Key Highlights

  • Neu Horizon Uranium (ASX:NHU) plans 4,000 metres of diamond core drilling at Storvallflon, targeted for the first quarter of 2027.
  • Thirty-six rock chip samples returned U3O8 from 4 to 243 ppm, averaging 67 ppm.
  • The company reported cash of about A$8.6 million at 30 September 2026.

Neu Horizon Uranium (ASX:NHU) has reported a combined geophysical and geochemical picture of its Storvallflon prospect in central Sweden, describing a conductor more than 2 km long that coincides with surface uranium anomalies. The company intends to follow the work with 4,000 metres of diamond core drilling, targeted for the first quarter of 2027 but not guaranteed. No drilling has yet been completed by Neu Horizon, so grade, continuity and economic potential remain unknown.

Storvallflon is one of four prospects in the Krokom project in the Swedish Caledonides, where the company is exploring Late Cambrian black shales. A 3D inversion of airborne electromagnetic data suggests an antiformal fold of which only the CREST is exposed, with conductive black shale possibly continuing down-dip on all sides. The company says the surface anomaly may therefore understate the target, and states that this is a geophysical interpretation that does not establish dimensions, tonnage or grade.

The datasets behind that interpretation include 3,397 km of SkyTEM airborne electromagnetics flown across Krokom and Vilhelmina, 827.1 km of drone magnetics at Storvallflon, more than 120 km of ground radiometrics across four Krokom prospects and a radon survey of 562 cups. Neu Horizon describes all five datasets, including rock chips, as anomalous over the same conductor.

Rock chip results

Thirty-six rock chip samples from outcrop and shallow pits were assayed at ALS, with U3O8 ranging from 4 to 243 ppm and averaging 67 ppm. Eight samples exceeded 100 ppm. Across the whole of Krokom, 59 rock chips averaged about 57 ppm U3O8. Handheld ground spectrometer readings were higher, often above 500 ppm uranium and reaching about 1,800 ppm in selected areas, and these are field measurements of equivalent uranium rather than laboratory assays. The company attributes the difference to near-surface leaching of uranium.

The company points to the Viken stratiform deposit in Sweden, which averages about 162 ppm U3O8, and to Ronneburg in Germany as an analogue for structurally upgraded stockwork mineralisation. It also cites historical 2011 drilling by Aura Energy at two other Krokom prospects, including 60 m at 143 ppm U3O8 at Kälen and 110 m at 124 ppm at Hamborg. The company notes these historical results were not used for resource estimation.

Drilling plan and conditions

The planned programme comprises 4,000 m of diamond core on east to west fences about 200 m apart. Timing depends on final collar positions, work-plan approval from Sweden's Mining Inspectorate (Bergsstaten), permitting and contractor arrangements. The company says drilling information would allow it to define an Exploration Target, but none has been declared. Further work will integrate the datasets with historical Swedish Geological Survey data to rank targets at the other prospects, and three further Krokom prospects are yet to be reported.

Tenure at Krokom comprises four exploration permits covering about 12,400 hectares in total, with the Storvallflon permit covering 3,627.63 ha and valid to January 2029. Neu Horizon Uranium (ASX:NHU) holds 22 permits across five Swedish projects.

Funding and policy backdrop

Neu Horizon reported cash of about A$8.6 million at 30 September 2026, which it says is sufficient for the Storvallflon programme and its two-year Swedish plan. The corporate description in the announcement refers to 18 months of funding. The announcement also notes that Sweden lifted its uranium extraction ban with effect from 1 January 2026 and removed the municipal council approval requirement from 15 July 2026.

The company cautions that results and timing may differ from its expectations. The next confirmed step is the permitting and approval process ahead of the targeted drilling window.