The playbook — uranium · September 14, 2026
Geiger drills its second Thelon hole — still no assays on the board
First hole at the Apollo target lit up the scintillometer on the Kiggavik trend. Grade remains unknown for both discoveries.
Geiger Energy put its first-ever drill hole into the Apollo target, a 3.7-kilometre trend in the Thelon Basin of Nunavut. Hole APL26-001 hit two zones of elevated radioactivity — one from 206 to 210 metres, another from 216 to 228 metres — reading between 80 and 400-plus counts per second on a handheld scintillometer. The hole carried the alteration package the company looks for on this ground: clay, hematite, bleaching, and sooty sulphides. It sits on the Andrew Lake Fault, the same structure that hosts Orano’s Kiggavik district and its roughly 133 million pounds of uranium. When we last covered Geiger, the first hole at the Fox Zone had just lit up the scintillometer on this same fault.
Hunter is the geologist who led the Cameco team that found the Tatiggaq and Qavvik deposits on this exact trend, so the pattern she is chasing is one she has found before. But the last entry left two open items, and both are still open. We promised readers assays from Fox hole FOX26-001; no assays have been reported for Fox, and none for Apollo either — everything disclosed to date is scintillometer counts, which the company itself footnotes “are not a substitute for, and may not correlate with, uranium grades determined by geochemical assay.” That means no grade, no gram-metre math, and no way to compare either hit against Kiggavik in pounds. Our second open item — follow-up drilling inside the 1.3-kilometre Fox anomaly — the company still lists as an immediate priority alongside Apollo, so it remains pending. Over the past three months BEEP.V gained about 5.1% while the uranium ETF (URA) fell 13% and junior peers (URNJ) dropped 14.8% — roughly 20 percentage points of relative strength in a falling sector, with a mid-period dip to 0.175 and a late recovery past 0.22.
The limits are the same ones we flagged, plus new ones. No assays means grade is unknown for both discoveries. The radioactive intervals are core length, not true width — the drill’s angle to the structure is not stated, so real thickness is a guess. APL26-001 tested only the central of three gravity anomalies at Apollo, so there is no strike continuity and no hole-to-hole check. And the Qualified Person who signed the disclosure is CEO Hunter herself, an insider rather than an independent reviewer. Watch for assay results from APL26-001 and the Fox hole, which would replace counts with grade, and for follow-up drilling across the untested anomalies on the fault corridor. Timing on all of it is not stated.