Forte Energy NL

May 20, 2015 02:00 ET

Market Update

                                                                                           Forte Energy NL
                                                                                           ACN 009 087 852
                                                                                               AIM Release
                                                                                               20 May 2015

Market Update

Forte  Energy NL ("Forte" or "the Company") (AIM: FTE), provides the following update on its operations  in
the Slovak Republic and its recent acquisition of the Olympic Domain Project in South Australia.

Slovak Republic

As  previously  advised,  the Slovak operating entity, Ludovika Energy, has filed  for  a  new  exploration
licence  overprinting  the Kuriskova uranium deposit area in Slovakia to explore for rare  earth  elements.
This  followed  the decision by the Slovak Ministry of the Environment (the "Ministry"), which  administers
exploration  licences,  not  to extend the previous uranium exploration licence.  Further  information  and
clarification  has been sought from the Ministry in relation to the status of the uranium resources  within
the  licence area and the Company expects to be in a position to provide an update on the licence situation
within fourteen days.

Forte also holds a portfolio of uranium assets in West Africa.

Olympic Domain

The  Company  recently acquired a 75% interest in the highly prospective Olympic Domain  Project  in  South
Australia.  Forte is currently finalising its review of the existing data base and expects to  be  able  to
commence  work  programmes in the coming months. In particular the Company has focused on  the  Horse  Well
Target where an exceptional drill target has been identified. The initial work programme will involve a low
cost  gravity  survey followed by the completion of a single vertical core drill hole to test  the  gravity
target at depth. This drill hole is estimated to be approximately 800 metres deep.

To  date only one drill hole (HWD1) has been successfully completed into the Horse Well Target. This  drill
hole only tested the centre of the magnetic anomaly and importantly failed to test the margin and centre of
the gravity anomaly, the most likely position for a higher grade haematite rich core.

HWD1  drilled by Western Mining Corporation in 1982 intersected 235 metres of copper mineralized drill core
averaging  0.11% copper. This is an exceptional drilling result and could easily represent the  peripherals
to  a larger mineralised system associated with the untested gravity anomaly. The Horse Well Target remains
one  of  the  few high quality magnetic and gravity anomalies that remain to be drill tested in  the  world
class Olympic Dam copper/uranium province.

Commenting,  Mark  Reilly,  Managing Director said: "The Company is eager to finalise  its  review  of  the
Olympic  Domain Project so that it may commence work programmes in the coming months. This is  an  exciting
development  for  the Company with a number of high quality targets already being identified.  The  Company
looks forward to updating shareholders in the near term."

For further information contact:

Mark Reilly, Managing Director
Forte Energy NL                          Tel: +61 (0) 8 9322 4071

Oliver Morse
RFC Ambrian Ltd                          Tel: +61 (0) 8 9480 2500
(AIM Nominated Adviser to the Company)

Forte Energy NL

Suite 3, Level 3
1292 Hay Street
West Perth WA 6005
Ph: +61 (0)8 9322 4071
Fax: +61 (0)8 9322 4073

Contact Information

  • Forte Energy NL