Forte Energy reports more high-grade results from Bir En Nar uranium project

Forte Energy NL (AIM, ASX: FTE) has reported further high-grade assay results received from a second group of 21 holes drilled at the at Bir En Nar uranium project in Mauritania, West Africa, which are consistent with assay results from the first eight holes announced on 23 February 2010 that showed grades up to 4,890 parts per million U3O8 and values of more than 1,000 ppm U3O8 across all holes.

The latest results showed intersects of 5 metres at 3,096ppm U3O8 including 1 metre at 6,310ppm U3O8, 5 metres at 1,334 ppm U3O8 including 1 metre at 5,430 ppm U3O8 and  12 metres at 776 ppm U3O8 including 1 metre at 3,690 ppm U3O8.

Forte said, that to date is has received assay results from 29 holes of a total 50 holes following the +5,800 metre  resource drilling  programme at Bir En Nar.

These results follow the first set of assay results which reported intercepts of higher than 1,000ppm U3O8 from every hole as announced on 23 February 2010.

Chemical analysis results have so far been received from 29 diamond core drill holes.

The company is awaiting the chemical assay results from the remaining 21 holes of the 50 holes completed.  Once these results are received they will be incorporated with existing results to enable calculation of an initial JORC code compliant mineral resource estimate for Bir En Nar. The final assays to be received relate to the samples that were dispatched to Perth, Australia to expedite processing.

Bir En Nar is the most advanced of Forte Energy's uranium exploration projects in Mauritania and the delineation of a maiden uranium resource estimate is an important step towards the company's ultimate development and production goals.

Forte Energy focuses on the exploration and development of a high-quality portfolio of uranium assets in the Republics of Mauritania and Guinea, West Africa. These assets have the potential to develop as long-life uranium production projects, representing a significant new source of uranium supply for world markets.

Forte  Energy  is  progressing its Mauritanian assets through a strategic alliance and cooperation  agreement  with  the French-based multinational industrial and nuclear energy giant Areva NC a global expert in nuclear energy. Areva also holds a strategic 11.6 percent equity interest in Forte Energy.

Under this agreement, Forte Energy has access to Areva's extensive uranium exploration database in Mauritania as well as technical cooperation and on-ground support from Areva in advancing the exploration and evaluation, in particular of the rapidly emerging Bir En Nar uranium project, located in the Zednes region of northern Mauritania.

Forte Energy and Areva have agreed to establish a joint venture to develop the company's Mauritanian assets if a minimum 60-80 million pounds of JORC code compliant inferred uranium resources are established within the next two years.

http://www.proactiveinvestors.co.uk/companies/news/14678/forte-energy-reports-more-high-grade-results-from-bir-en-nar-uranium-project-14678.html