The playbook — uranium · October 5, 2026
Geiger steps 100 m at Apollo — still counts, not grades
Second hole hits 45 metres of near-surface radioactivity 100 m southwest of the discovery. Assays still pending. The stock is up 21%.
Geiger Energy drilled a second hole into its Apollo target in the Thelon Basin of Nunavut and lit up the gamma probe again. APL26-002 logged 45 metres of radioactivity between roughly 40 and 85 metres downhole, a stated 100-metre southwest step-out from discovery hole APL26-001 — separate collars, not a fan from one hole. The probe peaked at 402 counts per second; the handheld scintillometer on recovered core read up to 180 cps. Both are radioactivity, not grade. When we last covered Geiger, everything on the board was counts and the assays were pending. They still are.
Here is the mechanism, and its limit. A second hole 100 metres away, hitting the same altered Andrew Lake Fault breccias and shallower than hole one, between 40 and 85 metres down, says the structure holds over at least that distance — the same fault that hosts Orano’s Kiggavik district and its roughly 127 million pounds. That is Orano’s ground, flagged as not indicative of Geiger’s. CEO Rebecca Hunter knows this trend; she led the Cameco team that found Tatiggaq and Qavvik on it. But cps is a qualitative pathfinder, and the company’s own footnote says it “may not correlate with uranium grades.” No grade means no gram-metre math. The market has priced the news anyway: BEEP.V rose 21% over three months while the uranium ETF fell 9.4% and junior peers dropped 16.6% — a gap of nearly 38 points against the junior index, concentrated in the final third of the stretch.
The caveats run deep. The strongest reading — that 402 cps probe peak — sits in a zone of poor core recovery, so the headline number comes from material the recovered core does not fully represent. True width is not stated; 45 metres is downhole length through a steeply-structured fault, not the real thickness. Only two holes have been drilled at Apollo, across one of three gravity anomalies, itself one of 50-plus district targets. On our open items, the assays we promised readers — from Fox, from Apollo, from all 2026 holes — are still not reported; the company now says they are “expected later in the year.” Follow-up drilling stays on the list; the company says the next program is slated for early June 2027. The Qualified Person who signed off is Hunter herself, not an independent reviewer.