www.forteenergy.com.au
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 gets 2 new uranium exploration permits in Mauritania
Forte Energy (LON:FTE, ASX:FTE) said it has been granted two new uranium exploration permits in Mauritania near its existing licences in the north of the country.
Licences 1588 and 1173, called Nord Tmeimichat Rhall Amane and Bir Ould Ben Nasser, respectively, cover an area of 1,325 square kilometres.
Forte now holds ten uranium exploration permits within Mauritania for a combined area of more than 9,925 square kilometres, in addition to its Firawa and Bohoduo uranium prospects in Guinea.
Covering 375 square kilometres, Bir Ould Ben Nasser is located to the east of the Gleibat Ten Edbar licence and to the north of the Rhall Amane licence.
During 2011 a combination of radiometric surveys and ground works have identified surface uranium mineralisation similar to that in areas to the west and to the south.
Nord Tmeimichat Rhall Amane covers nearly 1,000 square kilometres and is located situated approximately 40 kilometres to the east of the existing Forte Energy licence Rhall Amane.
It has been identified as a prospective calcrete prospect similar to Hasi Baida. The area was identified by a combination of the interpretation of the airborne survey data at the Department of Mines and Geology (DMG) in Nouakchott and field studies.
Following the completion of the Reverse Circulation (RC) drilling programmes by the end of the first quarter of 2012 at Hasi Baida and Tisram, a preliminary RC programme will start in the second quarter at the two new licences.
Forte announced in September 2011 - when it reported receipt of the Hasi Baida and Gin Ouissat exploration licences - that it acknowledges and appreciates the considerable efforts and success of its long-time Mauritanian business partners, Mauritanian Mining Services (MMS), in managing the company's local affairs including the licence applications. It had agreed to grant up to 5 million options to MMS with an exercise price of 12.5 Australian cents per share.
Receipt of the Bir Ould Ben Nasser exploration licence in addition to Hasi Baida and Gin Ouissat represents achieving the first milestone, thus MMS has now been granted the first 2 million options.
Forte’s partner will receive 2 million more options when exploration drilling on the new permits starts and another million upon the release of an initial JORC code compliant mineral resource within the permits.
Managing director Mark Reilly said: "The company is pleased to add these licences to its highly prospective portfolio of exploration holdings within Mauritania and is grateful for the assistance of Mauritanian Mining Services in successfully managing the application process to achieve this result.
“Forte is today one of the largest exploration companies operating in Mauritania, and has committed to an intensive drilling programme to further increase its current JORC resource of 28.5Mlbs of U3O8 (triuranium octoxide). We look forward to undertaking further field activities to explore the potential of these licences.”
