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.

Forte Energy said this morning that its A238 prospect in Mauritania is shaping up to be a deeper lying, high grade uranium deposit. The company said it was “greatly encouraged” by assay results on four new reverse circulation holes on A238. 

---Adds comments from broker Singer Capital---

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.” 

Singer Capital analyst Charlie Long is expecting the Firawa resource to increase significantly to between 15-20 million pounds.

In a note to clients today the analyst also says he expects Bohoduo to contribute to Forte’s resources base in Guinea too.

This morning Reilly added: “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 (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 (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.

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, released today, 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.

Shares in the firm were up 2.9 per cent at 2.675 pence each in early trading today.

Uranium miner Forte Energy (LON:FTE, ASX:FTE) has been “very successful” with sampling at one of its new exploration licences in Mauritania, said broker Singer Capital Markets in a research note today.

After being recently granted two new licences within short distances of its current operations in the country, Forte announced this morning that surface sampling at Hasi Baida has returned high grades of uranium (up to 2.59 per cent uranium or 25,900 parts per million). These results were among assays from eight anomalies within the Hasi Baida permit area that showed uranium in concentrations greater than 1,000 parts per million.

Describing the results as “excellent”, Singer said: “With these good grades, and similar known deposits in northern Mauritania, we believe Forte should discover a significant uranium deposit at Hasai Baida.”

Forte now plans a 2,000-metre reverse circulation drilling programme, due to begin in early 2012, which will target eight separate prospects within the Hasi Baida licence.

“These exciting assay results confirm the great potential of the Hasi Baida licence in Mauritania,” said Mark Reilly, Forte’s managing director. “Surface sampling subsequently undertaken returned assays of greater than 1,000 parts per million uranium from eight separate anomalies within Hasi Baida, including one sample from Anomaly 204 of 25,900 parts per million. An aggressive exploration programme including up to 2,000 metres of RC drilling has already been planned for the current field season.”

Australia-based Forte is focused on exploration and development of uranium and associated bi-products in Guinea and Mauritania in West Africa. The company’s total JORC resource amounts to 45.5 million tonnes at 284 parts per million uranium oxide for 28.5 million pounds of the material

Shares in Forte were up 2.3 per cent at 2.71 pence each this afternoon.

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.