Forte Energy NL has recently completed a strategic realignment to position itself as a West African-focused uranium explorer with over 10,700 square kilometres of prospective tenure in Mauritania and Guinea, with total JORC Code resources of 37.0Mlbs U3O8 (64.2Mt @ 262ppm) (see Resources Table for further details).
In July 2009 the Company announced its maiden JORC uranium resource of17.7Mt @ 296ppm U3O8 for 11.6Mlbs contained U3O8(100ppm cut-off) at its Firawa prospect in Guinea. Initial metallurgical testing shows potential for a heap leach recovery operation, with further testing underway. A project to re-assay previous drilling samples for rare earth elements (REE) was also carried out following the discovery of REE at an average of 2.38% in six Firawa samples randomly selected for analysis aiming to determine a JORC Code compliant resource during H2 2011. Further drilling to extend the Firawa resource, which remains open along strike and at depth was completed in February 2012, with a revised JORC resource estimate expected by June 2012.
Forte Energy announced its first Mauritanian JORC resource in July 2010 at the high-grade Bir En Nar prospect with an initial Indicated and Inferred Resource of 1.33Mt @ 704ppm U3O8 for 2.06Mlbs of contained U3O8 (100ppm cut-off). A second Mauritanian JORC resource was announced in July 2011 at the A238 prospect of 26.5Mt @ 256 ppm U3O8 for 14.9Mlbs of contained U3O8 (100ppm cut-off). Following further drilling a revised JORC resource for A238 of 45.2Mt @ 235 ppm U3O8 for 23.4Mlbs of contained U3O8 (100ppm cut-off) was announced in April 2012. The Company has also carried out extensive field surveys and RC drill testing of a number of other anomalies within its Mauritanian licences with several identified for follow-up drilling.
The Company’s Mauritanian assets were also advanced through a Strategic Alliance and Cooperation Agreement with the French-based multinational industrial and nuclear energy giant, Areva NC. Whilst the agreement lapsed in June 2010, Areva remains Forte Energy's largest shareholder with more than 9% of the Company's shares.
Previously known as Murchison United NL and under former management, the Company’s activities were focused on its Australian copper and cobalt interests and other world-wide base-metal projects.
Following significant management and board changes in 2004, the focus of the Company shifted to uranium and other energy-related projects. This led to the Company successfully obtaining a number of uranium exploration licences in both Guinea and Mauritania in 2005 and 2006. Numerous field expeditions and drilling campaigns carried out by the Company have confirmed the strong potential for its projects to host significant uranium deposits.
A New Vision
Global acknowledgement of the need to decrease carbon emissions and the call for viable, sustainable energy alternatives have seen governments worldwide increasingly turning to nuclear energy as a feasible and attractive energy option.
A persistent deficit between uranium demand and supply has existed for two decades and international inventories are steadily being depleted, creating a highly favourable environment for exploration.
Forte Energy’s new strategic positioning sees the Company poised to capitalise on expected growth in the medium and long term international uranium markets.