Forte Energy identifies uranium mineralisation at Mauritania resource

Forte Energy NL, the AIM-listed uranium company focused on the development of a portfolio of uranium assets, has unveiled positive assay results from its drilling campaign in Mauritania, West Africa.

Forte Energy NL, the AIM-listed uranium company focused on the development of a portfolio of uranium assets, has unveiled positive assay results from its drilling campaign in Mauritania, West Africa.

The Australian company reported that drilling and assay results confirmed intermittent narrow mineralisation over a strike length of 0.5km to the north of the existing "A238 Resource".

A structural model developed from drilling and ground surveys would be used to identify other prospective structural targets within the Forte licences, it said.

A total of 12 holes were drilled to 2.0km north of the company's existing A238 Resource at 200m spacing. Positive assay results from five of the holes located over 0.8km to the north of A238 indicated "narrow mineralised structures over a strike length of 0.5km," the company said.

Assay results from RC 222 indicated intermittent mineralisation from 53m to 100m below surface, with grades of up to 567 parts per million (ppm) U3O8, a mixed uranium product.

A total of 13 holes were drilled to the south and all of the holes confirmed the structural extension of the Zednes shear zone to the south, but none of which identified uranium mineralisation.

Three holes were drilled at the south eastern end and outside of the A238 Resource with RC 219 potentially increasing the width of the mineralisation.

Commenting on the results, Mark Reilly, Managing Director of Forte Energy, said: "These latest drilling results provide further evidence of a mineralised structure to the north of our existing resource as well as a continuation of the Zednes Shear Zone to the south. Our strategy remains to drill out additional nearby targets in the A328 license, as well as the calcrete deposits at Hassi Baida, and add further to our substantial existing resource base in Mauritania".

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Lab-grown meat: the new agricultural revolution
Soft commodities

Lab-grown meat: the new agricultural revolution

Vegan alternatives are taking off, but the future of food technology lies in lab-grown meat – cultivating steaks and burgers from animal cells, says A…
16 Apr 2021