Forte Energy NL
LSE : FTE

January 23, 2012 02:00 ET

A238 Drilling Assays Confirm Mineralisation Extensions

                                                                                           Forte Energy NL
                                                                                                           
                                                                                            ACN 009 087 852
                                                                                                       
                                                                                 ASX, AIM and Media Release
23rd January 2012
                                                     
    Initial Assay Results in Mauritania confirm mineralisation extensions, drilling commenced in Guinea

International uranium company Forte Energy NL (ASX/AIM: FTE; "Forte Energy" or "the Company") is pleased
to  announce  that  they have received initial assay results for the Reverse Circulation  (RC)  drilling
programme  currently underway at the A238 Prospect in Mauritania.and to announce that the  new  drilling
programme at its Firawa Project in Guinea has commenced.

Highlights - Mauritania
-----------------------
   
   *    Initial assay results have been received for 36 drill holes out of a total of 55 drilled to date
        from the 10,000m RC drilling programme at the A238 Prospect.
   
   *    The results confirm mineralised extensions to the north west of A238 and at depth below the
        existing A238 resource.
   
   *    Notable intersections include:
                 o       RC133: 25m @ 357ppm U
                 o       RC140:      10m @ 510ppm U
                 o       RC142:  8m @ 312ppm U
                 o       RC148:      22m @ 320ppm U
                 o       RC150:      15m @ 382ppm U& 12m @ 381ppm U
                 o       RC151:      15m @ 339ppm U
                 o       RC152:      24m@ 315ppm U
                 o       RC160:      8m @ 260ppm U  & 16m @ 248ppm U
    *   Assay results for the outstanding 19 drill holes are due shortly.

    *   A238 drilling programme progressing on schedule with over 7,600m drilled to date and the remaining
        2,400m scheduled to be completed by the end of January.
    *   A238 resource update is expected to be announced in Q1 2012, with an expected increase to the
        current JORC Code compliant resource for the A238 Prospect of 14.9m lbs of U3O8out of theCompany's total
        JORC resource of 28.5m lbs. U3O8 (at a 100ppm cut-off).
    *   Initial drilling of calcrete hosted uranium prospects at the Hasi Baida (948) licence is scheduled
        to start at the end of January.

Guinea
------

    *   A 5,000m RC drilling program commenced at Firawa on the 9th January to test the extensions along
        strike and at depth.

Mauritania
----------

On  the  17th October, 2011, a 10,000m drilling program commenced at the A238 prospect in Mauritania,  with
the  objective  of  drilling outside of the existing inferred resource outline and  testing  the  potential
mineralised  extensions  both at depth and along strike. To date a total of 55  holes  (7,600m)  have  been
drilled, including 18 holes at the north west anomaly, situated approximately 800m to the north west of the
main zone.
                                                  
To view Figure 1: Mauritania Forte Energy Licences, please open the following link in a new window:
http://media3.marketwire.com/docs/fig_1_mauritania.pdf

Initial assay results from the first 36 holes have been received from the Stewart Group Laboratories
in  Ireland and South Africa. These identified mineralised extensions below the existing resources  and  to
the south of the area. Early assay results have also confirmed mineralisation from surface down to 140m  at
the north west anomaly.

The  initial  assay  results  are  from representative samples from the current  drilling  campaign,  which
represents  approximately 40% of the total assays expected. Further assay results are expected in  February
and  will be used by CSA Global Inc (UK) to complete the A238 resource update, which is expected by the end
of Q1 2012.

Drilling at the A238 Prospect is scheduled to be completed within the next week and the drill rig will then
move  to  Hasi  Baida for an initial drilling programme of 3,000m to test several near to surface  calcrete
deposits,  covering  over 12km2. Historical works completed by the company, including trenching  and  pits,
have identified high grade mineralisation in close proximity to the surface.



Table 1: A238 Prospect - Further drilling assays
------------------------------------------------

-------------------------------------------------------------------------------------------------------
License        Prospect    Hole_Id    East      North    Inclination   From      To  Interval   Average
                                      WGS84     WGS84      Degrees      (m)     (m)       (m)     Grade
                                                                                                U (ppm)
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238 NW     RC121     282413    2772916      50           11      15         4       215
-------------------------------------------------------------------------------------------------------
                                                                         18      19         1       226
-------------------------------------------------------------------------------------------------------
                                                                         20      25         5       272
-------------------------------------------------------------------------------------------------------
                                                                         27      28         1       194
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238        RC124     283314    2772873      50          123     124         1       261
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238        RC125     283859    2772034      50          105     106         1       406
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238        RC126     283918    2772014      50           29      35         6       197
-------------------------------------------------------------------------------------------------------
                                                                         37      39         2       264
-------------------------------------------------------------------------------------------------------
                                                                         44      47         3       398
-------------------------------------------------------------------------------------------------------
                                                                         48      49         1       214
-------------------------------------------------------------------------------------------------------
                                                                         58      60         2       286
-------------------------------------------------------------------------------------------------------
                                                                         71      73         2       286
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238        RC127     283893    2771997      50           77      79         2       219
-------------------------------------------------------------------------------------------------------
                                                                         84      85         1       303
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238        RC128     283974    2771931      60           22      23         1       110
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238        RC129     283974    2771931      60           22      23         1       320
-------------------------------------------------------------------------------------------------------
                                                                         26      28         2       217
-------------------------------------------------------------------------------------------------------
                                                                        128     129         1       255
-------------------------------------------------------------------------------------------------------
                                                                        131     133         2       220
-------------------------------------------------------------------------------------------------------
                                                                        139     140         1       218
-------------------------------------------------------------------------------------------------------
                                                                        141     144         3       186
-------------------------------------------------------------------------------------------------------
                                                                        146     150         4       361
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238        RC130     284060    2771748      70          106     107         1       213
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238        RC133     284198    2771601      70           25      27         2       287
-------------------------------------------------------------------------------------------------------
                                                                        172     197        25       357
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238        RC140     284487    2771316      70           89      99        10       510
-------------------------------------------------------------------------------------------------------
                                                                        104     106         2       250
-------------------------------------------------------------------------------------------------------
                                                                        110     111         1       308
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238        RC141     284466    2771302      70          157     160         3       295
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238        RC142     284531    2771224      50          100     108         8       312
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238 NW     RC146     282388    2772899      50           54      63         9       367
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238 NW     RC147     282310    2772972      50           13      14         1       208
-------------------------------------------------------------------------------------------------------
                                                                         20      22         2       185
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238 NW     RC148     282455    2772885      50           40      44         4       231
-------------------------------------------------------------------------------------------------------
                                                                         46      68        22       320
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238 NW     RC149     282284    2772957      50           69      71         2       209
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238 NW     RC150     282427    2772870      60           86     101        15       282
-------------------------------------------------------------------------------------------------------
                                                                        104     116        12       381
-------------------------------------------------------------------------------------------------------
                                                                        118     125         7       209
-------------------------------------------------------------------------------------------------------
                                                                        147     150         3       182
-------------------------------------------------------------------------------------------------------
                                                                        153     155         2       210
-------------------------------------------------------------------------------------------------------
                                                                        160     163         3       233
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238 NW     RC151     282520    2772862      50           36      51        15       339
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238 NW     RC152     282520    2772836      60           68      75         7       330
-------------------------------------------------------------------------------------------------------
                                                                         78      81         3       362
-------------------------------------------------------------------------------------------------------
                                                                         83     107        24       315
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238 NW     RC155     282547    2772815      60          120     127         7       219
-------------------------------------------------------------------------------------------------------
                                                                        129     133         4       189
-------------------------------------------------------------------------------------------------------
                                                                        136     140         4       214
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238        RC156     283245    2773076      60           55      59         4       226
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238        RC157     283318    2773001      60           41      45         4       252
-------------------------------------------------------------------------------------------------------
                                                                         54      55         1       206
-------------------------------------------------------------------------------------------------------
                                                                         70      71         1       247
-------------------------------------------------------------------------------------------------------
                                                                         79      80         1       217
-------------------------------------------------------------------------------------------------------
                                                                         81      82         1       233
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238        RC158     283412    2772941      70           88      91         3       216
-------------------------------------------------------------------------------------------------------
                                                                        108     110         2       188
-------------------------------------------------------------------------------------------------------
                                                                        113     114         1       255
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238 NW     RC160     282490    2772810      60          127     135         8       260
-------------------------------------------------------------------------------------------------------
                                                                        144     160        16       248
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238 NW     RC161     282575    2772857      50           25      27         2       193
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238 NW     RC162     282615    2772826      50           42      43         1       270
-------------------------------------------------------------------------------------------------------
LEGLEYA  286   A238 NW     RC163     282779    2772900      50           22      26         4       265
-------------------------------------------------------------------------------------------------------
                                                                         41      42         1       310
-------------------------------------------------------------------------------------------------------
  
                                                                           
Guinea

The  5,000m  RC  drilling  program began at Firawa on the 9th January with a total  of  1,800m  (20  holes)
completed  to  date.  The  drilling started in the central area infilling in areas  where  access  was  not
previously possible and testing the down dip extension of the mineralisation.



To view Figure 2: Firawa Project - Guinea: Planned Drilling, please open the following link in a new window:
http://media3.marketwire.com/docs/fig_2_firawa.pdf

Drilling is scheduled to continue for the next month testing the anomalies along strike to the east  (+2km)
and west (+1km). Assay results are expected early in the second quarter, and a resource update is scheduled
for the end of the second quarter.

Commenting on the initial drilling assay results in Mauritania, Mark Reilly, Managing Director of Forte
said:

"These  results  add further confidence to what could be a significant and commercial uranium  resource  in
Mauritania.   Though we remain at an early stage of proving up additional resources, we are  encouraged  by
the  upside  of  the  A328  Prospect, with 90% of the holes drilled encountering mineralisation.   We  look
forward  to completing the drilling on this prospect, receiving further assay results, as well as exploring
the potential for the calcrete deposit Hasi Baida, which we will start to drill later this month".



Mark Reilly
Managing Director


For further information contact:

Mark Reilly, Managing Director
Forte Energy NL                                  Tel: +44 (0) 203 3849555

Rob Collins/Tarica Mpinga
Canaccord Genuity Limited                        Tel: +44 (0) 207 050 6500

Bobby Morse/Louise Hadcocks
Buchanan                                         Tel: +44 (0) 207 466 5000

Nicholas Read/Paul Armstrong
Read Corporate                                   Tel: +61 (0) 8 9388 1474

Stuart Laing
RFC Corporate Finance Ltd                        Tel: +61 (0) 8 9480 2506
(AIM Nominated Adviser to the Company)


Forte Energy NL

Australia                                        United Kingdom

Suite 3, Level 3                                 3C Princes House
1292 Hay Street                                  38 Jermyn Street
West Perth WA 6005                               London SW1Y6DN
Ph: +61 (0)8 9322 4071                           Ph: +44 (0)203 3847474
Fax: +61 (0)8 9322 4073                          Fax: +44 (0)207 2878387
Email: info@forteenergy.com.au                   Email: info@forteenergy.co.uk
Web: www.forteenergy.com.au


Note:

The  information in this report that relates to Exploration Results is based on information compiled by Mr.
Bosse  Gustafsson,  who  is  a  Member  of the European Federation of Geologists,  a  'Recognised  Overseas
Professional  Organisation'  ('ROPO') included in a list promulgated by the  ASX  from  time  to  time.  Mr
Gustafsson  is  a  full  time  Technical Director of Forte Energy NL and  is  responsible  for  exploration
activities  in  Mauritania and Guinea. Mr. Gustafsson has sufficient experience which is  relevant  to  the
style of mineralisation and type of deposit under consideration and to the activity which he is undertaking
to  qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves'. Mr. Gustafsson consents to the inclusion in  this
report of the matters based on his information in the form and context in which it appears.

The  information in this report that relates to the Mineral Resource at the A238 prospect in Mauritania  is
based on information compiled by Mr. Bosse Gustafsson or Forte Energy NL and Mr Galen White BSc (hons) FGS,
MAUSIMM, Principal Geologist of CSA Global Inc (UK).

The information in this report that relates to the Mineral Resource at Bir En Nar in Mauritania is based on
information compiled by Mr. Bosse Gustafsson of Forte Energy NL and Mr. Neil Inwood of Coffey Mining Ltd.

The  information  in  this report that relates to the Mineral Resource at Firawa  in  Guinea  is  based  on
information compiled by Mr. Bosse Gustafsson of Forte Energy NL and Mr. Doug Corley of Coffey Mining Ltd.

Mr.  Gustafsson, Mr. Corley, Mr. Inwood 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
undertaken  to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian  Code  for
Reporting  of  Exploration Results, Mineral Resources and Ore Reserves". Mr. Gustafsson,  Mr.  Corley,  Mr.
Inwood  and Mr. White consent to the inclusion in this report of the matters based on their information  in
the form and context in which it appears.

About Forte Energy

Forte  Energy is an Australian-based minerals company focused on the exploration and development of uranium
and  associated bi-products in Mauritania and Guinea in West Africa.  The Company has an extensive pipeline
of assets and total JORC resources of 45.5Mt @ 284ppm U3O8for 28.5Mlbs contained U3O8 (100ppm cut-off).

Its  flagship  assets are the A238 prospect (14.9Mlbs U3O8) and the Bir En Nar project (2.06Mlbs  U3O8)  in
Mauritania,  and  the  Firawa project in Guinea (11.6Mlb U3O8).  The Company has also received  encouraging
rare  earth  elements results from Firawa, with a re-assay programme confirming correlation  of  REEs  with
uranium mineralisation.

Forte Energy U3O8 JORC resources (all at a 100ppm cut-off):

-----------------------------------------------------------------------------------------------------
Project                Resource Category              M tonnes            ppm U3O8     Contained U3O8
                                                                                                 Mlbs
-----------------------------------------------------------------------------------------------------
A238                            Inferred                  26.5                 256               14.9
                               ----------------------------------------------------------------------
                                   Total                  26.5                 256               14.9
-----------------------------------------------------------------------------------------------------
Bir En Nar                     Indicated                  0.55                 886                1.0
                               ----------------------------------------------------------------------
                                Inferred                  0.78                 575                1.0
                               ----------------------------------------------------------------------
                                   Total                  1.33                 704                2.0
-----------------------------------------------------------------------------------------------------
Firawa                          Inferred                  17.7                 296               11.6
                               ----------------------------------------------------------------------
                                   Total                  17.7                 296               11.6
-----------------------------------------------------------------------------------------------------
Total                          Indicated                   0.5                 886                1.0
                               ----------------------------------------------------------------------
                                Inferred                    45                 277               27.5
                               ----------------------------------------------------------------------
                                   Total                  45.5                 284               28.5
-----------------------------------------------------------------------------------------------------

Forte  Energy's  strategy is to target high grade uranium ore bodies and build a  low  cost  West  African-
focused uranium producer.  The Company is quoted on the Australian Stock Exchange (ASX: FTE) and AIM market
of the London Stock Exchange (AIM: FTE). For more information, visit www.forteenergy.com.au


                                                                            

Contact Information

  • Forte Energy NL