Atomic Eagle Ltd (ASX:AEU, FRA:6QZ0) expanded uranium mineralisation at its flagship Muntanga Uranium Project in Zambia during the June 2026 quarter, while securing key environmental approvals and broadening its regional exploration portfolio through the Sitwe Uranium Project option.
Exploration drilling at the Chisebuka deposit extended higher-grade uranium zones outside the existing mineral resource area and demonstrated continuity between newly defined mineralisation and the current resource.
The company finished the quarter with A$13.8 million in cash after spending A$1.9 million on exploration activities, providing an estimated 5.6 quarters of funding at the reported expenditure rate.
Chisebuka drilling grows higher-grade zones
Atomic Eagle completed 42 holes for 4,209 metres at Chisebuka, where 13 of the first 15 holes intersected uranium mineralisation outside the defined resource boundary.
Key results announced during the quarter included:
- 12.7 metres at 673ppm eU₃O₈ from 18 metres;
- 24 metres at 448ppm eU₃O₈ from 32.2 metres;
- 15.9 metres at 361ppm eU₃O₈ from 4.7 metres;
- 5.4 metres at 422ppm eU₃O₈ from 47 metres; and
- 12.8 metres at 237ppm eU₃O₈ from 40.9 metres.
Drilling increased the interpreted dimensions of the northern higher-grade zone to around 900 metres by 600 metres, while the south-west zone expanded to approximately 830 metres by 400 metres.
Mineralisation in both areas begins near surface and extends to depths of more than 100 metres, supporting Atomic Eagle’s view that Chisebuka could become an important contributor to a larger-scale Muntanga operation.
A 12-hole reverse circulation program covering about 900 metres has commenced, with diamond drilling and metallurgical test work planned at a later stage.
Muntanga targets and approvals advance
At Muntanga North, close-spaced ground radiometric surveys refined multiple priority targets and supported the start of a maiden drilling program.
The company completed surveys across six target areas, confirming anomalies within the Escarpment Grit Formation that hosts the existing Muntanga, Dibbwi East and Dibbwi uranium resources.
Atomic Eagle also received approval for the project’s Environmental and Social Impact Assessment and a “No Objection” approval for its Resettlement Action Plan.
The company described the approvals as a significant de-risking milestone, as they represent the principal environmental and social permits required ahead of any future construction decision.
Atomic Eagle nevertheless remains focused on expanding the resource base and defining a larger mining operation before considering development.
Sitwe option expands Zambian portfolio
Atomic Eagle strengthened its Zambian uranium position by entering a binding option agreement to acquire 100% of the Sitwe Uranium Project in the Luangwa Valley.
Sitwe covers about 429 square kilometres and increases the company’s Zambian tenement holdings by 38%.
Historical drilling at Sitwe North returned shallow uranium intercepts including 1 metre at 1,620ppm U₃O₈ from 35 metres and 6 metres at 735ppm U₃O₈ from 61 metres.
Under the agreement, Atomic Eagle must spend at least US$200,000 on exploration and licence-related activities before June 30, 2027. It may then exercise the option for US$400,000 in cash.
Initial work is expected to include geological mapping and ground radiometric surveys to identify areas for drill testing.
Madaouela discussions continue
In Niger, Atomic Eagle’s chair and chief executive visited the country for technical and legal discussions with the Ministry of Mines regarding a new mining convention for the possible resumption of the Madaouela Uranium Project.
The negotiations remain incomplete and non-binding, and the company cautioned that there is no certainty an agreement will be reached.