Forte Energy (LON:FTE, ASX:FTE) today described its first quarter as one of ‘excellent’ progress.
It has been reaping the reward of recent drilling work as the analysis has been providing the basis of new resource calculations.
More than 13,300 metres of exploration drilling has been completed during the quarter.
Total uranium resources have increased significantly rising 37 million pounds from 28.5 million pounds. This upgrade comes as Forte upped the resources for the A238 prospect, in Mauritania, by 70 per cent.
Further resource updates are expected as the year progresses, as assays are still awaited from drilling on Forte’s Guinea assets.
"The first quarter has been another period of excellent progress for Forte Energy, with a substantial increase in its Mauritanian uranium resources,” said managing director Mark Reilly.
“The company looks forward to further advances this quarter with the remaining assays from Guinea and a revised JORC resource calculation expected for its Firawa project.
“With over 37Mlbs of U308 identified to date, the company is also making progress on the next stage of monetising this growing resource base".
Drilling is still ongoing at the A238 project, which remains open at depth and along strike.
