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FORTE ENERGY LTD
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Forte Energy NL, (previously Murchison United NL), is an Australian-based minerals company focused on the exploration, evaluation and development of uranium and energy-related projects worldwide. Forte Energy has secured an extensive portfolio of uranium projects in the Republics of Guinea and Mauritania in West Africa. Exploration programs have so far established JORC code compliant uranium resources at both the Firawa (Guinea) and Bir En Nar (Mauritania) prospects and resource drilling is currently underway at the highly prospective A238 anomaly in Mauritania.
In 2010 the Company completed the sale of its 50% JV interest in the Maroochydore copper/cobalt project in Western Australia. The Company has also entered into a sale agreement for its Millenium copper/cobalt project in Queensland, Australia, as it focuses on its West African uranium projects.
Forte Energy NL’s shares are listed on both the Australian Stock Exchange (ASX: FTE) and the Alternative Investment Market (AIM: FTE) of the London Stock Exchange.
Forte Energy currently holds seven Group 4 uranium exploration licences in the Republic of Mauritania, in West Africa. The licences cover 8,103 square kilometres, with more permits awaiting approval. The company is well placed to secure additional exploration licences. Mauritania represents an attractive opportunity for Forte Energy, with large tracts of prospective exploration ground including historical uranium prospects located within Reguibat Massive, a part of the West African Shield. Exploration is further enhanced by the availability of modern airborne geophysical data and modern geological maps from the PRISM 1 project conducted by the World Bank.
Digital airborne data and processing of radiometric line data has identified several strong uranium anomalies, many of which have been followed up with field surveys. Initial assays from reconnaissance sampling at some of these anomalies returned grades of up to 9,500ppm U3O8 (0.95%).
In December 2007, the Company completed its first drilling program in Mauritania – at its Bir En Nar prospect in the Zednes region – following up on high sample results previously obtained. The 4,006 metre Reverse Circulation (RC) drilling program consisted of 41 holes of between 50m and 150m. Downhole radiometric logging results indicated numerous high-grade uranium intersections, including 1.55m at 18,280ppm U3O8 (1.83%). A follow-up diamond core drilling program of more than 5,500 metres was completed in February 2010 enabling the announcement in July 2010 of an initial JORC code compliant U3O8 resource.
Bir En Nar Resource*:
Initial Indicated and Inferred Resource of 1.33Mt @ 704ppm U3O8 for 2.06Mlbs of contained U3O8 (100ppm cut-off), comprising:
* Indicated Resource of 0.55Mt @ 886pm U3O8 for 1.07Mlbs of contained U3O8
* Inferred Resource of 0.78Mt @ 575pm U3O8 for 0.99Mlbs of contained U3O8
Forte Energy holds four Uranium Prospecting Permits in the Republic of Guinea, West Africa. The permits for Uranium and Rare Earth Elements cover 847 square kilometres over two separate concession areas – Firawa and Bohoduo.
Previous partial exploration in the 1980s by Davy McKee identified a five-kilometre anomaly lying in an east-west direction at the Firawa prospect. An initial drilling program was successfully completed during May 2007. This program comprised 29 Reverse Circulation (RC) drill holes over 1,809 metres, targeting a highly prospective two-kilometre section within Forte Energy’s licences.
Final assay results included intersections of:
* 12m @ 771ppm U3O8 (including 1m @ 995ppm U3O8)
* 10m @ 652ppm U3O8 (including 1m @ 1,325ppm U3O8), and
* 5m @ 749ppm U3O8 (including 1m @ 1,020ppm U3O8).
A follow-up diamond drilling program commenced in December 2008, targeting a JORC-compliant resource estimate for Firawa. The initial 4,000 metre program was increased to 5,859 metres based on encouraging initial results.
Firawa Resource *: Using a cut-off grade of 100ppm U3O8, the initial Inferred Resource estimate is 17.7Mt grading 296ppm U3O8 for 11.6 million pounds of contained U3O8.
Further drilling is planned to test for extensions to the deposit - which remains open along strike and down dip. Drilling is expected to commence early 2011, with a brief RC phase to prove strike and depth extensions, followed up by a major diamond drilling programme over the remainder of the field season with the objective of calculating an updated resource during H1 of 2011.
Encouraging metallurgical test results have been received from Firawa Project samples and indicate potential for economic recovery from leaching. studies continue to provide greater guidance on the likely processing route, which when complete should allow us to commence preliminary scoping studies in early 2011.
Metallurgical testing of several drilling samples from Firawa Project has also indicated the presence of Rare Earth Elements (REE), with a programme commencing in 2011 to re-assay previous drilling samples with the objective of obtaining a JORC Code compliant REE resource at Firawa in addition to the existing uranium resource.
Previous ground work and uncompleted diamond drilling by Davy McKee targeted a 700-metre long, irregular uranium anomaly at Bohoduo. Forte Energy has confirmed the presence of uranium mineralisation, and airborne geophysical data indicates a 12-kilometre long extension of the anomaly to the east.
An initial drilling program was carried out during May 2008. While the results were promising, Forte is currently focusing on its more advanced projects at Firawa and also in Mauritania.
Location of operation(s)
Western Australia, Guinea, Mauritania
36 Outram St
WEST PERTH, WA, Australia
(61 8) 9322 4071
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