Resource Uncertainty Remains as Atomic Eagle Plans Major 2026 Drilling Campaign
Atomic Eagle Limited has completed a 69-hole drilling program at its Chisebuka target in Zambia, revealing extensive shallow uranium mineralisation and setting the stage for a major resource upgrade across the Muntanga Project.
- 69-hole drill program completed at Chisebuka with strong uranium intercepts
- Shallow mineralisation extends over an 800m by 600m area
- No current resource at Chisebuka; further drilling planned for 2026
- Company holds ~$20 million cash to fund exploration and development
- Chisebuka is first of six priority targets within the Muntanga Uranium Project
Drilling Success at Chisebuka
Atomic Eagle Limited (ASX, AEU) has announced promising results from its maiden drilling campaign at the Chisebuka target, part of its expansive Muntanga Uranium Project in Zambia. The recently completed 69-hole program, which wrapped up at the end of 2025, has confirmed the presence of thick, shallow uranium mineralisation across a broad area measuring approximately 800 by 600 metres.
Key intercepts include 40.1 metres at 371 ppm equivalent uranium oxide (eU₃O₈) from just under 30 metres depth, and 20.2 metres at 454 ppm eU₃O₈ from 7 metres depth, highlighting the potential for open-pit mining. These results build on earlier drilling and demonstrate continuity of mineralised lenses close to surface, consistent with Atomic Eagle’s strategy to target bulk, open-pittable deposits.
Strategic Positioning and Project Scale
Chisebuka is the first of six high-priority targets identified within the Muntanga Project, which covers over 1,100 square kilometres adjacent to Lake Kariba in Zambia. The project benefits from excellent infrastructure, including sealed road access to regional hubs and export routes via Namibia’s Walvis Bay port.
Despite the encouraging drilling results, Chisebuka currently has no defined mineral resource. The company plans to conduct further infill drilling in 2026 to tighten drill spacing to 100m by 100m, a critical step toward establishing a formal Mineral Resource Estimate. Atomic Eagle’s CEO, Phil Hoskins, emphasised the significance of these results as a foundation for resource growth across the district-scale project.
Funding and Forward Outlook
Atomic Eagle is well capitalised with approximately $20 million in cash, positioning it strongly to advance exploration and development activities throughout 2026. The company intends to undertake the largest drilling campaign at Muntanga in nearly two decades, targeting resource expansion not only at Chisebuka but across the other five priority targets.
The use of calibrated gamma logging technology has allowed the company to efficiently estimate uranium grades, although final assay results and resource modelling remain pending. The geological setting within the Karoo Supergroup and the shallow dip of mineralisation provide a favourable context for potential open-pit extraction.
While these results are encouraging, investors should note that mineral resources are not yet mineral reserves and economic viability has yet to be demonstrated. Nonetheless, Atomic Eagle’s methodical approach and strong financial position underpin a compelling growth narrative for the Muntanga Uranium Project.
Bottom Line?
Atomic Eagle’s drilling at Chisebuka lays a solid foundation for resource growth, but the next phase of infill drilling and assay confirmation will be pivotal.
Questions in the middle?
- How will upcoming assay results compare with gamma logging estimates?
- What timeline is expected for a formal Mineral Resource Estimate at Chisebuka?
- How might exploration at the other five priority targets impact overall project valuation?
