Atomic Eagle Ltd (ASX:AEU, FRA:6QZ0) has outlined a significant boost in the scale of its flagship Muntanga Uranium Project in Zambia, declaring a substantial new Exploration Target and delivering encouraging results from maiden drilling programs completed during and shortly after the December 2025 quarter.
The company announced a JORC-compliant Exploration Target of 82 million–150 million tonnes (Mt) grading 150–350ppm U₃O₈ at Muntanga, equivalent to about 40 million–100.5 million pounds (Mlb) of contained uranium. The target sits in addition to Muntanga’s existing Mineral Resource base and highlights the project’s potential to grow materially beyond its current footprint.
Muntanga Uranium Project Exploration Target
Major exploration target expands resource upside
Muntanga already hosts a Measured and Indicated Resource of 50.4Mt at 359ppm U₃O₈ for 40.0Mlb, along with an Inferred Resource of 12.8Mt at 263ppm for 7.4Mlb. The newly defined Exploration Target spans multiple priority areas across the broader 1,126km² licence package, including Muntanga North, Muntanga East and Chisebuka.
The company said the target reflects the significant underexplored potential of the project area, with modern exploration techniques continuing to define new opportunities beyond the current resource base.
Location of Exploration Target areas
Chisebuka drilling confirms near-surface mineralisation
During the quarter, Atomic Eagle completed maiden percussion drilling at the Chisebuka prospect, returning broad zones of near-surface uranium mineralisation. A total of 69 holes were drilled, with standout intersections including:
- 16.4m at 1,036ppm U₃O₈ from 13.5m
- 29.4m at 439ppm U₃O₈ from 32.2m
- 40.1m at 371ppm U₃O₈ from 29.8m
- 32.1m at 343ppm U₃O₈ from 34.6m
The results confirm Chisebuka as a shallow, laterally extensive system with characteristics consistent with low-strip, open-pit style mineralisation. Atomic Eagle plans to infill drilling to a 100m x 100m spacing in 2026 to support a potential maiden Mineral Resource Estimate.
Muntanga East delivers shallow, flat-lying uranium hits
Subsequent to quarter end, the company also reported results from its first major drill program at the Muntanga East target in more than a decade. The 75-hole, 4,799m program intersected shallow, flat-lying mineralisation, including:
- 6.5m at 1,230ppm U₃O₈ from 10.6m
- 24.1m at 323ppm U₃O₈ from 13.4m, including 6.0m at 706ppm U₃O₈
- 12.0m at 501ppm U₃O₈ from 38.7m
Muntanga East is located just 5km northeast of the main Muntanga resource and is considered readily convertible into a Mineral Resource with modest additional drilling. A Mineral Resource Estimate for Muntanga East is scheduled for release in the March 2026 quarter.
Balance sheet strength and upcoming catalysts
Atomic Eagle ended the quarter with $19.2 million in cash, which the company says is sufficient to fund exploration over the next 24 months. The balance sheet was further supported by $1.08 million in net royalty income received from iron ore sales at the previously divested Tombador project in Brazil.
The quarter also marked the appointment of Phil Hoskins as chief executive officer following the company’s ASX re-listing and merger between Tombador Iron and GoviEx Uranium. With multiple drill programs completed and a resource upgrade expected this quarter, Atomic Eagle is positioning Muntanga for its most active exploration phase since discovery.