FORTE ENERGY NL
ACN 009 087 852
ASX/AIM CODE: FTE
Telephone: +618 9322 4071, Fax: +618 9322 4073
ASX and AIM Release
4 January 2010
Maiden resource pending; Exploration generating
highly promising results
HIGHLIGHTS
- Maiden JORC resource for Bir En Nar Uranium Project expected to be completed in first quarter of
2010, subject to final assay results
- Resource core drilling program set for completion in mid-January.
- Planned R/C drilling program around the town of Bir Moghrein has been tripled from 2000m to about
6000m, or 300 holes, across 14 prospects. This is set to commence February 2010.
- Encouraging observations continue to be made from field exploration elsewhere on Mauritanian
licence areas, in particular, calcrete hosted uranium anomalies near Bir Moghrein.
- 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.
- Pit sampling at Anomaly 252 shows high radiation levels with secondary uranium minerals in
calcrete.
- Calcrete mineralisation also observed at Anomaly 238 together with a granite dyke or mylonite zone
showing high Uranium readings on hand-held spectrometer.
- Detailed radiometric airborne surveys over 9 areas within Forte's Mauritanian licences scheduled
for completion in January 2010.
International uranium company Forte Energy NL ("Forte" or "the Company") (ASX/AIM: FTE) is pleased to
provide the following update on its resource drilling and exploration activities at its 100 per cent-owned
exploration licences near Bir En Nar and Bir Moghrein in Mauritania, West Africa.
Resource Drilling at Bir En Nar:
The Company's key focus is the resource core drilling program of up to 6,000m being carried out at the Bir
En Nar prospect where Forte completed more than 4,000m of Reverse Circulation drill testing during 2007.
Results included intercepts in excess of 5,000ppm eU3O8 with a maximum intersection of 1.55m at 18,280ppm
eU3O8.
Most of the drilling in the current program has been completed. This is despite some delays encountered
by the drilling contractors due to logistical and mechanical problems. Drilling is expected to be finalised
in mid-January. An initial JORC code-compliant resource for Bir En Nar, which is being calculated by
consultants Coffey Mining, is expected to be published in the 1st Quarter of 2010, subject to timing of
assay results.
To view Fig.1 Forte Energy's exploration permits in Mauritania, please open the following link in a new
window: http://media3.marketwire.com/docs/fte_fig_1.pdf
Field observations from the diamond core drilling generally confirm what was found during the previous R/C
drilling program, with readings from the core samples taken on site using handheld instruments indicating
similar high grades. From the core orientation control the Company believes that the steep dipping
mineralisation is displaced (but still within the 100 metre wide zone) in two low dipping (3-5 degrees to
the East) faults marked by thin mafic dykes. The mineralisation occurs in granite of different mode, both
as impregnation and as fissure fillings. Mostly there is a visible vague alteration but there is also high
radiation mineralisation without any sign of alteration. The rock is hard with few crush zones and core
recovery is good.
Samples are transported initially to the Mauritanian capital of Nouakchott to await inspection by the
Ministry of Mines before being transported to ALS Chemex in Bamako, Mali for initial preparation. They are
then sent to ALS Chemex laboratory in Vancouver, Canada, for multi-element analysis, including uranium.
Assay results from the first samples sent to Canada are expected to be available within days.
To view Fig.2 Diamond core drilling at Bir En Nar, please open the following link in a new
window: http://media3.marketwire.com/docs/fte_fig_2.pdf
Field Exploration:
Forte Energy currently holds a total of nine uranium exploration licences within the Pre-Cambrian Reguibat
Shield in Northern Mauritania covering a total of 11,895sqkm. The ground selected was highlighted by
available airborne radiometric survey data and extends southeast for over 340km from the town of Bir
Moghrein. The principal radiometric targets tested lie within the vicinity of two major north-northwest to
south-southeast trending structural zones containing local areas of supracrustal rocks within the granite
dominated Reguibat Shield.
While resource drilling is underway at Bir En Nar, field exploration of other uranium targets has continued
within Forte's exploration licences near Bir Moghrein, including trenching, geophysical surveying,
geological study and rock sampling.
Anomaly 252 is on the main track to Algeria. The VLF-EM survey shows two parallel conductors 300m apart
trending NE-SW. Pit sampling showed high radiation levels in the calcrete.
Recent activity has concentrated on the Leg Beija and the nearby Anomalies 237 and 238. The Leg Beija
anomaly has been found to extend more than 10 kilometres and is up to 500 metres wide. Sampling pits
encountered hard calcrete down to more than 3 metres depth with secondary uranium minerals. In the bottom
of some back-hoe pits (3-4 metres depth), the calcrete contained quartz and feldspar fragments of granite
type. Yellow uranium minerals occur frequently in the calcrete as in the brecciated granite.
In addition to the calcrete mineralisation observed at Anomaly 238, there was also an interesting granite
dyke or mylonite zone observed which showed high uranium readings on a hand-held spectrometer.
To view Fig.3 Sites of planned R/C drilling and airborne surveys, please open the following link in a new
window: http://media3.marketwire.com/docs/fte_fig_3.pdf
To view Fig.4 Sites of uranium anomalies and airborne surveys, please open the following link in a new
window: http://media3.marketwire.com/docs/fte_fig_04.pdf
Assays from sampling pits at the above anomalies have been submitted to ALS Chemex, though no results have
been received as yet. The latest observations from the exploration of these anomalies compliments the
progress reported on other anomalies in the previous update issued on 30 October 2009.
R/C Drilling Program:
Following the continued successes of the current field exploration activities, the planned Reverse
Circulation drilling program has been significantly increased from 2000m over six prospects to around 300
holes totalling up to 6000m across fourteen uranium prospects. This is set to commence in early February,
2010. Results from this drilling program are expected to identify priority targets for follow-up resource
drilling.
Airborne Radiometric Surveys:
Detailed radiometric airborne surveys over nine areas within Forte's Mauritanian licences are scheduled for
completion in January. The surveys are being carried out by the German company Terrascan Airborne. It is
using a light-weight remote controlled aircraft equipped with a 4-litre Cs crystal multichannel
spectrometer and a GEM potassium GSMP40 magnetometer. Measurements will be carried out along lines with 200
metre spacing and at an altitude of 60 metres. Flight direction will be selected individually for the
various areas.
The Company is eagerly awaiting the completion of its current exploration activities and looks forward to
announcing its initial JORC code compliant uranium resource for Bir En Nar and the results of its sampling
and R/C drilling programs at Bir Moghrein in 2010.
..........
Mark Reilly
Managing Director
For further information contact:
Mark Reilly, Managing Director
Forte Energy N.L. Tel: +618 9322 4071
Alastair Stratton/Tim Graham
Matrix Corporate Capital LLP Tel: +44 (0) 203 206 7000
Conduit PR
Jos Simson/Emily Fenton Tel: +44 (0) 207 429 6603
Stuart Laing
RFC Corporate Finance Ltd Tel: +618 9480 2506
(AIM Nominated Adviser to the Company)
About Forte
Forte Energy NL is an Australian-based no liability company whose principal activity is minerals
exploration. The Company is an emerging international uranium company focused on the exploration and
development of a high-quality portfolio of uranium assets in the Republics of Mauritania and Guinea, West
Africa.
Shares in the company are listed on both the Australian Stock Exchange (ASX - FTE) and the AIM market (AIM
- FTE) of the London Stock Exchange.
Forte is progressing its Mauritanian assets through a Strategic Alliance and Cooperation Agreement with the
French-based multinational industrial and nuclear energy giant, Areva NC, a global expert in nuclear
energy. Areva also holds a strategic 11.29% equity interest in Forte Energy.
Forte Energy and Areva have agreed to establish a joint venture to develop the Company's Mauritanian assets
if a minimum 60-80 million pounds of JORC Code compliant inferred uranium resources are established within
the next two years. Forte is targeting the discovery of a maiden JORC resource at its Bir-En-Nar prospect
in Mauritania by the end of 2009.
The Firawa Project is the most advanced of Forte's three uranium exploration projects in Guinea and the
Company announced its maiden JORC resource for the Firawa project on 1st July 2009. 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.
Forte Energy's growth strategy in the international uranium industry is being driven by an accomplished
Board and management team focused on maximising shareholder value and returns.
Note:
The information in this report that relates to exploration results in Mauritania, West Africa is based on
information compiled by Mr. Bosse Gustafsson of Forte Energy NL, EurGeol Dr. W.A. Sheppard MIMM, MAusIMM,
PGeo of LiaMin Consulting and Dr. G.A. Reynolds MSc, MBA of Metrics Consulting.
Mr. Gustafsson has sufficient experience which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity undertaken to qualify as a Competent Person as defined in
the 2004 Edition of the "Australasian Code for Reporting of Mineral Resources and Reserves". Mr. Gustafsson
is a member of the European Federation of Geologists a Recognised Overseas Professional Organisation
("ROPO"). Mr Bosse Gustafsson is a full time Technical Director of Forte Energy NL and is responsible for
exploration activities in Mauritania and Guinea. Mr. Gustafsson consents to the inclusion in this report of
the matters based on their information in the form and context in which it appears.
Downhole gamma logging/probing of drill holes provides a powerful tool for uranium companies to explore
for, and evaluate, uranium deposits. Such a method measures the natural gamma rays emitted from material
surrounding a drill hole out to around 0.5 metre from its centre - the gamma probe is therefore capable of
sampling a much larger volume than that which would normally be recovered from a core or RC hole. These
measurements are used to estimate uranium concentrations with the commonly accepted initial assumption
being that the uranium is in (secular) equilibrium with its daughter products (or radio-nuclides) which are
the principal gamma emitters. If uranium is not in equilibrium (viz. in disequilibrium) - as a result of
the redistribution (depletion or enhancement) of uranium and/or its daughter products - then the true
uranium concentration in the holes logged using the gamma probe will be higher or lower than those reported
in the announcement.
Total count gamma logging does not account for energy derived from thorium and potassium but is calibrated
on the uranium band and factor applied to account for the average effect of thorium and potassium and thus
the result is expressed as an equivalent value or ppm eU308. The logging program was undertaken by Poseidon
Geophysics (Pty) Ltd utilising an Auslog Logging System using instruments calibrated at Pelindaba, South
Africa, an IAEA accepted and approved standard facility. Data was converted from raw counts per second of
natural gamma rays to eU3O8 using the calibration constant obtained from measurements made at the Pelindaba
calibration borehole. Poseidon Geophysics carried out regular checks to validate the accuracy of probe data
using a test hole, BNR14, located on site. Uranium mineralisation grades through this report annotated with
a sub-prefix 'e' have been reported as uranium equivalent grades derived from downhole gamma ray logging
results and should be regarded as approximations only.
Forte Energy NL