Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Forte shares advance as first re-assays confirm Firawa’s rare earth potential

Forte shares advance as first re-assays confirm Firawa’s rare earth potential

Forte Energy (LON:FTE) shares advanced around 9 percent in early deals after it revealed the first batch of re-assayed rare earth results from the Firawa project in Guinea.

Primarily Firawa has been a uranium project but in November the company’s geologists found REE’s in some metallurgical samples.  

The discovery prompted the re-assay of previous drill results, looking for the hard to find and increasingly valuable group of seventeen metals. Rare earth metals – commonly referred to as rare earth elements – are required for essential components in most new high-tech devices like smart-phones and hybrid cars.

This morning Forte said that the first batch of results has revealed what its geologist had been expecting. The assays included several intersections with significant REE grades.

Eleven intersections were highlighted in the drill report. They varied in length between 3 and 31 metres, with TREO (total rare earth oxides) grades between 0.71 and 3.32 percent.

Forte is re-assaying drill core from two separate drill programmes – a 35 hole reverse circulation programme in 2007 and a follow-up diamond drill (DD) programme from 2008/2009.

These programmes resulted in Firawa’s maiden uranium resource of 11.6 million pounds (lbs) – 17.7 million tonnes grading 296 parts per million uranium.

Today’s results come from the RC programme.

“The assay results from the RC drilling programme are in line with the Company's expectation, given the shallow, widely spaced nature of this first drill programme,” Forte said.

“The subsequent DD programme was more detailed and intersected thicker sections of higher grade uranium mineralisation. It is anticipated forthcoming assay results from this programme should provide a more complete picture of the REE distribution.”   

The emergence of rare earth mining has been one of the big stories of recent times – particularly in North American and Australian markets. 

From an economic perspective it is very intriguing. Demand outstrips supply and vitally China controls 97 per cent of the production. Last year the People Republic imposed strict export controls which left tech-hungry western nations – and their massive technology firms - scrabbling around to secure new alternative sources of rare earths.

This has put rare earth miners and explorers firmly on the map for investors. 

Success at Firawa would make Forte one of a very small group of London listed firms to give investors exposure to REE's.

 

Jamie_55a91591db06b.jpg


Register here to be notified of future FTE Company articles
View full FTE profile

Forte Energy NL Timeline

Newswire
December 17 2015
Newswire
October 02 2015

Related Articles

Berkeley Energia and its Spanish uranium story
March 15 2017
Salamanca, says the group, will be one of the globe's top ten producers and among the lowest cost producers
bannerman-resources_BM-profile-full-sign_medium-757.jpg
October 28 2016
Bannerman CEO Brandon Munro commented: “We are delighted with the strength of the response to our placement offering."
u308_583650538afa0.jpg
November 24 2016
Broker Numis is getting bullish on uranium again following a new marketing initiative from the Kazakh government. Kazatomprom, the Kazakh-state uranium producer, is the largest producer in the world accounting for 39% of global mine production in 2015.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use