Neu Horizon Uranium, an Australian-listed uranium exploration company, completed a new exploration phase at its Krokom project in central Sweden on 3 November 2026, identifying targets at four prospects. It plans to test them with diamond drilling in 2027, subject to regulatory approval of the required work plan.
Airborne electromagnetic surveys, ground geophysics and surface sampling identified targets at Storvallflon, Hamborg, Kälen and Djupsjöberget, in Sweden’s black-shale districts. The most extensive conductive structure at Hamborg stretches more than 5 kilometres, while a conductive formation at Storvallflon exceeds 2 kilometres. The results identify geological targets, not economically recoverable uranium deposits.
Drilling planned in stages
Neu Horizon plans an initial 5,000–6,000 metres of diamond drilling during 2027. The programme is due to start with 3,000–4,000 metres at Storvallflon in the first quarter, pending approval of the required work plan.
Further drilling is planned at Kälen and Djupsjöberget in the second quarter of 2027, followed by work at Hamborg later in the year. The campaign is the project’s next major technical milestone and is intended to determine whether the targets warrant more advanced exploration and resource-definition work.
Historical results and funding
Aura Energy undertook historical drilling at Hamborg and Kälen in 2011. One Hamborg hole intersected 110 metres grading 124 parts per million uranium oxide (U3O8); drilling at Kälen returned 60 metres grading 143 parts per million U3O8. Neu Horizon cautioned that the results, obtained from Swedish geological records, have not been independently verified.
The latest surveys indicate that conductive black-shale formations extend beyond locations previously investigated, opening up additional targets for subsurface testing. Neu Horizon reported approximately €5.4 million in cash at September 30, equivalent to A$8.6 million, and expects the funds to support its planned exploration campaign.
Early-stage exploration
Sweden’s uranium-bearing black shales have drawn renewed exploration interest as European governments reassess nuclear energy’s role in long-term electricity supply and energy security. Explorers still need to demonstrate uranium grades and mineralisation continuity sufficient to support formal resource estimates and economic assessment.
Airborne electromagnetic surveys can identify potentially favourable geological structures, but cannot independently establish uranium grade, tonnage or mineability. Krokom remains an early-stage project with no declared mineral resource or mine development decision.
Drilling results could provide further insight into Sweden’s potential role in the European nuclear fuel supply chain. Commercial production would depend on successful exploration, permitting, economic studies and project financing.
