Purepoint Uranium Group Inc. (PTU:TSX.V; PTUUF:OTCQB) has released radiometric results from its completed 2026 summer drilling campaign at the 50/50 Dorado Joint Venture with IsoEnergy Ltd. (ISO:TSX; ISOU:NYSEAMERICAN) in Saskatchewan's Athabasca Basin, according to a September 17 release.
The first hole drilled at the Q24 target, PG26-11, intersected 7.4 meters, averaging 8,760 counts per second (cps) across the unconformity, including a 0.5-meter interval averaging 38,710 cps. The radioactive zone occurs mainly within intensely altered and structurally disturbed basement rocks at a target separate from Nova and Q23.
"The first hole at Q24 delivered exactly what we look for in this part of the Athabasca Basin; strong radioactivity at the unconformity, significant alteration, structural disruption, and graphitic basement rocks," said President and CEO Chris Frostad. "These geological features have guided uranium exploration in this district for decades, and seeing them come together in the first hole at a new target area is really encouraging. Q24 is separate from both Nova and Q23, giving us an important new area for follow-up drilling at Dorado."
Hole PG26-11 returned the 7.4-meter radioactive interval from 284.1 to 291.5 meters at the unconformity, including 0.5 meters averaging 38,710 cps, while the highest downhole probe reading reached 50,110 cps. The mineralized section occurs in strongly clay-sericite-chlorite altered pelitic gneiss with localized fault brecciation, while chalcopyrite veining appeared another 3.3 meters farther down the hole, providing further evidence of hydrothermal activity.
Q24 represents a separate exploration target from Nova and Q23, giving Dorado another area for follow-up drilling. At Q23, hole PG26-10 also encountered elevated radioactivity associated with altered sandstone and basement rocks.
Season's Last Holes Widen the Dorado Story
At Q24, Purepoint's first drill hole, PG26-11, targeted a strong ground EM conductor and passed through heavily altered, fractured sandstone before reaching the unconformity at about 285 meters. The main radioactive zone ran from 284.1 to 291.5 meters and averaged 8,760 counts per second (cps) over 7.4 meters, including 0.5 meters at 38,710 cps. Recovery was incomplete through the highest radioactivity section, leaving assays from the recoverable core pending. Chalcopyrite-bearing veins appeared another 3.3 meters downhole at 294.8 meters.
From the unconformity to 318 meters, the hole cut pelitic gneiss affected by sericite, clay, and chlorite alteration. A second radioactive section immediately beneath the chalcopyrite veining averaged 1,010 cps over 6.2 meters from 297.2 to 303.4 meters. The hole then intersected pyrite-rich, graphitic pelitic gneiss with chlorite alteration and localized fault brecciation from 318 to 343 meters before entering unaltered pelitic gneiss to its 551-meter final depth.
Drilling at Q23, located east of Q24, also produced several elevated-radioactivity intervals in hole PG26-10, including 0.8 meters averaging 1,000 cps from 292.0 to 292.8 meters, 1.2 meters at 1,030 cps from 339.5 to 340.7 meters, and 1.7 meters at 660 cps from 349.4 to 350.8 meters. The hole also encountered substantial desilicification and fractured core in the lower sandstone, along with altered basement rocks, adding Q23 to the areas under consideration as the Joint Venture sets its 2027 exploration priorities.
Red Cloud analyst David Talbot maintained a Buy rating and CA$27.15-per-share target price for ISO, along with a Buy (Speculative) rating and CA$1.15-per-share target price for PTU.
The 2026 summer campaign covered 3,669 meters across the Nova, Q23, and Q24 targets, examining several geological and geophysical settings at Dorado. Radioactivity turned up at multiple targets, supporting the Joint Venture's approach of testing a range of prospective structural corridors across the project. The Q24 discovery, Q23 results, and other geological data gathered during the program will be combined with final MobileMT structural interpretations to guide the 2027 drilling strategy.
The drill crew completed demobilization in September, and laboratory assays from the summer campaign remain outstanding. Purepoint and IsoEnergy plan to release results as they arrive and incorporate the findings into the Joint Venture's 2027 exploration plans.
Dorado lies along the eastern edge of Saskatchewan's Athabasca Basin and covers structural corridors considered prospective for unconformity-related uranium deposits. Purepoint operates the property through an equal partnership with IsoEnergy. The project includes the Nova Discovery, where earlier drilling returned grades as high as 8.1% U₃O₈ over 0.4 meters within a broader 2.1-meter interval grading 1.62% U₃O₈. Uranium mineralization has been traced along a prospective structural corridor extending about one kilometer, associated with strong alteration, structural disruption, and graphitic basement rocks. Exploration is focused on advancing Nova while systematically testing additional targets along the project's conductive and prospective structural corridors, including Q23 and Q24.
Purepoint used a Mount Sopris 2PGA-1000 downhole total gamma probe for the radiometric measurements reported in the release, while core sampling uses a handheld RS-125 Gamma-Ray Spectrometer that provides readings of equivalent %K and ppm of U and Th.
Third Target Emerges as Analyst Stays Bullish
Assays remain outstanding, but the initial radiometric response is encouraging and establishes another high-priority exploration area at Dorado, according to Red Cloud analyst David Talbot in an updated research note on September 18. It's too early to classify Q24 as a discovery, but the alteration observed in the hole points to hydrothermal activity, and the first-hole radioactivity supports the exploration model, adding to the growing prospectivity of an area now showing confirmed radioactivity across three separate target zones, he said.
PTU remains close to its 52-week low, having fallen roughly 30% since the mineralized corridor reached 1 kilometer in April, compared with a peer median decline of about 25%. That weakness appears tied more to broader uranium exploration performance than to Nova-specific factors. With positive indications from the 2026 campaign and additional assays still pending, Dorado warrants continued attention.
Talbot noted PG26-11 tested a strong ground EM conductor before reaching the unconformity. The Q24 radiometric response compares with results from Nova, where hole PG25-07A produced 11,100 cps over 14.0 meters, including a 0.6-meter high-grade core reaching 82,300 cps that corresponded to 8.1% U₃O₈ over 0.4 meters. Q24 recorded somewhat lower radioactivity, but PG26-11 is only the first hole into the target. Probe counts shouldn't be directly converted into expected assay grades, particularly since winter drilling at Nova showed that strong gamma readings could correspond to relatively narrow high-grade uranium intervals.
Nova's roughly 1-kilometer mineralized trend within the host conductor remains under evaluation, with the broader conductor extending about 2.5 kilometers, Talbot wrote.
Talbot maintained a Buy rating and CA$27.15-per-share target price for ISO, along with a Buy (Speculative) rating and CA$1.15-per-share target price for PTU. The results are considered encouraging for both companies as IsoEnergy continues looking for additional mineralized zones around Hurricane, while the Dorado results could provide additional momentum and exposure for Purepoint. Key upcoming catalysts include IsoEnergy's Tony M production decision and ongoing Larocque East and Dorado JV activities. For Purepoint, catalysts include results from the completed summer drilling program, the MobileMT survey, and outstanding summer drilling assays expected during Q3–Q4/26.
The Catalyst: Uranium's Long-Term Price Signals Point Higher
The outlook for nuclear energy continues to strengthen. The World Nuclear Association's World Nuclear Outlook Report 2026, published September 9, projects global operating nuclear capacity could reach 1,457 GWe by 2050 under its high-growth scenario. The report also estimates nuclear plants generated a record 2,702 TWh in 2025, with the association attributing the longer-term expansion to governments placing greater emphasis on energy security and dependable low-carbon electricity.
Artificial intelligence is increasingly adding to that demand picture. An August 25 OilPrice report placed uranium prices near US$89 per pound, below a short-lived move above US$100 in January, and linked the market's strength to a persistent supply shortfall. New mines can take a decade or longer to develop, making it difficult for supply to keep pace with reactor requirements, while rising electricity consumption from AI and data centers and China's expanding nuclear fleet add further pressure. UBS analyst George Eadie told the outlet that firm term-market pricing and stronger utility buying point to a uranium market facing increasingly structural tightening.
A late-2025 Mining.com outlook also identified AI and hyperscale data centers as important forces reshaping expectations for nuclear power. Citing a uranium.io investor survey, the publication reported that more than 63% of respondents expect AI-related electricity demand to become a meaningful consideration in nuclear planning over the next decade, with many viewing the impact as a lasting shift rather than a temporary surge.
The same survey pointed to further potential price gains, with more than 85% of respondents expecting uranium to rise during 2026. Many projected prices in the US$100-to-US$120-per-pound range, while some scenarios reached as high as US$135 per pound if supply remains constrained.
Supply remains a key concern. Mining.com reported that most respondents expect mined uranium to satisfy less than 75% of future reactor requirements, reflecting years of limited investment, lengthy permitting processes, and declining secondary sources. The publication also cited Sprott Asset Management's description of the market moving at "two speeds" — short-term price swings masking stronger long-term fundamentals — potentially widening the supply-demand gap as nuclear construction expands globally.
Streetwise Ownership Overview*
Purepoint Uranium Group Inc. (PTU:TSX.V; PTUUF:OTCQB)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 11/20/24 | PTU:TSX.V | 10 | PTU:TSX.V | 1 |
| 08/31/21 | PUMGF:OTCQB | 1 | PTUUF:OTCQB | 1 |
| 06/03/05 | CBL.P:TSX.V | 1 | PTU:TSX.V | 1 |
The spot uranium price sat at roughly US$90 per pound as of mid-September 2026, essentially flat since February and little changed from the roughly US$89 figure OilPrice cited in August — a marked climb from about US$75 a year earlier in May 2025, according to industry consultant TradeTech and live pricing tracked by metalcharts.org. Because most uranium actually changes hands through private long-term utility contracts rather than the thin spot market, that long-term price indicator — which TradeTech put at a roughly 18-year high of US$97 per pound as of June 30 — is generally seen as the more reliable gauge of where the market's true direction is heading.
Ownership and Share Information1
Strategic investor IsoEnergy owns 13% of the company, insiders own 2%, and institutions own 17%. The rest is retail.
Its market cap is CA$28.3 million with 82.03 million shares outstanding. It trades in a 52-week range of CA$0.31 and CA$0.85.
Common Investor Questions
What did Purepoint Uranium announce on September 17? Radiometric results from its completed 2026 summer drilling campaign at the 50/50 Dorado joint venture with IsoEnergy in Saskatchewan's Athabasca Basin, highlighted by the first hole at a new target, Q24 — PG26-11, which intersected 7.4 meters averaging 8,760 cps across the unconformity, including 0.5 meters at 38,710 cps.
Why does Q24 matter? It's a separate exploration target from the company's existing Nova discovery and the Q23 target, meaning Dorado now has three distinct zones showing confirmed radioactivity — expanding the project's overall prospectivity ahead of 2027 exploration planning.
What else came out of the summer program? The 2026 campaign covered 3,669 meters across Nova, Q23, and Q24. At Q23, hole PG26-10 also returned several elevated-radioactivity intervals. Laboratory assays from the entire campaign remain outstanding; the drill crew demobilized in September, with results to be released as they're received.
How does Q24 compare to the Nova discovery? Nova's best-known result, hole PG25-07A, returned 11,100 cps over 14 meters, including a high-grade 0.6-meter core at 82,300 cps corresponding to 8.1% U₃O₈. Q24's radioactivity was somewhat lower, but PG26-11 is only the first hole tested at that target — Red Cloud's David Talbot cautioned that probe counts (cps) shouldn't be directly translated into expected assay grades.
What does the analyst think? Talbot maintained a Buy (Speculative) rating and CA$1.15 price target on Purepoint, alongside a Buy rating and CA$27.15 target on joint-venture partner IsoEnergy, calling the initial radiometric response encouraging despite pending assays. He noted PTU shares remain close to their 52-week low, down roughly 30% since the Nova mineralized corridor reached 1 kilometer in April — a decline he attributed more to broader uranium exploration sentiment than to project-specific issues.
What catalysts are ahead? For Purepoint: results from the completed summer drilling program, the MobileMT geophysical survey, and outstanding summer drilling assays expected in the third and fourth quarters of 2026. For IsoEnergy: a production decision at Tony M, closing of its Toro acquisition, and continued drilling at Larocque East and Dorado.
What's the broader uranium market backdrop? Spot uranium sits around US$90 per pound, roughly flat since February, while TradeTech's long-term price indicator — seen as the more reliable gauge since most uranium trades via long-term contracts — hit an 18-year high of US$97 per pound as of June 30. Demand tailwinds include AI and data-center electricity growth alongside a persistent, decade-plus mine-development lag limiting new supply.
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Important Disclosures:
- Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
