Forte Energy (ASX: FTE) is an Australian-based minerals company focused on the exploration, evaluation and development of uranium and energy-related projects worldwide.
Forte Energy has secured an extensive portfolio of uranium projects in the Republics of Guinea and Mauritania in West Africa, where it is pursuing intensive exploration programs. The Company also holds copper and cobalt interests in Queensland and Western Australia, Australia.
Forte Energy looks to revised resource statements for Mauritania and Guinea this year
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."
