• Atomic Eagle confirms near-surface uranium at Chisebuka, eyes 2026 resource
  
  
• Muntanga project holds 47.4M lbs uranium; major drill campaign underway
  
  
• New deposit could boost project economics; mine development set for 2028

Canadian miner Atomic Eagle issued an exploration update on Thursday, Dec. 11, for its Muntanga uranium project in Zambia, saying new drilling results from the Chisebuka target confirm near-surface high-grade mineralisation and support plans to outline a new deposit there by 2026.

Muntanga currently hosts measured and indicated resources of 40 million pounds of uranium, along with 7.4 million pounds of inferred resources across the Muntanga, Dibbwi and Dibbwi East deposits. Atomic Eagle has identified Chisebuka as its next priority target, and ongoing drilling in a 9,000-metre campaign has returned encouraging results that could expand the project’s resource base.

The company said it is running its largest drilling programme at Muntanga in 17 years and plans further work at Chisebuka next year, with the aim of publishing an initial mineral resource estimate for the zone during the campaign.

“These drilling results at the Chisebuka target are a fantastic start to Atomic Eagle’s strategy to rapidly expand the existing Mineral Resources across the Muntanga Project,” CEO Phil Hoskins said. “Chisebuka is the first of six exploration targets prioritized for drill testing across our prospective landholding exceeding 1,100 km² . Results from the ongoing drill campaign, and further drilling planned for the coming months, are expected to delineate a maiden resource for the Chisebuka target in 2026.”

A new deposit at Chisebuka could help strengthen the project’s economics. A January feasibility study projected annual production of 2.2 million pounds of uranium over 12 years at Muntanga, with mine development expected to begin in 2028 and initial capital costs estimated at $281.9 million.

Atomic Eagle aims to add 40 million to 100 million pounds of additional resources through its exploration programme and says it has about $20 million in cash to fund the work. The update comes as global demand for uranium is expected to more than double by 2040, according to the World Nuclear Association.

Aurel Sèdjro Houenou