AIM-listed Uranium explorer Forte Energy NL has signed a contract with Wallis Drilling Africa for approximately 5,000m of NQ Aircore drilling in the highly prospective areas close to the A238 prospect and at Hassi Baida in Mauritania.
An operational update issued by the company showed that drilling was scheduled to start in Mid-May, following the shipment of the drill rig to Mauritania.
Hasi Baida is a highly prospective calcrete area situated approximately 50km north-east of the existing Forte Energy licences and covers over 800 sq km.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The drilling programme will target eight separate prospects within the Hasi Baida licence. The targets are all uranium in superficial calcrete deposits.
The 5,000m programme will also include aircore scout drilling which will target blind, near surface metasomatite style uranium mineralisation along interpreted major structural corridors close to the A238 Prospect.
Commenting on the update, Mark Reilly, Managing Director of Forte Energy, said: "The additional drilling of the calcrete as well as the metasomatite style deposits in close proximity to our existing resources is consistent with our stated strategy of proving up a number of economically viable deposits within our licence areas in Mauritania.
"Forte remains committed to being at the forefront of Mauritania's uranium mining industry and looks forward to commencing the drilling campaign within the next month."
Forte Energy's share price was down 2.35% to 0.83p at 11:23 on Wednesday.
MF
