North Shore Completes Phase 1 Drilling at Rio Puerco
North Shore completed drilling at its project with assays pending validation.
North Shore Uranium Ltd. (NSU) has completed Phase 1 of its initial drilling campaign at the Rio Puerco project in New Mexico. The company drilled 13 vertical mud rotary holes, totaling 2,828 m (9,274 ft). Permits authorize up to 26 holes for approximately 5,975 m of total meterage, meaning Phase 1 accounted for roughly 47% of the permitted scope.
The release did not include assay results, eU3O8 grades, scintillometer readings, or specific drillhole intercepts. While select samples were submitted for assay, those results remain undisclosed. The program was designed to twin historical Kerr-McGee rotary holes from the 1960s and 1970s. Phase 2 is scheduled for Q4 2026, following the summer monsoon season.
North Shore Uranium Ltd. (NSU) released an update that does not alter its resource, deposit thesis, or financial position, as the announcement contained no assay or radiometric results. The market had already expected the completion of Phase 1, with investors waiting for assay results rather than confirmation that holes were drilled.
The stock’s recent performance reflects broader market sentiment surrounding the Rio Puerco option, permitting progress, and the planned drill program. Shares rose from C$0.09 in August 2025 to C$0.32 by December 2025, before round-tripping to trade between approximately C$0.16 and C$0.23 into July–August 2026.
Financial context from the Q1 2026 MD&A indicates the company held cash of C$3.09 million and working capital of about C$3.11 million, with management warning that liquidity may be insufficient to fund the next twelve months. At C$0.21 with 88.45 million shares outstanding, the market capitalisation is about C$18.6 million; against C$3.1 million in cash, the equity carries meaningful exploration optionality.
North Shore Uranium Ltd. (TSXV: NSU; OTCQB: NSURF) is a pre-revenue uranium explorer that relies entirely on capital markets for funding. The company holds an option to earn up to 87.5% of its Rio Puerco, New Mexico property, which comprises 83 BLM claims. This asset features a historical JORC inferred resource of 6.0 million tonnes at 0.09% eU3O8, containing 11.4 million pounds.
In Saskatchewan, North Shore holds an option to earn up to 100% on 11 claims from Skyharbour Resources, totaling approximately 49,580 hectares. Additionally, the company maintains a joint venture on the West Bear property, consisting of four claims totaling 3,927 hectares. This venture is structured as 75% North Shore and 25% Gem Oil, focusing on uranium-cobalt-nickel prospectivity.