Forte Energy completes drilling work in Guinea – UPDATE
Forte Energy (LON:FTE) has now completed its drill programmes in Guinea with work coming to an end at the Firawa and Bohoduo projects.
It drilled 4,712 metres at the Firawa project. The programme confirms extensions to the mineralisation, along strike to the east and west of the existing resource.
Forte plans to complete a resource upgrade for the project by the end of June. Firawa is currently estimated to contain 11.61 million pounds of uranium.
Meanwhile at Bohoduo 17 holes have just been drilled for a total of 1,277 metres.
Early indications show that the strike length of the mineralisation has now been extended to over 3 kilometres. Assay results are due next month.
"The drilling campaign in Guinea has been completed ahead of schedule," managing director Mark Reilly said.
"The drilling at Firawa has demonstrated there is further mineralisation in the central zone, whilst the orebody at Bohoduo remains open to the east of our previous drilling, both providing significant potential upside to our existing resource at our Guinean assets."
Singer Capital analyst Charlie Long is expecting the Firawa resource to increase significantly to between 15-20 million pounds.
In a note to clients today the analyst also says he expects Bohoduo to contribute to Forte's resources base in Guinea too.
This morning Reilly added: "This further demonstrates the positive progress made on our assets following the encouraging assays results in Mauritania.
"We look forward to updating our resources in Mauritania next month, as well as in Guinea in June."
Last week Forte completed its drilling work on the A238 prospect in Mauritania. The programme has confirmed mineralisation at depth below the existing resources.
Earlier in February it also added two new exploration properties to its Mauritania portfolio. Forte now holds ten uranium exploration permits within Mauritania for a combined area of more than 9,925 square kilometres.
