RSS UpdatesCompany Information for Forte Energy NL
Company stock charts - 6 Month chart
 ASX; FTE
View full financial data | AIM; FTE
View full financial data |
Company Statement
Forte Energy NL is an Australian-based minerals company focused on the exploration, evaluation and development of uranium and energy-related projects worldwide.
The Company changed its name from Murchison United NL on 25 November 2008.
Forte Energy has secured an extensive portfolio of uranium projects in the Republics of Guinea and Mauritania in West Africa, where it is pursuing intensive exploration programs. The Company also holds copper and cobalt interests in Queensland and Western Australia, Australia.
Forte Energy's shares are listed on both the Australian Stock Exchange (ASX - FTE) and the Alternative Investment Market (AIM - FTE) of the London Stock Exchange.
Current Operations
West Africa - Mauritania
The company has been granted nine"group 4" uranium exploration licences in the Republic of Mauritania (West Africa) covering 11,895km2, with more permits awaiting approval. The Company is well placed to secure additional exploration licences.
Mauritania represents an attractive opportunity for Forte Energy, with large tracts of prospective exploration ground, including historic uranium prospects located within Reguibate Massive, a part of the West African Shield.
Exploration is further enhanced by the availability of modern airborne geophysical data and modern geological maps from the "PRISM 1" project conducted by the World Bank.
Digital airborne data and processing of radiometric line data interpreted in Sweden has identified several strong uranium anomalies. Initial reconnaissance sampling of some of these anomalies has returned grades of up to 9500ppm U3O8 (0.95%).
The Company completed its first drilling programme in Mauritania, being a 4006m Reverse Circulation programme of 41 holes of between 50m to 150m. The drilling was carried out on one of its licences in the Bir En Nar area of the Zednes region of Mauritania, following up on the high sample results obtained previously by Forte Energy. Downhole radiometric logging results have now been received, indicating numerous high-grade uranium intersections, including 1.55m at 18,280ppm (1.83%) eU3O8.
West Africa - Guinea
Forte Energy holds eight Uranium Prospecting Permits in the Republic of Guinea covering 3,563 km2 over three separate concession areas:
- Firawa
- Bohoduo
- Sesse
Firawa
Past airborne surveys have identified a 5 km anomaly lying in an East-West direction at the Firawa Prospect. This area was previously partly explored by means of detailed ground spectrometry, EM, magnetic measurements and soil geochemistry by Davy McKee.
Field visits by Forte Energy personnel have confirmed 25-year-old deep pits and trenches on the anomaly peaks.
An initial drilling programme was successfully completed during May 2007 and assay samples sent to Canada for analysis. This programme comprised 29 RC drill holes for a total of 1,809 metres of drilling, targeting a highly prospective 2km section of a previously identified uranium anomaly which extends for over 5km within Forte Energy's Firawa exploration licences.
Bohoduo
Previous ground work by Davy McKee targeted a 700 metre long, irregular uranium anomaly at the Bohoduo Prospect. Previous work included uncompleted diamond drilling and extensive ground work, while a recent visit confirmed the presence of uranium mineralization. Airborne geophysical data indicates a 12 km long extension of the anomaly to the east.
Sesse
Historical work at the Sesse Prospect was regional in nature and comprised grid geochemistry with radon gas analyses, ground magnetics and EM.
Australia - Queensland
The Millenium mining leases are located some 35 kilometres west-north-west of Cloncurry in Queensland, Australia. The leases cover an area approximately 3.5 kilometres long and 500 metres wide.
The area has old mine workings (early 1900's), as well as more recent exploration costeans and drill pad sites, which were directed to the exploitation of copper ore.
Forte Energy has received a contract geologist's report, which indicates promising levels of both copper and cobalt on the Millenium leases. To review the results of the samples analysed.
The recommendations of the report, including a proposed drilling programme, are currently being considered - as well as the appropriateness of the project in relation to the broader objectives of the company and taking into consideration the presence of established treatment facilities in the Cloncurry area.
Australia - WA, Maroochydore JV
The Maroochydore Copper Project in Western Australia is subject to a Joint Venture agreement with Aditya Birla Minerals Limited (ASX:ABY), which has a 50% interest in the Project and is the operator. The Project is located approximately 100km southeast of their Nifty Copper mine operations and 60km south southeast of the Telfer copper-gold mine.
Maroochydore has a total estimated JORC compliant Indicated and Inferred Mineral Resource of 41.2 million tonnes at a grade of 0.8% copper and 0.04% cobalt for 0.33 million tonnes of contained copper and 16,000 tonnes contained cobalt (at a 0.5% Cu cut-off).
The Company's net attributable interest in this Mineral Resource is 20.6 million tonnes at 0.8% copper and 0.04% cobalt for 0.16 million tonnes of contained copper and 8,000 tonnes of contained cobalt.
In August 2008, the project operator and Joint Venture partner, Aditya Birla Minerals Ltd announced the results of a scoping study. While the scoping study concluded that the project is unlikely to support a financially viable mining operation in its current form, it did also highlight several areas requiring further investigation. These include metallurgy, resource size, capital costs and synergies with the Nifty Copper Mine owned by Aditya Birla Minerals Ltd.
Geographical Spread
West Africa and Australia
Board of Directors and Key Management
| Glenn Robert Featherby | (Non Executive Chairman) |
| Lady Barbara Thomas Judge | (Non Executive Deputy Chairman) |
| Mark David Reilly | (Managing Director, Chief Executive Officer) |
| Christopher David Grannell | (Non-Executive Director) |
| Bosse Gustafsson | (Technical Director) |
Company Address36 Outram Street
|
CapitalAs at 18 June 2009, the capital structure of the Company is comprised of:
|
Year End30 June |
Nominated BrokersMatrix Corporate Capital LLP | Nominated AdvisorsRFC Corporate Finance Ltd |
Major Shareholders
| % of Issued Capital | Number of shares | Shareholder |
| 12.61% | 64,475,414 | Areva NC |
| 5.74% | 29,345,050 | ANZ Nominees Limited |
Related News
09/03/10 - Forte Energy Continues To Hit The Grades On Its Mauritanian Uranium Prospects10/11/09 - Forte Energy Drills Steadily On Towards Its Target Of 60 Million Pounds Of Uranium In Mauritania
09/06/09 - Cashed-Up Forte Energy Is Poised To Deliver JORC Uranium Pounds Aplenty In West Africa
26/02/09 - Forte Energy Has Cleaned Up Its Act And Now Looks To Be One Of The Better Positioned Uranium Juniors
25/06/08 - Murchison United Signs Up Areva To Play A Long Uranium Game
Most Recent Statement
17/03/10 - Half Year Accounts04/03/10 - Market and Projects Update
23/02/10 - Outstanding Uranium Grades from Bir En Nar Project
04/02/10 - Bir En Nar Resource Drilling Update, Mauritania
01/02/10 - Quarterly Activities and Cashflow Report
15/01/10 - $2M Maroochydore Sale Agreement Signed