Wedoany.com Report on Mar 3rd, Atomic Hawk Limited (ASX:AEU, FRA:6QZ0) announced that the total Mineral Resource estimate for its wholly-owned Muntanga Uranium Project in Zambia has increased by 24% to 58.8 million pounds of triuranium octoxide (U₃O₈) following its maiden drilling campaign. This resource upgrade added 11.4 million pounds at an average grade of 309 ppm, establishing new maiden pit-constrained Mineral Resource Estimates at the Chisebuka and Muntanga East deposits.
The resource growth was achieved at a discovery cost of only US$0.05 per pound, compared to the current uranium spot price of approximately US$89 per pound. The project's Measured and Indicated Resource stands at 50.4 million tonnes at 359 ppm, containing 40.0 million pounds of U₃O₈; the Inferred Resource has increased to 35.8 million tonnes at 238 ppm, containing 18.8 million pounds of U₃O₈. CEO Phil Hoskins stated, "Achieving a 24% increase in total resources from the maiden drilling campaign, at a low cost, validates our exploration approach and the potential of the Muntanga project's uranium endowment."
At Chisebuka, a maiden Inferred Resource of 19.9 million tonnes at 220 ppm U₃O₈, containing 9.7 million pounds, was established. The company completed 69 infill drill holes totaling 7,235 meters, tightening the high-grade zone to a 100m x 100m spacing. The deposit is shallow, with mineralization extending to approximately 150 meters depth, potentially supporting standalone heap leach operations. At Muntanga East, a maiden Inferred Resource of 3.1 million tonnes at 252 ppm U₃O₈, containing 1.7 million pounds, defines a near-surface, flat-lying mineralized zone approximately 1,000 meters long and 600 meters wide.
The Mineral Resource Estimate was prepared by independent consultants Snowden Optiro, based on a uranium price assumption of US$100 per pound and a 90% metallurgical recovery. Atomic Hawk plans to commence the largest drilling program at Muntanga in nearly two decades, focusing on expanding the Chisebuka resource and testing targets such as Namakande and Muntanga North. The company's exploration target ranges from 40 to 100.5 million pounds of U₃O₈, indicating that the Muntanga project remains under-drilled. As of the December 2025 quarter, the company held US$19.2 million in cash, providing funding for resource expansion in 2026. Investors can register for a webinar on March 4, 2026, for further details.
