en.Wedoany.com Reported - Atomic Eagle (ASX: AEU | OTCQX: AEUXF) is employing a multi-dataset convergence approach to reduce drilling risk at the Muntanga Uranium Project in Zambia, recently completing a dense 53 line-km ground radiometric survey that delineated an anomalous system with a strike length of approximately 4 km across five target areas. The company leverages historical airborne radiometric surveys, soil geochemistry, radon surveys completed by Denison Mines between 2013 and 2015, new ground radiometric measurements, and structural interpretation, using the convergence of independent datasets as the basis for targeting drill holes. CEO Phil Hoskins stated that the geophysical team used handheld scintillometers to acquire ground data before the drill rigs mobilized, precisely locating drill hole positions.
The ground radiometric survey was conducted across five target areas with 100-meter line spacing and 50-meter station spacing. As of the report date, 53 of the planned 80 line-km had been completed. Of the 854 readings collected, 424 exceeded the background threshold of 300 counts per second (CPS), and 87 exceeded 500 CPS. The anomalous system has a strike length of approximately 4 km and is distributed across multiple consecutive stations, rather than isolated point anomalies. These refined areas form the basis for drill hole placement in the upcoming drilling program, which Hoskins described as the largest since 2008 for the project.
Targets 1 to 5 are located within the Escarpment Grit formation, which also hosts the project's existing Joint Ore Reserves Committee (JORC) resource of 58.8 million pounds of uranium oxide (at a grade of 309 ppm). Historical drilling at Target 5 (Nabbanda) returned an intersection of 1.85 meters at 294 ppm uranium oxide. Ground radiometric surveys for Targets 6 to 8 are planned for the second and third quarters of 2026. The Muntanga 2025 Feasibility Study shows a project after-tax net present value (discounted at 8%, NPV8%) of $243 million, an internal rate of return (IRR) of 20.8%, C1 operating costs of $32.20 per pound, and uranium oxide recovery exceeding 90%. Zambia applies a 5% uranium royalty and a 30% corporate tax rate, with no free-carried government interest.
On the capital markets front, Atomic Eagle upgraded from the OTCQB Venture Market to the OTCQX Best Market on June 4, 2026, and began trading under the ticker AEUXF. The company ended the last fiscal year with $19 million in cash and plans to maintain a cash balance above $8 million by year-end after completing a 50,000-meter reverse circulation and diamond drilling program, without requiring additional equity financing. U.S. federal energy policy shifts toward nuclear power, including a target to expand domestic nuclear capacity to approximately 400 GW by 2050, rebuilding the domestic uranium supply chain and enrichment capabilities, and a $94 million Department of Energy program announced in May 2026 to support small modular reactor deployment, provide the demand backdrop for project development.
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