in 26 million tonnes of material with 256 parts per million U3O8.

Elsewhere, an initial reverse circulation (RC) programme of 3,000 metres is underway at the Hassi Baida exploration permit in the country, one of two new permits it was granted last September, the other being Gin Quissat.

Together with two further permits that were granted last month, Forte now holds ten uranium exploration permits within Mauritania for a combined area of more than 9,925 square kilometres.

The group reported results for the first half to end-December 2011, a period which saw the completion of a 4,712 metres RC programme at its other main project beside A238, the Firawa uranium project in Guinea.

Final assay results from this programme are expected in May, with compilation of the resource upgrade scheduled for completion by the end of June 2012.

Firawa currently has a resource of 17.7 million tonnes with 296 ppm U3O8 for 11.6 million pounds contained U3O8.

Forte has also completed a follow-up RC programme at Bohoduo in Guinea and assay results are expected in April 2012.

The company reported revenue of US216,315 for the first half, up from US$94,725 a year earlier, while the pretax loss came to US$1.278 million compared with a US$1.14 million loss in the previous first half.

Forte had cash and cash equivalents of US$4.78 million at the end of the first half.

Forte Energy completes drilling work in Guinea

Sat, 25 Feb 2012 03:20:00 +1100

Forte Energy (LON:FTE) has now completed its drill programmes in Guinea with work coming to an end at the Firawa and Bohoduo projects.

It drilled 4,712 metres at the Firawa project. The programme confirms extensions to the mineralisation, along strike to the east and west of the existing resource.

Forte plans to complete a resource upgrade for the project by the end of June. Firawa is currently estimated to contain 11.61 million pounds of uranium.

Meanwhile at Bohoduo 17 holes have just been drilled for a total of 1,277 metres.

Early indications show that the strike length of the mineralisation has now been extended to over 3 kilometres. Assay results are due next month.

"The drilling campaign in Guinea has been completed ahead of schedule,” managing director Mark Reilly said.

“The drilling at Firawa has demonstrated there is further mineralisation in the central zone, whilst the orebody at Bohoduo remains open to the east of our previous drilling, both providing significant potential upside to our existing resource at our Guinean assets.

Reilly adds: “This further demonstrates the positive progress made on our assets following the encouraging assays results in Mauritania.

“We look forward to updating our resources in Mauritania next month, as well as in Guinea in June."

Last week Forte completed its drilling work on the A238 prospect in Mauritania. The programme has confirmed mineralisation at depth below the existing resources.

Earlier in February it also added two new exploration properties to its Mauritania portfolio.

Forte now holds ten uranium exploration permits within Mauritania for a combined area of more than 9,925 square kilometres

Forte Energy gets 2 new uranium exploration permits in Mauritania

Mon, 06 Feb 2012 21:39:00 +1100

Forte Energy (LON:FTE, ASX:FTE) said it has been granted two new uranium exploration permits in Mauritania near its existing licences in the north of the country.

Licences 1588 and 1173, called Nord Tmeimichat Rhall Amane and Bir Ould Ben Nasser, respectively, cover an area of 1,325 square kilometres.

Forte now holds ten uranium exploration permits within Mauritania for a combined area of more than 9,925 square kilometres, in addition to its Firawa and Bohoduo uranium prospects in Guinea.

Covering 375 square kilometres, Bir Ould Ben Nasser is located to the east of the Gleibat Ten Edbar licence and to the north of the Rhall Amane licence.

During 2011 a combination of radiometric surveys and ground works have identified surface uranium mineralisation similar to that in areas to the west and to the south.

Nord Tmeimichat Rhall Amane covers nearly 1,000 square kilometres and is located situated approximately 40 kilometres to the east of the existing Forte Energy licence Rhall Amane.

It has been identified as a prospective calcrete prospect similar to Hasi Baida. The area was identified by a combination of the interpretation of the airborne survey data at the Department of Mines and Geology (DMG) in Nouakchott and field studies.

Following the completion of the Reverse Circulation (RC) drilling programmes by the end of the first quarter of 2012 at Hasi Baida and Tisram, a preliminary RC programme will start in the second quarter at the two new licences.

Forte announced in September 2011 - when it reported receipt of the Hasi Baida and Gin Ouissat exploration licences - that it acknowledges and appreciates the considerable efforts and success of its long-time Mauritanian business partners, Mauritanian Mining Services (MMS), in managing the company's local affairs including the licence applications. It had agreed to grant up to 5 million options to MMS with an exercise price of 12.5 Australian cents per share.

Receipt of the Bir Ould Ben Nasser exploration licence in addition to Hasi Baida and Gin Ouissat represents achieving the first milestone, thus MMS has now been granted the first 2 million options.

Forte’s partner will receive 2 million more options when exploration drilling on the new permits starts and another million upon the release of an initial JORC code compliant mineral resource within the permits.

Managing director Mark Reilly said: "The company is pleased to add these licences to its highly prospective portfolio of exploration holdings within Mauritania and is grateful for the assistance of Mauritanian Mining Services in successfully managing the application process to achieve this result.

“Forte is today one of the largest exploration companies operating in Mauritania, and has committed to an intensive drilling programme to further increase its current JORC resource of 28.5Mlbs of U3O8 (triuranium octoxide). We look forward to undertaking further field activities to explore the potential of these licences.”

Forte Energy looks to revised resource statements for Mauritania and Guinea this year

Thu, 02 Feb 2012 02:58:00 +1100

Forte Energy (LON:FTE, ASX: FTE) will reveal new resource statements from drilling in Mauritania and Guinea this year, it announced as it released a second quarter update.

The firm has made significant progress in the three months to December 31, it said, highlighting the intensive drill campaigns it has started as the A328 prospect in Mauritania and the Firawa prospect in Guinea, West Africa.

More assays are expected to be released in the next few weeks and revised resource statements are earmarked for Mauritania in the first quarter and Guinea in the late part of the second quarter, the uranium focused firm said.

In a cash flow report, the firm said it ended the quarter with A$4.78 million, having started it with A$7.25 million.

On January 23 this year, Forte said initial assays from the ongoing 10,000 metre RC programme at the A238 prospect, which started last October, had confirmed mineralised extensions to the northwest and at depth below the existing uranium resource. 90 per cent of holes drilled had found mineralisation.

Initial assays for 36 of the 55 holes drilled to date showed notable intersections of 25 metres at 357 parts per million (ppm) uranium, 10 metres at 510ppm uranium, 8 metres at 312ppm uranium and 22 metres at 320ppm uranium.

The company also announced it has begun a 5,000 metre programme at its Firawa project in Guinea with a total of 1,800 metres across 20 holes completed to date.

The drilling started in the central area infilling in areas where access was not previously possible and testing the down dip extension of the mineralisation. Drilling is scheduled to continue for the next month testing the anomalies along strike to the east and west.

Managing director Mark Reilly said this morning: "The key objective of the drilling campaign is to increase our existing resources of 28.5 million pounds of U3O8, as well as gain a significantly better understanding of our known uranium deposits.

"Forte remains at an early stage of this strategy, with further resource and exploration drilling yet to be completed, with the bulk of the assay results still to be received."

Forte Energy unearths extensions to uranium mineralisation at A238 Prospect in Mauritania

Mon, 23 Jan 2012 17:10:00 +1100

Forte Energy (ASX: FTE) has received initial assays from a recent 10,000 metre reverse circulation drilling program at the A238 Prospect in Mauritania which confirm mineralised extensions to the northwest of the prospect and at depth below the existing uranium Resource.

Initial assays for 36 of the 55 holes drilled to date show notable intersections of:

- 25 metres at 357 parts per million (ppm) uranium;
- 10 metres at 510ppm uranium;
- 8 metres at 312ppm uranium; and
- 22 metres at 320ppm uranium.

Defining the project’s potential is that 90% of the holes drilled at the A238 Prospect have encountered mineralisation.

A Resource update for the prospect is expected to be announced in the March quarter.

Assays for the outstanding 19 drill holes are due shortly. The program was aimed at drilling outside of the existing Inferred Resource and testing the potential mineralised extensions both at depth and along strike.

Drilling at the A238 Prospect is scheduled to be completed within the next week and the drill rig will then move to Hasi Baida for an initial drilling program of 3,000 metres to test several near to surface calcrete deposits, covering more than 12 square kilometres.

Historical works completed by Forte, including trenching and pits, have identified high grade mineralisation in close proximity to the surface.

Guinea

Forte has begun a 5,000 metre reverse circulation drilling program at its Firawa Project in Guinea with a total of 1,800 metres across 20 holes completed to date.

The drilling started in the central area infilling in areas where access was not previously possible and testing the down dip extension of the mineralisation.

Drilling is scheduled to continue for the next month testing the anomalies along strike to the east and west.

Assays are expected early in the June quarter, and a Resource update is scheduled for the end of the June quarter.

Forte Energy flags possible extensions to uranium mineralisation in Mauritania

Thu, 10 Nov 2011 19:41:00 +1100

Forte Energy (LON:FTE, ASX:FTE) has identified potential extensions to uranium mineralisation at the A238 Prospect in Mauritania, and aims to upgrade the existing Resource.

A reverse circulation program started on October 17 at A238 and a newly identified anomaly 800 metres north west of A238, with 23 holes drilled to date.

Of the 16 holes drilled at A238, scintillometer readings have identified zones of mineralisation in 12.

A zone of mineralisation potentially trending northwest – southeast over 200 metres has been identified and drilling will continue to test the extensions of the mineralisation.

At the newly identified anomaly, A238NW, the first of seven holes drilled identified zones of mineralisation from 9 metres to 30 metres below surface, while the remaining six intersected potential mineralisation ranging from near surface down to 170 metres.

Forte will continue to drill at the A238NW anomaly to test the potential mineralised zones, along with other anomalies in the vicinity.

Samples from the drilling program have been sent for testing, with initial assay results expected in December.

Analysis of assay results and a resource update are anticipated in the March quarter of 2012.

Forte Energy flags possible extensions to uranium mineralisation in Mauritania

Thu, 10 Nov 2011 17:39:00 +1100

Forte Energy (ASX: FTE AIM: FTE) has identified potential extensions to uranium mineralisation at the A238 Prospect in Mauritania, and aims to upgrade the existing Resource.

A reverse circulation program started on October 17 at A238 and a newly identified anomaly 800 metres north west of A238, with 23 holes drilled to date.

Of the 16 holes drilled at A238, scintillometer readings have identified zones of mineralisation in 12.

A zone of mineralisation potentially trending northwest – southeast over 200 metres has been identified and drilling will continue to test the extensions of the mineralisation.

At the newly identified anomaly, A238NW, the first of seven holes drilled identified zones of mineralisation from 9 metres to 30 metres below surface, while the remaining six intersected potential mineralisation ranging from near surface down to 170 metres.

Forte will continue to drill at the A238NW anomaly to test the potential mineralised zones, along with other anomalies in the vicinity.

Samples from the drilling program have been sent for testing, with initial assay results expected in December.

Analysis of assay results and a resource update are anticipated in the March quarter of 2012.

Canaccord Genuity initiates Forte Energy with 'speculative buy' rating, 6.4p target

Thu, 10 Nov 2011 02:39:00 +1100

Canaccord Genuity has initiated coverage of Forte Energy (LON:FTE, ASX:FTE) with a “speculative buy” rating and a 12 month price target that offers an upside of over 200 percent to the current share price.

The note focused on Forte’s current drilling campaign in a “highly prospective” area of Mauritania, which offers short-term resource growth.

Canaccord analysts led by Peter Mallin-Jones said Forte’s cumulative target strike length of 140 kilometres at its Mauritanian blocks means drilling campaigns should find sufficient resource to supply a processing plant for “several decades”.

Forte is currently valued at US$0.9 per lb of measured, indicated and inferred resource, based on its current inferred resource of 28.5 million lbs. The company historically traded at US$0.85-US$9.8/lb, while its peer group traded at US$0.94-11.4/lb and is currently valued at US$1.05/lb.

Forte set to update its resource by mid-2012, expecting it to double to 57 mmlbs of uranium. The company has previously targeted a range of between 50 and 70 mmlbs.

The anticipated increase is likely to come from the A238 and A284 prospects.

According to Canaccord’s estimates, a resource of 70 mmlbs could be worth up to 10.1 pence per share, offering a potential upside of 381 percent from the current market value.

Furthermore, Mallin-Jones noted that companies with feasibility studies or in construction are currently value at US$5.3 per lb of resource, while the historic range stands at between US$3.7 and US$11.3/lb and progressing a deposit into development could propel the shares to 34 pence on an undiluted basis.

The analyst added that even after a share issue to fund the studies, it expects the company to be worth 26 pence per share, a premium of 1,152 percent to the current share price.

For now, Canaccord has set a 12 month target price of 6.4 pence, which is nearly three times greater than Tuesday’s closing price of 2.2 pence.

Forte currently has a market cap of £15.3 million.

Forte Energy looks forward to expanding uranium resources

Thu, 27 Oct 2011 19:00:00 +1100

Forte Energy (LON:FTE, ASX:FTE) said that it is “looking forward” to potential increases in its uranium resources from planned drilling at its Firawa and A238 prospects in Guinea and Mauritania.

The firm added that it is in a strong financial position as it begins its next field exploration campaigns in the two countries.

In its quarterly update, Forte said that a reverse circulation (RC) infill and extension drilling programme is now underway at A238. This is aimed at increasing the initial JORC-compliant inferred mineral resource, which currently stands at 26.5 million tonnes at 256 parts per million of uranium oxide for 14.9 million pounds of the material.

Other targets in Mauritania planned for drilling this season include the Tisram prospect, where previous drilling found seven holes that intersected uranium mineralisation, as well as a number of targets within the new Hasi Baida permit, where a surface sampling programme returned assay results greater than 1,000 parts per million of uranium.

In Guinea, a programme of up to 5,000 metres of extension and infill RC drilling is scheduled to begin by the end of November at the Firawa prospect. The Firawa prospect has an initial JORC-compliant inferred resource of 17.7 million tonnes at 296 parts per million for 11.6 million pounds of uranium oxide.

“Following the doubling of its uranium resources with the June 2011 announcement of a maiden resource for A238, the company is looking forward to potential increases to its uranium resource base from planned drilling at Firawa and A238, as well as drill-testing other identified Mauritanian targets included within the new Hasi Baida permit,” said Mark Reilly, Forte’s managing director.

Forte Energy unearths high grade 25,900ppm uranium samples in Mauritania

Thu, 06 Oct 2011 16:15:00 +1100

Forte Energy (ASX: FTE AIM: FTE) has received high grade assays from a surface sampling program at the company’s Hasi Baida uranium exploration permit in Mauritania, with grades of up to 25,900 parts per million.

A 1,500-2,000 metre reverse circulation drilling program is expected to commence early in 2012, targeting eight separate prospects within the Hasi Baida licence. The targets are all uranium in calcrete deposits.

Assays from eight anomalies within Hasi Baida returned results greater than 1,000 parts per million.

Hasi Baida is a calcrete area that covers 800 square kilometres 50 kilometres north of Forte Energy’s existing licences in Mauritania, including the company’s flagship Bin En Nar project, which contains 2.06 million pounds of uranium ore.

Potential targets at Hasi Baida were identified from airborne survey data at the Department of Mines and Geology (DMG) in Nouakchott and were followed up with a surface sampling programme by Forte Energy.

Early work undertaken by the Company indicates that the principal uranium mineral is carnotite and that no gypsum was detected.

Forte Energy is focused on the exploration and development of uranium and associated by-products in Guinea and Mauritania.

Guinea operations

In other Forte news, the company has received encouraging rare earth elements results from the Firawa project in Guinea, with a JORC resource expected in the December quarter of 2011.

Forte Energy cut losses as it expanded uranium portfolio in last financial year

Fri, 30 Sep 2011 23:03:00 +1000

West Africa-focused uranium explorer Forte Energy (LON:FTE, ASX:FTE) improved its revenue during the year to June 30 to US$379,531 (2010: US$290,053), according to results released by the firm this morning.

Forte’s loss before tax reduced to US$2.4 million (2010: US$2.8 million), while its cash position more than doubled from US$4 million at the end of June 2010 to US$8.7 million by June 30 this year after it completed a fund raising to the tune of A$14.1 million with institutional investors in May.

At the beginning of its 2011 financial year, Forte announced an initial indicated and inferred resource of 1.33 million tonnes at 704ppm (parts per million) uranium oxide for 2.1 million pounds of contained uranium oxide at the Bin En Nar prospect in Mauritania.

This year’s field season focused on resource drilling at the A238 uranium prospect in Mauritania and followed up encouraging assay results from initial exploratory drilling that had been carried out there in the previous year. Consequently, in June this year the company announced a maiden JORC Code-compliant inferred mineral resource of 26.5 million tonnes at 256ppm uranium oxide, for 14.9 million pounds contained uranium oxide, at A238.

A number of other prospects identified from field surveys also underwent exploratory drilling in Mauritania. All holes intersected uranium mineralisation between the surface and down to 84 metres.

Meanwhile, in Guinea, pre-feasibility studies have continued for Forte’s Firawa uranium prospect and while carrying out metallurgical studies it was found that drilling samples from Firawa also contained rare earth elements. Subsequent assay results showed a positive correlation between the uranium and rare earth elements (REE) contents, which Forte said should be advantageous for future mine planning.

On Tuesday this week, the firm announced that it had been granted two new uranium exploration permits in Mauritania. Known as Hasi Baida and Gin Ouissat, the licences cover an area of 1,790 square kilometres and are located near the firm’s existing licences in the north of the country.

Forte Energy gets new uranium exploration permits in Mauritania

Wed, 28 Sep 2011 00:21:00 +1000

Forte Energy (LON:FTE, ASX:FTE) said it has been granted new uranium exploration permits in Mauritania near its existing licences in the north of the country.

Licences 948 and 949, known as Hasi Baida and Gin Ouissat, cover an area of 1,790 square kilometres. Forte now holds eight uranium exploration permits within Mauritania for a combined area of more than 8,600 square kilometres, in addition to its Firawa and Bohoduo uranium prospects in Guinea.

Hasi Baida is situated approximately 50 kilometres north-east of the existing Forte licences and covers 805 square kilometres. The company plans a 1,500 - 2,000 metres reverse circulation drilling programme early in 2012 targeting eight separate prospects.

Covering 985 square kilometres, Gin Ouissat is located to the south-west of the existing Forte Energy licences and to the west of the Bir En Nar prospects. Radiometric surveys and other ground works have identified uranium mineralisation occurring on surface along an 800 metre section.

Forte plans an RC drilling for later this year to test the potential mineralisation below the surface to the west of the existing Forte Energy licenses.

Permit 948 and 949 are two of three new licences in this area applied for, and Forte expects that the application for related permit 1173 will be decided shortly and remains confident it will be granted in favour of the company.

Forte also said in its statement that it acknowledges and appreciates the considerable efforts and success of its long-time Mauritanian business partners, Mauritanian Mining Services (MMS), in managing the company's local affairs including these licence applications.

In return Forte Energy has agreed to grant up to 5 million options to MMS with an exercise price of 12.5 Australian cents per share. The options are exercisable within three years of being granted, and will be granted if and when the following milestones are achieved:

MMS will receive 2 million options once all three new permits have been granted, 2 million options when exploration drilling on the new permits starts and onother million upon the release of an initial JORC code compliant mineral resource within the permits.

Forte managing director Mark Reilly said: "The company believes that these licences have great potential and complement our existing licences in Mauritania. The prospective nature of this area was identified by the company and confirmed from data obtained under the cooperation agreement with our major shareholder, Areva.

“Hasi Baida is located 120 kilometres from our A238 project and an aggressive exploration programme for this field season has already been planned for early next year."

Forte Energy gets new uranium exploration permits in Mauritania

Tue, 27 Sep 2011 16:38:00 +1000

Forte Energy (LON:FTE, ASX:FTE) has been granted two uranium exploration permits in Mauritania, close to its existing licences in the north of the country.

The company now holds eight uranium exploration permits within Mauritania for a combined area of more than 8,600 square kilometres, in addition to its Firawa and Bohoduo uranium prospects in Guinea.

The Hasi Baida and Gin Ouissat exploration licences cover an area of 1,790 square kilometres. Hasi Baida is situated approximately 50 kilometres north-east of the existing Forte licences and covers 805 square kilometres. Forte is planning a 1,500-2,000 metre reverse circulation drilling programme early in 2012, targeting eight separate prospects.

Covering 985 square kilometres, Gin Ouissat is located to the south-west of the existing Forte Energy licences and to the west of the Bir En Nar prospects. Radiometric surveys and other ground works have identified uranium mineralisation occurring on surface along an 800 metre section.

Forte is planning reverse circulation drilling for later this year to test the potential mineralisation below the surface to the west of the existing Forte Energy licenses.

Hasi Baida and Gin Ouissat are two of three new licences applied for in this area. Forte expects that the application for related permit 1173 will be decided shortly and remains confident it will be granted in favour of the company.

Forte also acknowledged the efforts and success of its long-time Mauritanian business partners, Mauritanian Mining Services (MMS), in managing the company's local affairs, including these licence applications.

In return Forte Energy has agreed to grant up to 5 million options to MMS, with an exercise price of 12.5 Australian cents per share. The options are exercisable within three years of being granted, and will be granted if and when certain milestones are achieved.

MMS will receive 2 million options once all three new permits have been granted, 2 million options when exploration drilling on the new permits starts and another million upon the release of an initial JORC mineral resource within the permits.

Forte managing director Mark Reilly said: "The company believes that these licences have great potential and complement our existing licences in Mauritania. The prospective nature of this area was identified by the company and confirmed from data obtained under the cooperation agreement with our major shareholder, Areva.

“Hasi Baida is located 120 kilometres from our A238 project and an aggressive exploration programme for this field season has already been planned for early next year."

Forte Energy aims to boost resources with next phase of drilling in Mauritania

Fri, 16 Sep 2011 00:09:00 +1000

Forte Energy (LON:FTE, ASX:FTE) is aiming to up its current overall JORC resource of 28.5 million pounds of uranium with a new drilling programme in Mauritania, West Africa.

Field crews have arrived to prepare for the October - May field season and a 10,000 metre RC drilling programme is slated to begin by the end of the month, it told investors today.

The programme of infill and extension drilling will initially focus on the A238 anomaly and the Tamreikat prospect before moving to 15 other prospects within the firm's licences.

In a statement, the company said drilling will initially concentrate on Anomaly 238 55km south-east of the town of Bir Moghrein aiming to increase the initial JORC code compliant inferred mineral resource here of 26.5 million tonnes at 256 parts per million (ppm) U3O8 for 14.9 million pounds contained U3O8 (100ppm cut-off) announced in June this year.

Then, it will move around 40 km north to Tamreikat to explore mineralisation identified in the second quarter of this year.

Seven holes were drilled at Tamreikat all hitting uranium mineralisation between the surface and down to 84 metres, with notable intersections including 13metres at 548 ppm U and 26 metres at 304ppm U.

"Drilling will also be undertaken on other prospects to the south and east of A238 and Tamreikat where high grade uranium was intersected in the last drilling campaign and from ongoing ground studies in these prospective areas," said the company.

Apart from the drilling, exploration has identified other areas with high grade uranium at surface and mapping, trenching, and sampling is also planned this season to get further drill targets, said the company.

Forte Energy is focused on the exploration and development in Guinea and Mauritania in West Africa. It has an extensive pipeline
of assets and total JORC resources of 45.5 million tonnes at 284 ppm U3O8 for 28.5 million pounds contained U3O8.

Its main assets are the Firawa project in Guinea with 11.6 million pounds of U308 and the Bir En Nar project in Mauritania with 2.06 million pounds of U308, with the maiden resource at the A238 prospect in Mauritania recently announced at 14.9 million pounds U308.

The firm said it has received encouraging rare earth elements results from Firawa, with a JORC resource expected in the second half of 2011.

Forte Energy targets JORC U3O8 boost from extensive new drilling in Mauritania

Thu, 15 Sep 2011 16:35:00 +1000

Forte Energy (ASX: FTE) will kick off an extensive 10,000 metre reverse circulation program at the company's projects in Mauritania, which is targeting an increase to the JORC Resource of 28.5 million pounds of U3O8.

This will be supplemented by an estimated 1,500 metres of diamond drilling scheduled towards the end of the year.

The program will comprise infill and extension drilling focussed on the Anomaly 238 and Tamreikat projects, followed by drilling of fifteen other prospects within the Forte Energy licences - which will be conducted from October through to May 2012.

The other prospects are high grade targets identified by a combination of the last drill phase and extensive ground exploration work

In addition to drilling, regional exploration has identified a number of new prospects where high grade uranium (in excess of 1,000ppm) was present at surface.

Field programs including mapping, trenching, radiometrics and radon sampling are planned to move several of these projects up to drill targets for later this field season.

Forte wholly owns licences in Mauritania and Guinea covering around 13,000 square kilometres of tenements.

The company also aims to become the first uranium producer in Guinea.

Forte Energy eyes potential resource increases in West Africa

Mon, 01 Aug 2011 20:55:00 +1000

Uranium miner Forte Energy (LON:FTE, ASX:FTE) is in a strong financial position and looking forward to potential resource increases at Firawa and the A238 prospect in West Africa.

The company released today an update for the fourth quarter to 30 June this year, in which it added it was eyeing the prospect of its first rare earth oxide resource at Firawa.

"Forte Energy is in a strong financial position as it prepares to embark on its next field exploration campaigns in both Mauritania and Guinea.

"Following the doubling of its uranium resources in calendar Q2 with the announcement of a maiden resource for A238, the company is looking forward to potential increases from planned drilling at Firawa and A238, as well as the prospect of its first REE resource from the Firawa re-assay programme," said Mark Reilly, managing director.

Running through the highlights, the firm said it had doubled its uranium resources to 45.5 million tonnes at 284 ppm U3O8 for 28.5 million pounds of contained U3O8 after announcing a maiden resource in June at the A238 prospect of 26.5 million tonnes at 256ppm U3O8 for 14.9 million pounds of contained U3O8.

Across the rest of the firm's Mauritanian leases, it had completed 7,000 metres of RC drilling and identified a prospect to follow-up, it said.

A new drill season is planned for the third quarter in Mauritania including extensive drilling at A238.

In Guinea, Forte said re-assay of previous work at Firawa for REE (rare earth elements) revealed intersections including 45.2 metres at 3.29 percent TREO (total rare earth oxides), including 8m with 6.57 percent, and 11.4m with 4.45 percent, with a maximum of 2m at 12.83 percent.

A JORC compliant estimate of rare earths is expected in the third or fourth quarter of 2011/12, added the firm.

Forte added that a permanent base camp has been constructed at Firawa to support the programme of 9,500m of drilling due to begin this October after the end of the wet season.

The company added that a placement completed in May this year, which raised A$14.1 million before costs, ensured it was in a strong financial position with ample funds to pursue its current exploration aims.

The firm reported that it ended the quarter with A$8.7 million in cash. That was down A$3.3 million from the beginning of the period.

Forte Energy says assays reveal further significant rare earth elements at Firawa

Fri, 29 Jul 2011 18:36:00 +1000

Uranium miner Forte Energy (LON:FTE, ASX:FTE) announced this morning that it has received further positive rare earth element (REE) assay results from its Firawa project in the Republic of Guinea.

The firm, which has uranium assets in Guinea and Mauritania, has a programme of re-assaying samples from two historic drilling programmes at Firawa following the identification of REE potential in 2007 and several metallurgical samples in late 2010.

A first pass reconnaissance reverse circulation (RC) programme of 35 holes was completed in 2007 and this was followed by a more comprehensive 45-hole diamond drilling programme in 2008 and 2009 to define a JORC code-compliant inferred resource of 17.7 million tons at 296 parts per million (ppm) of triuranium oxide.

However, the firm said that it has so far seen a positive correlation between the uranium and the REE contents and the diamond drilling yield significant intersections of total rare earth oxides (TREO).

These included intersections ranging from 42.2 metres at 3.29 per cent TREO to 11.5 metres at 1.02 percent TREO.

“The preliminary results of the assaying suggest that the REE may prove to be a valuable complement to our substantial uranium resources at Firawa,” said Mark Reilly, Forte’s chief executive officer. “We will continue our re-assaying programme over the coming months and intend to publish a resource in Q3/Q4 when the modelling is complete.”

Rare earth elements are a collection of 17 metals, many of which can be used for a variety of applications. For example, lanthanum and lutetium are used in high refractive index glass, while a number of other REEs are used in magnets and lasers.

Forte Energy maiden Mauritania JORC resource doubles total uranium resource

Wed, 22 Jun 2011 16:44:00 +1000

Forte Energy (LON:FTE, ASX:FTE) announced a maiden JORC Code compliant uranium resource for its A238 prospect in Mauritania, which doubled the previous total resources of the company.

The report by consulting firm CSA Global Inc (UK) estimates a JORC inferred mineral resource at A238 of 26.5 million tonnes at 256 parts per million triuranium octoxide (U3O8) for 14.9 million pounds contained U3O8 at a 100 ppm cut-off.

This new resource represents a doubling of the company's total resources to 45.5Mt at 284ppm U3O8 for 28.5Mlbs contained U3O8 at a 100ppm cut-off. Prior to today’s announcement, Forte's total resources were 19Mt at 325ppm U3O8 for 13.6Mlbs contained U3O8 at the same cut-off.

Included in the new total are the JORC compliant inferred resources at Firawa in Guinea, with 17.7Mt at 296ppm U3O8 for 11.5Mlbs, and Bir En Nar, with 1.33Mt at 704 ppm U3O8 for 2.1Mlbs, both at a 100ppm cut-off.

Chief executive Mark Reilly said: “The doubling of Forte's global JORC compliant resources, and substantial increase in the resource base in Mauritania, represents significant progress in our strategy to target high grade uranium orebodies in West Africa and delineate resource bases with the critical mass to support high return mining developments.

“We see this resource as a major milestone in this virgin region, and we look forward to returning to Mauritania after the summer to carry out more drilling at A238 to increase the size and confidence of its resource and to also follow up numerous other priority targets identified in this highly prospective region, including the Tamreikat Prospect where initial drill results earlier in 2011 were very encouraging.”

The maiden resource estimate for the A238 prospect is based on assay data from drilling programs during 2010 and 2011 in which a total of approximately 10,450m of drilling was completed, togetherwith detailed radiometric information and geological modelling.

The drilling programs consisted of 35 Reverse Circulation drill holes completed in the 2009/2010 field season as well as 96 RC drill holes and 9 diamond drill holes completed during the 2010/2011 field season.

Forte is an Australian-based minerals company focused on the exploration and development of uranium and associated bi-products in Guinea and Mauritania in West Africa.

Forte Energy re-assay program looks to confirm rare earth potential in Guinea

Mon, 16 May 2011 16:35:00 +1000

Forte Energy (ASX: FTE, AIM: FTE) has re-tested rare earth element (REE) drill samples from 2007 and 2008 after identifying REE potential in several metallurgical samples from late 2010 at the Firawa Project in the Republic of Guinea.

The reverse circulation results are in line with Forte Energy’s expectations. Highlights from the first batch of re-assayed historical drill samples include:

-3 metres at 3.32% total rare earth oxides (TREO);
-6 metres at 2.83% TREO; and
-19 metres at 1.43%.

A comprehensive diamond drill campaign of 45 holes in 2008 and 2009 was undertaken to define an initial uranium JORC Inferred Resource of 17.7 million tonnes at 296 parts per million uranium for 11.6 million pounds uranium.

Samples from the larger diamond drilling program are currently under review and the company anticipates results should provide a more complete picture of the REE distribution.

The distribution of individual metals within the TREO suite is consistent with previously announced samples, but a full analysis will not be completed until all assays are received.

Rare earth elements are in high demand as they have become an indispensable part of modern life and are found in everyday items like computers, camera lenses and high efficiency light bulbs.

Forte Energy unveils drill results from Mauritania with higher uranium grades

Tue, 03 May 2011 21:25:00 +1000

Forte Energy (LON:FTE, ASX:FTE) unveiled a new set of drill results from Mauritania with higher uranium grades than it has previously encountered.

The drilling work was carried out on the A238 and Tamreikat prospects in the northern part of the country.

Assays from A238 revealed uranium grades of up to 475 parts per million (ppm). The highlighted intersections ranged from 14 to 57 metres in length and the grades were between 203 and 475 ppm.

These results are from a relatively short reverse circulation (RC) campaign which was designed to supplement the 15,000 metre diamond drilling programme which is now drawing to a close. Forte said that it is currently drilling its last of eleven diamond drill holes.

Importantly the RC programme successfully delineated thick intersections of higher grade mineralisation and several intersections had a significantly higher grade than previously recorded.

Forte expects to complete a resource estimate for the A238 prospect in the coming months.

"These drilling results from the A238 uranium prospect are higher grade than previous results and we look forward to the maiden JORC resource which is on track for later this quarter,” managing director Mark Reilly said.

The Tamreikat results come from Forte’s maiden drill programme on the area, which was completed at the end of 2010. At Tamreikat, which is about 40 kilometres away from A238, Forte’s first pass drill programme found uranium all seven holes drilled.

The results included several thick intersections of moderate grade uranium. The highlighted intersections had lengths ranging from 6 to 26 metres with uranium grades between 204 and 548 ppm. Forte plans more drilling at Tamreikat in the fourth quarter, during the next drilling season.

Reilly added: “The results from a very cursory drilling programme at Tamreikat are also very pleasing and demonstrate the potential of the Company's extensive ground holdings to contain numerous centres of uranium mineralisation.”

Separately in a quarterly cashflow and activities report Reilly said that Forte is please with the progress made during the March quarter. Moreover the group said it is

Forte Energy is pleased with the progress made during the March quarter in advancing its exploration programmes in both and is excited by their potential for increasing uranium resources in both Mauritania and Guinea, as well as completing a maiden rare earth resource for the Firawa project in 2011.

It said it is in a strong financial position to pursue these exploration programmes and progress pre-feasibility studies for the Firawa.

Forte Energy maiden uranium JORC Resource on track for A238 in Mauritania

Mon, 04 Apr 2011 17:24:00 +1000

Forte Energy (ASX: FTE, LON: FTE) has hit more promising urainum results from drilling at the A238 uranium prospect in Mauritania, and is on track to release a preliminary maiden JORC Resource for A238.

Significant intersections from the final two holes of the 7,000 metres reverse circulation drilling program include; 9 metres at 271 parts per million (ppm) uranium and 6 metres at 300ppm.

The assay results from the first four holes of the 1,500 metres diamond drilling program on A238, which will be completed in the June quarter of 2011, include 31 million at 413ppm uranium, 24 metres at 457ppm, 48 metres at 311ppm and 20 metres at 381ppm.

The company has also recently completed an extension drilling program of 1,200 metres at the previously discovered 'high grade shoot' at A238, with assays imminent.

This drilling campaign was designed to increase the size of the potential resource along with the confidence level, with the goal of some Indicated Resources.

Forte Energy narrows first half loss

Wed, 16 Mar 2011 23:23:00 +1100

Forte Energy (LON:FTE, ASX:FTE) has narrowed its pretax loss in the first half to end-December 2010 to A$1.14 million from A$1.71 million a year earlier.

The figure was included in the group’s first half accounts report, in which it stated that it continues to investigate resource opportunities.

These are currently focused on the company's uranium exploration licences in West Africa in the Republic of Guinea and the Islamic Republic of Mauritania.

Earlier this week, Forte released the latest batch of drill results from the A238 uranium prospect in Mauritania, with grades reaching up to 456 parts per million uranium.

The results were from 17 drill holes of the recently completed reverse circulation drill programme. The company said that there are a still more results to come from a small number of holes, and they are expected imminently.

From this set of results the significant intersections range from 8 to 20 metres in length with between 215 and 456 parts per million uranium.

All the RC programme’s results will be incorporated into a maiden JORC compliant resource, along with the results of the ongoing diamond core drilling programme. Meanwhile a follow up drill programme will test A238’s recently discovered 'high grade shoot'.

It will drill between 6,000 - 7,000 metres of in-fill and extension drilling on the ‘high grade shoot’. The follow-up drilling designed to increase the size of the potential resource, and Forte believes it could allow it to report some of the resource in the indicated category.

Separately it plans to drill around 7,000 metres on some of its other priority uranium prospects.

Forte said that the current exploration programme is expected to be completed in the second quarter of 2011.

The company has been quite active in a fairly short period of time at A238. It began a 6,500 metre drill programme in October 2010 - with 5,000 metres of Reverse Circulation (RC) drilling and 1,500 metres of diamond drilling. Once this programme is completed, Forte will have drilled over 8,500 metres.

In February, it started re-assaying its Firawa prospect in Guinea for Rare Earth Elements (REE), with receipt of initial results expected towards the end of Q1 2011.

Forte has established a small crushing facility on site. Once prepared, the company will dispatch the samples to the same laboratory in Europe that is undertaking assay work from its projects in Mauritania which has to date maintained excellent turnaround times.

As previously announced, the 2008/9 resource drilling campaign produced some 7,000 samples that were assayed to produce a JORC Code compliant mineral resource of 17.7 million tonnes at 296 part per million for 11.6 million pounds triuranium octoxide (U3O8) at a 100 ppm cut-off.

No REE assays were undertaken on these samples at the time. REE concentrations were subsequently discovered in one Firawa sample in late 2010 during metallurgical testing, with five later samples returning high grade REE results.

If the REE re-assay process returns positive results, this should allow the company to calculate a maiden JORC compliant mineral resource for REE at Firawa in H1 2011.

In addition to the REE re-assay programme, Forte plans to start a drilling programme within the next months to mainly test for extensions of the Firawa mineralisation along strike where lack of adequate drill rig access tracks prevented drill testing in the previous round of drilling.

Forte reveals next batch of A238 uranium drill results and follow-up drill plans

Mon, 14 Mar 2011 19:47:00 +1100

Forte Energy (LON:FTE, LON:FTE) released the next batch of drill results from the A238 uranium prospect in Mauritania, with grades reaching up to 456 parts per million uranium.

The results are from 17 drill holes of the recently completed reverse circulation drill program.

The company said that there are a still more results to come from a small number of holes, and they are expected imminently.

From this set of results the significant intersections range from 8 to 20 metres in length with between 215 and 456 parts per million uranium.

The drilling results will be incorporated into a maiden JORC Resource, along with the results of the ongoing diamond core drilling program.

It will drill between 6,000 - 7,000 metres of in-fill and extension drilling on the ‘high grade shoot’.

The follow-up drilling designed to increase the size of the potential resource, and Forte believes it could allow it to report some of the resource in the indicated category.

Separately it plans to drill around 7,000 metres on some of its other priority uranium prospects.

Forte said that the current exploration programme is expected to be complete in the second quarter of 2011.

The company has been quite active in a fairly short period of time at A238. It began a 6,500 metre drill program in October 2010 - with 5,000 metres of reverse circulation drilling and 1,500 metres of diamond drilling.

Forte Energy: Latest batch of drill results give clearer picture of A238 uranium project

Tue, 15 Feb 2011 20:16:00 +1100

Forte Energy (LON:FTE, ASX:FTE) has revealed more drilling results from the A238 uranium project in Mauritania.

It released the results of 10 drill holes and the best assays had lengths between 4 – 30 metres grading 215 - 546 parts per million (ppm) uranium.

These latest results are from an area immediately north of the ‘main shoot’. Last month’s drill results from the ‘main shoot’ demonstrated a considerable increase in both thickness and grade from earlier results.

This morning Forte said that the latest 10 holes now provides a clearer geological picture of the transition from the narrow, low grade stacked veins outside the main shoot in the northern part of A238, into the thick high grade bulk mineralisation of the main shoot.

Drilling is ongoing on the main shoot and Forte plans to calculate a JORC resource at the beginning of next quarter.

Forte reckon it is likely that the ‘main shoot’ will contain the bulk of A238’s total uranium.

Forte has been quite active in a fairly short period of time at A238. It began a 6,500 metre drill programme in October 2010 - with 5,000 metres of Reverse Circulation (RC) drilling and 1,500 metres of diamond drilling. Once this programme is completed, Forte will have drilled over 8,500 metres.

It plans to pause momentarily to assess the data and construct 3D models to help it plan a second phase of drilling – which would be carried out in the remaining weeks of the field season.

The exploration programme is being supported by a recent fundraising, in which Forte raised A$15 million with the issue of 120 million ordinary shares at 12.5 cents each.

As well as exploring A238 Forte also plans to explore the numerous other high priority prospects on its Mauritanian ground holding. It also plans to start the Pre-Feasibility work at its Firawa uranium-rare earth project in Guinea.