Atomic Eagle (ASX:AEU) has increased its total resources at the Muntanga Uranium Project in Zambia by 24% after conducting a maiden drilling campaign at the project.
Muntanga now has a total resource of 58.8 million pounds triuranium octoxide @ 309 parts per million (ppm) by an additional 11.4 million pounds, representing a 24% increase.
The company also completed a resource estimate for Chisebuka, with an inferred resource estimate of 19.9 million tonnes @ 220ppm triuranium octoxide for 9.7 million pounds, and Muntanga East, with an inferred resource estimate of 3.1 million tonnes @ 252ppm triuranium octoxide for 1.7 million pounds.
Atomic Eagle is now focused on upcoming drilling later this month. The program is intended to be the “largest drill program” ever seen at Muntanga in the last 20 years.
Drilling will target an expansion to newly defined resources at Chisebuka, as well as testing additional priority targets across the project area, including Namakande and Muntanga North.
CEO Phil Hoskins says the upgrade to the resource estimate is a “great start to achieving the exploration target”.
“To deliver a 24% increase in total resources from our maiden drill program — and to do so at a cost of just US$0.05 per pound — is a strong endorsement of our exploration approach and the potential scale of the uranium resources across our Muntanga Project area,” Hoskins says.
“The company aims to materially increase the mineral resource to underpin a significantly larger uranium mine in Zambia.
“We’re embarking on the largest drill program for the project in almost 20 years later this month and we see clear scope for this program to significantly expand the project’s resource inventory and unlock further value for shareholders.”
Atomic Eagle describes itself as “well funded” for exploration activities, with $19.2 million cash in the bank as of 31 December 2025.
Write to Maddison Elliott at Mining.com.au
Images: Atomic Eagle
