Atomic Eagle (ASX:AEU) reported a new exploration target of between 40 million pounds and 100.5 million pounds of uranium ore concentrate for its Muntanga project in Zambia at a grade range of 150 to 350 parts per million, according to a Wednesday filing with the Australian bourse.

The target is in addition to the company's existing measured and indicated mineral resource of 40 million pounds, and inferred resource of 7.4 million pounds, demonstrating the scale of the project and the potential for discoveries, the filing said.

The company is planning a comprehensive drill program at the project next year to materially increase the scale of the mineral resource, per the filing.

Shares rose more than 6% in midday trade Wednesday and earlier reached their highest since July 2018.