News: Forte Energy keen to build on renewed uranium interest

A review of previous work undertaken at Kuriskova should be sufficient for a JORC-compliant resource and possible upgrade, said Forte Energy (ASX:FTE, LON:FTE), which has just acquired a half share.

The AIM and Aussie-listed group added it also wants to acquire more uranium assets after a renewed burst of interest in the radioactive material.

This optimism has seen the spot price rise to US$44 per pound compared to US$28 earlier this year. A recent China and United States agreement on greenhouse gas emissions targets and Japan allowing the re-start of two reactors has prompted the rally, Forte said.

Uranium also remains a compelling medium to a long term supply/demand story, it said, adding talks are underway with a number of parties, including some Asian-based strategic investors, to identify potential opportunities.

At Kuriskova, in Slovakia, Forte said its review will include drill hole data collected since the last resource estimate, which formed the basis of the 2012 pre-feasibility study.

Work will also begin on evaluating the potential for significant rare earth credits within the deposit. Initially, this work will comprise a review and evaluation of existing data.

Mark Reilly, managing director, said: "Following the initial meeting of the management committee and given the renewed interest in the uranium sector, Forte Energy is keen to commence work with European Uranium to implement the strategies identified for potentially adding value to the Kuriskova project.”