ASX-listed Atomic Eagle has reported a new Joint Ore Reserves Committee- (Jorc-) compliant exploration target of between 40-million and 100.5-million pounds of triuranium octoxide (U₃O₈) at a grade range of 150 to 350 parts per million (ppm) for the Muntanga project, in Zambia.

The exploration target is in addition to the company’s existing Jorc-compliant mineral resource of 40-million pounds – measured and indicated – and 7.4-million pounds – inferred.

The company says this exploration target is illustrative of the sheer scale of the Muntanga project area and highlights the potential for further discoveries.

Atomic Eagle says the project remains vastly underexplored despite new targets already identified by modern exploration techniques.

The company notes that the potential quantities and grades of the exploration target are conceptual in nature and as such, there has been insufficient exploration conducted to estimate a mineral resource.

Additionally, Atomic Eagle says its maiden drill programmes are nearing completion, testing the Muntanga East and Chisebuka targets, with assay results expected in early 2026.

The company notes that it is planning a comprehensive drill programme for 2026 aiming to materially increase the scale of Muntanga’s mineral resource. The company says it is anticipated that the drill programme will be the largest undertaken at the Muntanga project in 17 years.

The company says its aggressive exploration campaigns are fully funded with about $20-million in cash – after ASX listing costs.

“The company’s strategy is firmly focused on rapidly expanding the existing mineral resource across the company’s expansive Muntanga uranium project area,” says chairperson Govind Friedland.

Through the release of the exploration target, Friedland says, Atomic Eagle can now articulate what the company believes to be the ‘size of the prize’ across its extensive land package within the Karoo basin sediments.

He explains that resource definition is under way with the results from the company’s maiden drilling programme expected in early 2026.

“We are also finalising the details of our 2026 exploration programme, which will be the largest single programme completed at the project since discovery.”