The Närke Oil-Uranium Project is located approximately 150km west-south-west of Stockholm, near the regional centre of Orebro. The exploration licences cover approximately 7,087 ha of land overlying prospective Alum Shale outcrops with known high levels of kerogen (which can be converted to oil), and metals such as uranium, vanadium, molybdenum and nickel.
Between 1941 through 1966, a Swedish government-owned company produced 61 tonnes of uranium (134,500 lbs) and established an oil-recovery plant on the project, which recovered approximately 159,100 m3 of petroleum (1 million barrels) and 418,400 m3 of fuel oil (2.6 million barrels),
The Alum shale is world renown as being one of the world's largest repositories of metals, particularly uranium. Perceived uranium resources within the Alum Shales are generally believed to be larger than most of the combined uranium resources from the producing global uranium districts. Although an economic recovery of uranium from the Alum Shale has not yet been developed, technological advances in the last decade make this project potentially viable.
URU's focus will be on reducing risk by proving that a co-recovery extraction process can be developed using existing technologies before incurring significant investment into proving up uranium and oil mineral resources and reserves. Historic drill holes testing the Alum Shale on the existing licenses were completed by previous explorers, indicating that good thickness of the Alum Shale are present across all the mineral licenses being acquired by URU.