Forte Energy currently holds ten Group 4 uranium exploration licences in the Republic of Mauritania, in West Africa. The licences cover 9,925 square kilometres.
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 Mineral 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
Geophysical surveys carried out during 2009, including assays up to 9,300ppm U3O8 from a trench at Anomaly 068, identified a number of high priority targets at other uranium anomalies within Forte's Mauritanian licences. An RC drilling program of around 5000 metres was completed in the first half of 22010 to further test these anomalies, including Beso, Leg Beija and A238.
Following the extremely positive results of the 2009/10 RC drilling, a further RC drilling programme of around 11,300m commenced in October 2010, focussing initially on Anomaly 238 (“A238”), which is located 55km south-east of the town of Bir Moghrein. Preliminary results from A238, including 80m from surface @ 362ppm U3O8, indicated the potential for a shallow, large volume medium grade deposit. A total of approximately 10,450m of RC and diamond core drilling has been carried out, resulting in announcement in June 2011 of an initial JORC code compliant U3O8 resource for A238 of 26.5Mt @ 256ppm U3O8 for 14.9Mlbs of contained U3O8 (100ppm cut-off).
After completing a further 63 holes (8,567m) of RC drilling in 2011/12, an updated JORC resource was announced 11 April 2012 for A238. The deposit remains open along strike and at depth and further drilling is planned in May 2012.
A238 Resource**:
Revised Inferred Mineral Resource of 45.2Mt @ 235ppm U3O8 for 23.4Mlbs of contained U3O8 (100ppm cut-off).
In June 2008, the Company announced that it had entered a wide-ranging Co-operation Agreement with French-based multinational industrial and nuclear energy giant, Areva NC ("Areva"), to accelerate the exploration and development of its portfolio of uranium projects in Mauritania. Areva also holds a strategic 11.42% 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.
* The Mineral Resource at Bir En Nar is based on information compiled by Mr. Bosse Gustafsson who is employed by Forte Energy NL and Mr. Neil Inwood who is employed by Coffey Mining Ltd. Mr. Gustafsson and Mr. Inwood have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Reserves”.
** The Mineral Resource at A238 is based on information compiled by Mr. Bosse Gustafsson who is employed by Forte Energy NL and Mr. Galen White BSC (hons) FGS, MAUSIMM, Principal Geologist of CSA Global Inc (UK). Mr. Gustafsson and Mr. White have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Reserves”.
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