Forte Energy
Forte Energy NL is an Australian-based minerals company focused on the exploration, evaluation and development of uranium and energy-related projects worldwide.
The Company changed its name from Murchison United NL on 25 November 2008.
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 nears completion of additional drilling at Bir En Nar uranium project, tests in Guinea encouraging
Forte Energy (AIM&ASX: FTE) today reported on its activities during the quarter to end-December 2009, which were focused on exploration at its permits at Bir En Nar and near Bir Moghrein in the Zednes region of northern Mauritania.
The company is currently gearing up for a 6,000 metre RC (reverse circulation) drilling programme at Bir Moghrein comprising 300 holes that is due to commence in February to test ten of the most prospective anomalies. The Leg Beija radiometric anomaly has now been defined over an area 10km long and up to 500 metres wide. Sampling pits encountered hard calcrete with secondary uranium minerals down to more than 3 metres depth.
The planned initial program of around 4,600m of priority holes at Bir En Nar prospect was completed in early January 2010 and was later followed with additional seven holes to complete a more extensive sampling grid to enable a resource classification to a depth of 100 metres. Drilling of these holes is currently nearing completion.
The company has commissioned new airborne radiometric surveys over its Mauritanian licenses that are set to be completed in February to make sure no uranium prospects are missed after two of the prospects did not show up on the previous survey.
Assay results that have so far been received from trenching and grab samples from field exploration of calcite-hosted uranium anomalies near Bir Moghrein include 9,300 ppm (parts per million) U2O8 (uranium) from a trench at anomaly 068.
A maiden JORC resource for Bin En Nar is expected to be completed in Q1 2010, pending receipt of final assay results. Results from the 4,000 metre resource drill testing completed during 2007 at Bir En Nar included intercepts in excess of 5,000 ppm (parts per million) U3O8 (triuranium octoxide) with a maximum intersection of 1.55 m (metres) at 18,280 ppm U3O8.
Forte Energy currently holds a total of nine uranium exploration licences within the Pre-Cambrian Reguibat Shield in Northern Mauritania covering a total of 11,895 sq km (square kilometres). The ground selected was highlighted by available airborne radiometric survey data and extends southeast for over 340 km from the town of Bir Moghrein.
The company also reported progress from its uranium exploration campaign in Guinea, where metallurgical tests carried out at its Firawa project indicated potential of economic recovery from leaching with further pre-feasibility studies currently underway.
Last month, Forte agreed to sell its 50% interest in the Maroochydore copper project in Western Australia for A$2 million. The sale will allow the company to fully focus on the development of its uranium prospects in Guinea and Mauritania.
Net cash at the end of the quarter stood at A$6.1 million.
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26/10/09 Forte Energy: strategically positioned in Africa’s emerging uranium districts
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27/07/09 Mark Reilly, Managing Director and CEO of Forte Energy Audio Transcript
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01/07/09 Forte Energy delivers maiden uranium resource at Firawa Project in Guinea
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01/06/09 Forte Energy raises A$10 million, expects maiden resource statement for Firawa Uranium Project soon
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04/07/08 Murchison United moves into the big league with AREVA deal
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02/10/07 Murchison United is looking to score with uranium
Other Forte Energy news
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17/03/10 Forte Energy H1 saw busy exploration programme, cash up year-on-year
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04/03/10 Forte Energy pleased with realised value from Australia JV disposals as it advances uranium exploration in Africa
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23/02/10 Forte Energy reports high-grade uranium assays in Mauritania, maiden JORC estimate due in March
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04/02/10 Forte Energy to complete diamond drilling at Bir En Nar uranium prospect
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15/01/10 Forte Energy signs A$2 million Maroochydore JV Copper Project Sale Agreement
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04/01/10 Forte Energy expands RC drilling programme at Bir Moghrein uranium project, expects Bir En Nar JORC resource in Q1 2010
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02/11/09 HansonWesthouse encouraged by Forte Energy’s assay results from Mauritania, ups price target
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30/10/09 Forte Energy soars on news of encouraging assay results from Mauritania uranium projects
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01/09/09 Forte Energy commences drilling at Bir En Nar Uranium Project
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18/08/09 Forte Energy takes first step in divestment of Millenium Copper Project