Ajax Resources (AQSE:AJAX) agreed to invest £200,000 to become a majority shareholder in Reveille Resources, a European-focused exploration company targeting the Novazza and Val Vedello uranium deposits in Lombardy, northern Italy.
The investment will be made in two equal tranches, with an immediate first tranche acquiring 25% of Reveille's issued share capital, and Zenith Energy has also subscribed £200,000 to the vehicle.
Reveille says it will use the funds to pursue admission to the Aquis Stock Exchange Growth Market and to restart modern evaluation of the Lombardy Project, which Ajax describes as under-explored by current reporting standards.
Historical exploration at the two deposits comprises roughly 80,000 metres of drilling in total, with Novazza having over 100 diamond holes and some 6 km of underground workings and Val Vedello accounting for more than 60,000 metres of drilling and about 10.5 km of development.
Historical estimates indicate about 1,000 tonnes of metallic uranium at Novazza and about 6,000 tonnes of U3O8 at Val Vedello, and Ajax highlights existing underground infrastructure as enabling lower-cost, rapid exploration.
"Reveille is expected to be one of the only UK‑listed, European‑focused uranium exploration companies, offering investors a differentiated opportunity to gain exposure to this strategically important sector," Ippolito Ingo Cattaneo said.
Reveille plans modern programmes, including over 30,000 metres of underground drilling to validate historical data, ahead of its planned admission to the Aquis Growth Market.
