Atomic Eagle Hits Two New Uranium Zones as Halfway Mark Nears at Muntanga
Key Takeaways
- Atomic Eagle has defined two new uranium zones in a single mid-program update: a 600m × 200m zone at Muntanga North Target 5 and a 1,000m × 400m zone at Namakande Target 2, both open for further drilling.
- The 30,000m 2026 drilling program is now more than halfway complete, with 64 holes drilled at Muntanga North and 60 holes at Namakande as of the 16 September 2026 update.
- Three large-scale Muntanga North targets — Targets 6, 7 and 8 — remain completely untested and represent the next material news flow opportunity for investors before Q4 2026 completion.
- Namakande Target 2 returned high-grade spikes of 1.50m at 1,342ppm and 1.55m at 916ppm eU3O8, though intercepts are generally thin at less than 2m, reflecting the early-stage nature of the target.
- Atomic Eagle's existing 100%-owned Muntanga JORC Mineral Resource of 58.8Mlbs at 309ppm U3O8 provides context for what a mature part of this project looks like, with Chisebuka infill drilling already underway to support future resource growth.
New uranium zones emerge as Atomic Eagle’s Muntanga drilling program passes the halfway mark
Atomic Eagle has identified uranium mineralisation at two new greenfields targets in Zambia, with its 30,000m 2026 drilling program now described as over halfway complete. The update, released on 16 September 2026, confirms a zone of approximately 600m × 200m at Muntanga North Target 5 and a broad 1,000m × 400m zone at Namakande Target 2, with three large-scale targets still to be tested.
These are early-stage first-pass results. Both zones require further drilling and geological interpretation before any assessment of scale, continuity, or resource significance can be made. That said, identifying open-ended mineralisation at two separate greenfields targets in a single mid-program update is a constructive signal.
CEO Phil Hoskins
“We are further encouraged by the results at Muntanga North, where wide-spaced drilling has identified a zone of uranium mineralisation that remains open along strike and down dip to the east…We are over half-way through an active exploration program, with the large-scale Muntanga North Targets 6 to 8 still to be tested.”
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Drilling results across three target areas
Muntanga North — Target 5 mineralisation identified
Wide-spaced drilling across Muntanga North has now reached 64 holes for 5,995m, covering Targets 1 to 5. The program is designed as first-pass testing of early-stage exploration targets, intended to establish geological information and assess whether further work is warranted.
Results by target:
- Targets 1, 2 and 3 returned no anomalous uranium mineralisation; the radiometric response is currently interpreted to reflect near-surface uranium enrichment from weathering
- Target 4 recorded a discrete anomalous intercept, but drilling has not identified a zone warranting immediate follow-up
- Target 5 has defined a zone of approximately 600m × 200m, open along strike and down dip to the east; mineralisation strikes broadly parallel to bedding, with lenticular geometry suggesting a possible structural influence
- Targets 6, 7 and 8 remain untested and are described as “large-scale”
Selected significant intercepts from Target 5 are shown below (sourced from Table 1 in the announcement):
| Hole ID | From (m) | To (m) | Intercept (m) | eU3O8 (ppm) |
|---|---|---|---|---|
| MNDTH2283 | 27.65 | 30.75 | 3.1 | 343.78 |
| MNDTH2286 | 32.9 | 38.45 | 5.55 | 124.28 |
| MNDTH2295 | 73.95 | 78.29 | 4.33 | 101.06 |
| MNDTH2295 | 79.53 | 86.6 | 7.07 | 132.39 |
| MNDTH2297 | 66.13 | 71.66 | 5.55 | 135.41 |
Namakande — a 1,000m × 400m zone takes shape
Ground radiometric surveying and first-pass drilling at Namakande is complete, with 60 holes drilled for 6,832m at the reporting cut-off. The two targets delivered contrasting results.
At Target 1, anomalous uranium mineralisation was intersected in a number of holes, but the mineralisation is generally less than 3m thick and discontinuous. Target 2 is the standout: initial drilling defined a broad zone measuring 1,000m × 400m of shallow-dipping, bedding conformable uranium mineralisation. While some intercepts returned grades above 500ppm, the intercepts in this zone to date have generally been relatively thin, at less than 2m.
The standout intercepts from NADTH2357 illustrate the grade potential at Target 2: 1.50m @ 1,342ppm and 1.55m @ 916ppm eU3O8. These are high-grade spikes within what remains an early-stage target with mostly thin intersections. Namakande results will be integrated with radiometric and geochemical datasets to refine the geological model.
What uranium mineralisation means for investors — and why scale matters at Muntanga
Wide-spaced drilling at 400m × 400m spacing is how exploration companies test large areas efficiently before committing to closer follow-up work. At this stage, each hole is effectively a reconnaissance data point. Identifying mineralisation across a zone of 600m × 200m or 1,000m × 400m tells geologists where the uranium system exists, not yet how big or economically significant it might be.
The pathway from here runs through infill drilling to establish grade and continuity, then geological modelling, then a JORC resource estimate, and eventually, development studies. Atomic Eagle’s existing Muntanga JORC Mineral Resource of 58.8Mlbs at 309ppm U₃O₈ (100%-owned) gives context for what a mature part of this same project looks like. The company also holds a 60% interest in the Madaouela Uranium Project in Niger, which hosts a Mineral Resource of 116.5Mlbs at 1,282ppm U₃O₈, reported as a foreign estimate.
Chisebuka SW Zone drilling, completed earlier in the 2026 program, returned high-grade intercepts that underpinned the decision to run infill work across the broader Chisebuka area and build toward a JORC resource estimate.
Global demand for nuclear fuel continues to grow as utilities seek low-carbon baseload power, providing a supportive macro backdrop for uranium development projects.
The three pillars of Atomic Eagle’s 2026 program are:
- Chisebuka infill drilling (42 holes / 4,209m already completed) — designed to enable Mineral Resource estimation and expected to support future resource growth
- Muntanga North broad-spaced testing across Targets 1–8
- Namakande broad-spaced testing across Targets 1 and 2
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What comes next for the Muntanga program
The next steps are clearly defined in the announcement:
- Follow-up drilling at Muntanga North Target 5 to test the interpreted extensions of the mineralised zone along strike and down dip to the east
- Ground radiometric surveying and first-pass drilling to continue at Targets 6, 7 and 8 — large, early-stage exploration targets where drilling will initially seek to establish the geological source of the anomalies and determine whether further work is warranted
- Drilling at the current Muntanga North targets is expected to be completed in Q4 2026
- Data from completed Namakande and Muntanga North drilling will be integrated with geological, radiometric, and geochemical datasets to refine the company’s targeting model and prioritise subsequent exploration
Targets 6, 7 and 8 are described as “large-scale” in the announcement, making them the next material news flow opportunity for investors following the program. They remain untested early-stage targets, and first-pass drilling there will aim to establish whether the geological anomalies translate into uranium mineralisation of the kind identified at Target 5.
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