FORTE ENERGY NL 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)
Suite 3, Level 3
1292 Hay Street
West Perth WA 6005
Ph: +61 (0)8 9322 4071
Fax: +61 (0)8 9322 4073
Email: info@forteenergy.com.au
Web: www.forteenergy.com.au
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