Atomic secures option for second, nearby uranium prospect in Zambia
ASX-listed Atomic Eagle has expanded its uranium exploration footprint in Zambia with a binding option agreement to acquire 100% of the large-scale Sitwe uranium project, in the Luangwa Valley area.
The addition of the 429 km2 Sitwe project equates to a 38% increase in Agnico’s uranium tenement holdings in the country.
The option strengthens Atomic’s position as a leading uranium explorer and developer in Zambia, complementing its flagship Muntanga uranium project.
Notably, Sitwe is located on a regional geological trend with Lotus Resources’ Kayelekera uranium deposit in Malawi.
Agnico believes there is significant exploration upside across a large, underexplored licence area with multiple untested radiometric anomalies.
The deal also provides low-risk entry through a capital-disciplined structure, requiring $200 000 in exploration and statutory expenditure, with the right to acquire 100% of the licence for $400 000.
“Zambia is a well-established and supportive mining jurisdiction, and we continue to see significant opportunity to build scale through the acquisition and systematic exploration of high-quality uranium assets.
“Sitwe complements our Muntanga project by adding a large, prospective licence position in a highly endowed basin, with encouraging historical results and clear potential for further discovery,” says Atomic CEO Phil Hoskins.
Importantly, the option structure allows the company to advance the opportunity in a disciplined manner while maintaining flexibility as it continues to grow its broader uranium portfolio in Zambia.
Atomic’s initial work programme on site will include mapping and ground radiometrics to determine the most prospective areas for drill testing. A 30 000 m drill programme on Muntanga also remains ongoing.
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