Forte holds a number of tenements in North Queensland, and is actively exploring Gold and Silver.
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Forte has recently commenced drilling on its high quality Sledgehammer and Szarbs prospects, which have been delineated through a methodical and thorough exploration programme completed largely during the 2014 field season. Both prospects, which are compelling targets, exhibit coincident geological, geochemical and geophysical anomalism; in the case of Sledgehammer akin to low to medium sulphidation epithermal mineralisation, and in the case of Szarbs both Mount Carlton style high sulphidation epithermal mineralisation and diatreme hosted mineralisation similar to the Mount Leyshon deposit, which is of a similar age to the Johnnycake geology.
The Johnnycake Project is located within the highly gold/silver prospective Lizzie Creek Volcanics (“LCV”), the lowermost unit within the Permian Bowen Basin of north and central Queensland. Since acquiring the tenement in 2013, Forte Consolidate (ASX: FRC, “Forte” or “The Company”) has gone back to first principles in their exploration work, and defined two key targets – Sledgehammer and Szarbs.
Work completed since our August 2014 note includes IP surveying, with the results of this supporting the prospectivity of the targets, again, like previous work returning signatures typical of the target epithermal and diatreme hosted mineralisation styles.
Initial drilling on these high quality targets has commenced, being fully permitted and cleared by all stakeholders, and fully funded by virtue of the very well supported recent rights issue.
We continue to rate Forte as a SPECULATIVE BUY, and the low enterprise value means that there is excellent leverage to any exploration success.
Forte’s 100% held Johnnycake Project is located in the northern part of the Bowen Basin, approximately 170km south of Townsville. The Company acquired the 320km2 tenement, EPM18986, in 2013, which comprises ground relinquished by Evolution Mining Limited (ASX: EVN, “Evolution”) in 2010, and subsequently acquired by a third party, who sold it to Forte for $50,000.
The project is located over the Lower Permian LCV, the same igneous package that hosts Evolution’s Mount Carlton Mine, located some 20km to the north. Mount Carlton is a high sulphidation epithermal gold-silver system, which contains total resources of 12.3Mt grading at 2.32g/t gold, 34.8g/t silver and 0.27% copper, and is located within the shallowly dipping Mt Toussaint Trachyte, with a large part of the mineralisation also being shallowly dipping...
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