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.

- 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 (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 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.