Atomic Eagle Limited (ASX:AEU), a uranium explorer / developer advancing the Muntanga Project in Zambia has announced further encouraging results from its maiden drill program at the high-priority Chisebuka target, reinforcing the project’s potential to deliver shallow, thick uranium mineralisation suitable for bulk open-pit mining.
According to the company’s CEO Phil Hoskins, the latest results confirm the strength of Chisebuka as a cornerstone exploration target within the broader Muntanga Uranium Project, with drilling continuing to intersect wide zones of mineralisation at relatively shallow depths.
The ASX-listed company said drilling at Chisebuka has now been completed, with a total of 69 holes drilled by the end of 2025. Results from the final 23 holes returned continued shallow, broad-spaced uranium mineralisation, including standout intercepts such as 20.2 metres at 454 parts per million (ppm) eU₃O₈ from 7.0 metres in hole CHDTH2182, 40.1 metres at 371 ppm eU₃O₈ from 29.8 metres in hole CHDTH2185, 13.5 metres at 305 ppm eU₃O₈ from 21.3 metres in hole CHDTH2179, and 32.1 metres at 343 ppm eU₃O₈ from 34.6 metres in hole CHDTH2187.
Atomic Eagle said the drilling has now defined a thick, near-surface zone of mineralisation measuring approximately 800 metres by 600 metres, which has been drilled to a spacing of 100 metres by 100 metres. This zone incorporates several previously reported strong results, including 16.4 metres at 1,036 ppm eU₃O₈ from 13.5 metres, 29.4 metres at 439 ppm eU₃O₈ from 32.2 metres, and 43.6 metres at 215 ppm eU₃O₈ from 30.7 metres.
Hoskins said the results marked a significant milestone for the company. “This is the first drill program at Chisebuka in 15 years and results continue to deliver thick uranium intersections all less than 85m from surface, aligning with the Company’s strategy of targeting bulk open-pittable mineralisation,” he said.
He added that Chisebuka is only one of several opportunities within the company’s licence area. “Importantly, Chisebuka is only the first of six exploration targets recently outlined within the broader Muntanga Uranium Project area, giving the Company confidence it can materially increase the project’s resources with further drilling and other exploration activities,” Hoskins said.
The CEO noted that Atomic Eagle is well funded to continue its exploration strategy. “We are well funded to do this throughout 2026, with a strong cash balance of ~$20 million to execute our strategy for growth and delivering shareholder value,” he said.
Chisebuka is located in the southernmost tenement of the company’s large Kariba Valley licence package and is defined by a substantial radiometric anomaly extending for about four kilometres along strike and up to one kilometre wide.
While the target has an exploration target of between 8.3 million and 13.2 million pounds of U₃O₈, it does not yet have a defined mineral resource.
Atomic Eagle said the completed drill program was designed as an infill campaign, with additional drilling planned in 2026 to further close up spacing and allow for the preparation of a Mineral Resource Estimate across the entire target area.
The company also plans a comprehensive exploration drill program across the wider Muntanga Project next year, which it expects to be the largest undertaken at the project in 17 years.
