Neu Horizon lines up four Swedish uranium targets for drilling

Four Krokom prospects move towards the drill bit

Neu Horizon Uranium Limited (ASX:NHU) has turned a four-month exploration campaign into a sizeable uranium drilling proposition, defining targets across every prospect at its Krokom project in central Sweden. The most extensive anomaly is a more than 5-kilometre airborne electromagnetic conductor at Hamborg, while Storvallflon hosts a conductor longer than 2 kilometres.

The company says the conductors align with black shale units and coincide with surface uranium responses from magnetic, radiometric, radon and rock-chip surveys. That combination has advanced Storvallflon to drill-ready status, building on the earlier Storvallflon uranium target, which was reported as having the strongest surface uranium response recorded during the 2026 campaign.

Historical uranium intersections support target generation

The strongest grade evidence in the announcement comes from four Aura Energy core holes drilled in 2011, rather than from Neu Horizon drilling. At Kälen, the best reported intersection was 60 metres at 143 parts per million U3O8 from 6 metres; at Hamborg, one hole returned 110 metres at 124 ppm U3O8 from 24 metres.

Those results are historical, sourced from public Swedish Geological Survey records and have not been independently verified by Neu Horizon. The company also reports a moderate relationship between uranium grades and conductivity at Hamborg, but only a weak sample-level correlation at Kälen. The intersections are down-hole lengths, with true widths not established.

Surface results point to uranium, not yet an economic deposit

Neu Horizon collected 59 selective rock-chip samples across the four prospects. They averaged about 57 ppm U3O8, with a peak result of approximately 243 ppm at Storvallflon and an outcrop sample of about 211 ppm at Kälen. Because samples were deliberately taken from radiometrically responsive outcrops, pits and subcrop, the company cautions that they are not representative of average grade.

Near-surface uranium leaching may also mean surface assays understate mineralisation at depth, according to the company. Its exploration thesis is that folding, faulting or hydrothermal remobilisation could have upgraded uranium within deformed black shales, using the Ronneburg district in Germany as a geological analogue only. No such grade upgrade has yet been demonstrated at Krokom.

A funded but approval-dependent drilling schedule

Neu Horizon plans 3,000 to 4,000 metres of winter drilling at Storvallflon in the first quarter of 2027, followed by 500 to 750 metres each at Kälen, Djupsjöberget and Hamborg through the second and third quarters. The combined programme is expected to total 5,000 to 6,000 metres, with the company stating that its A$8.6 million cash balance at 30 September should fund the campaign.

The schedule is not yet locked in. Storvallflon’s work plan has been submitted to Sweden’s Mining Inspectorate, Bergsstaten, but remains pending, while work plans for the other prospects are still being prepared. Contractor availability, weather and operational constraints add further uncertainty to the timetable.

Drilling must test the grade thesis

Sweden’s removal of its uranium mining prohibition from January 2026 and the end of the municipal veto in July have improved the policy setting for explorers, while the government is targeting at least 2,500 megawatts of new nuclear capacity by 2035. Those changes may make the jurisdiction more relevant, but they do not alter the technical question facing Neu Horizon.

That question is whether long conductors and scattered surface responses translate into coherent, higher-grade mineralisation below the weathered zone. Storvallflon should provide the first answer in 2027, assuming approval and mobilisation proceed as planned.