Forte Energy NL (LON:FTE, ASX:FTE) has released the next batch of drill results from the A238 uranium project in Mauritania.
The latest results include assays from A238’s ‘main shoot’ target, for the first time in the current exploration campaign. As expected, the assays from this priority target demonstrate a considerable increase in both thickness and grade from earlier results outside this area.
Most of the nine holes featured in the results were drilled on the ‘main shoot’. The best results had widths between 31 and 80 metres with uranium grades ranging from 221 to 555 parts per million (ppm).
“These positive results provide comfort that a thick high grade zone exists in this section of the A238 anomaly,” the company said.
The company believes 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.
Forte said it may decide to incorporate the phase one drill results into a preliminary maiden resource estimate, while the second phase of drilling is underway.
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.