Forte Energy to commence drilling in Mauritania

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.

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.

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

Recommended

Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021
Trading: stash the family cash in this cheap wealth management firm
Trading

Trading: stash the family cash in this cheap wealth management firm

Wealth management is a growth market. Rathbone Brothers should be a prime beneficiary – and looks cheap. Matthew Partridge explains the best way to pl…
12 Oct 2021

Most Popular

How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
How to invest in SMRs – the future of green energy
Energy

How to invest in SMRs – the future of green energy

The UK’s electricity supply needs to be more robust for days when the wind doesn’t blow. We need nuclear power, says Dominic Frisby. And the future of…
6 Oct 2021
Properties for sale for around £1m
Houses for sale

Properties for sale for around £1m

From a stone-built farmhouse in the Snowdonia National Park, to a Victorian terraced house close to London’s Regent’s Canal, eight of the best propert…
15 Oct 2021