CORPORATE UPDATE and COMMENCEMENT OF THE PHASE 1 FIELD EXPLORATION PROGRAMME OVER THE RAVENBERGET, GILLBERGET AND VILHELMINA URANIUM PROJECTS, SWEDEN
Commences Phase 1 Field Exploration in Sweden
Sydney, Oct 3, 2024 AEST (ABN Newswire) - Neu Horizons Uranium Limited (NHU) is pleased to provide you with this update in relation to the Company's recent corporate and exploration related activities.
Corporate:
At the Company's Extraordinary General Meeting (EGM) of Shareholders held today, the resolution covering all 7 matters contained within the Notice of Meeting was passed unanimously. The resolution passed covered:
1. Conversion of the Company's status from a private to a public company;
2. Changing the Company's name to Neu Horizon Limited;
3. Adopting a new constitution appropriate for a public company;
4. Consolidating the Company's share capital;
5. Appointing EY as auditor;
6. A fundamental change to the Company's business from bitcoin mining to uranium exploration and mining in Sweden; and
7. The establishment of a trust to hold the Company's current bitcoin mining assets.
Company has today appointed a new Company Secretary, Justin Clyne. Justin is an experienced company secretary with a legal background and significant experience as a secretary and director of a number of ASX and dual listed companies over the past 17 years.
The Board, together with the Company's lawyers (Baker McKenzie) and Justin, will now work to close out the work to implement the resolutions passed at the EGM.
Capital Raising:
Due to overwhelming demand, the size of the current round of capital raising has been increased to approximately A$800,000. The Board decided that it was in the best interests of the Company and its shareholders to accept the oversubscriptions given the activities planned over coming months and the desire to continue to create as much shareholder value in the interim as possible. Once the share consolidation is complete and Company changed to a public unlisted Company, shareholders will be issued with a certificate evidencing their holding in the Company.
Exploration:
On the exploration front, commencement of the Phase 1 field exploration programme over the Ravenberget, Gillberget and Vilhelmina Uranium Projects in Sweden.
The Phase 1 exploration programme has been designed to:
- Corroborate historical outcrop and boulder uranium results reported by the Swedish Geological Survey during the 1980's over the Ravenberget and Gillberget Uranium Projects;
- Re-log and, where possible, re-sample the ~20 historical drill holes that exist over the Vilhelmina Uranium-REE-Phosphate Project;
- Submit a selection of rock chip and drill core samples to ALS Laboratories in Sweden for analyses;
- Rock chip samples to undergo ICP-MS multi-element analyses; and
- Drill core samples to undergo both ICP-MS multi-element analyses and metallurgical, mineralogical and porosity studies to determine the optimal extraction method for the uranium-REE-phosphate mineralisation associated with the Vilhelmina Project.
The results from the Phase 1 exploration programme will be used to delineate:
- Drill targets over the Vilhelmina Project for potential testing during a winter drill program in Q1-2025; and
- Geophysical survey targets over the Ravenberget and Gillberget Projects during Q2-2025.
Completion of the above programmes are aimed at corroborating the historical potential of the Ravenberget and Gillberget shear hosted uranium projects, in addition to providing a route to beneficiating the significant Uranium-REE-Phosphate resource on the Vilhelmina Project ahead of resource drilling.
Breaking news today 24th September - Swedish Government Uranium update
Ebba Busch, Deputy Prime Minister, talking about Sweden is open to business on Uranium and Nuclear today in NYC.
Results from the above programmes have been designed to coincide with the anticipated lifting of the uranium moratorium in Q1 2025, placing the Company in an excellent position in this emerging uranium district.
About NEU Horizons Uranium Limited
NEU Horizons Uranium Limited is commencing Phase 1 field exploration over the Ravenberget, Gillberget and Vilhelmina uranium projects is Sweden.
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