Drilling expands high-grade zone at Chisebuka target
Atomic Eagle Limited is pleased to announce results from the first 15 drill holes (comprising 1,540 metres) completed as part of a 30,000-metre drilling program at its 100%-owned Muntanga Uranium Project in Zambia.
Atomic Eagle CEO Phil Hoskins said:
“Our 2026 goal of increasing Muntanga’s Mineral Resource is off to a great start. These initial results from Chisebuka build directly on the Company’s early success, which saw a 9.7Mlb uranium resource defined at Chisebuka in a matter of months.
Chisebuka’s SW zone is now emerging as the next key addition with near-surface higher-grade results outside of the previous resource area and we’ve only scratched the surface of the planned holes into Chisebuka this year.
Drilling is continuing with two rigs aiming to expand the higher-grade zones at Chisebuka whilst at the same time, we are conducting ground radiometric surveys to refine the exciting Namakande and Muntanga North targets.”
2026 dill program details
The Company is undertaking a 30,000m drill program over three separate target areas at Muntanga, including:
- Continued exploration drilling at Chisebuka outside the existing Mineral Resource;
- Wide-spaced drilling at the Namakande 1 and 2 exploration targets; and
- Wide-spaced drilling at the Muntanga North exploration targets.
Chisebuka target
Chisebuka is located in the southernmost tenement of the Company’s large licence package. Chisebuka mineralisation has previously been defined by drilling over a 4km strike length and up to 1km wide. During 2025, the Company completed a 69-hole (7,235m) program to enable estimation of a maiden Mineral Resource. The north-eastern zone of Chisebuka measuring 800m x 600m was successfully converted into the maiden Chisebuka Mineral Resource Estimate of 19.9Mt at 220ppm U3O8 for 9.7 Mlbs of U3O8.
The 2026 drill program is expected to comprise approximately 120 holes, drilled vertically to intersect the true thickness of mineralisation. To date, 13 of the first 15 holes of the 2026 drill program have intersected uranium mineralisation and drilling has defined a new higher-grade zone of mineralisation in the southwest measuring 600m x 300m.
Next steps
Drilling at Chisebuka will continue as the Company seeks to expand the higher-grade and near-surface zones of mineralisation, with further results expected in the coming weeks.
Ground radiometric surveys have commenced at Namakande and Muntanga North to further refine the radiometric anomalies (as previously defined by airborne surveys). Both these targets exhibit similar geophysical and geochemical signatures to areas of known uranium mineralisation across the Company’s licence area, with drilling expected to commence later this quarter.
Technical note – grade determination
Uranium grade can be measured indirectly by measuring the radioactivity emitted by the daughter products of uranium during decay, using a gamma tool containing a sodium iodide (NaI) crystal, which records counts per second when hit by gamma rays. These counts are converted to uranium grade (ppm eU3O8) by applying a K factor, a dead time correction and other correction factors as required such as casing, hole size, mud density. The K factor and the dead time is unique to each tool and is determined during calibration.
The gamma tool used by Atomic Eagle has been calibrated at the Grand Junction calibration pits by Mt Sopris prior to arrival on site and the tool was run weekly in a lined test hole to test repeatability. Furthermore, the results from the Atomic Eagle logging tool were compared with results from logging contractors Terratec, who logged most of the holes during the last 4 years, and a further calibration factor was applied to the company’s gamma results to be consistent with older data. RC and diamond drill holes will be drilled in future drill programs and the gamma tool will be verified against the assay data to confirm the results.
