The project is located on the Virgin River structural trend within the Athabasca Basin in Canada.
During the program, the company intersected anomalous uranium mineralization in the first hole, SL15-003, grading 0.025% eU3O8 over 6.3m, suggesting the presence of a major hydrothermal system nearby.
The location of SL15-004, west of SL15-003, facilitated tests on the western edge of the conductive metasedimentary unit, the company said.
Based on preliminary evaluations, the SL15-004 is shown to intersect various broad alteration sections throughout the Athabasca Group sandstone, and exhibited bleaching, silicification, smoky-quartz alteration and illite / chlorite / kaolinite clay alterations.
These hydrothermal alteration features and well-developed faulting and fracturing indicate potential for significant uranium mineralization nearby, Uravan stated.
Uravan CEO Larry Lahusen said: "The preliminary results of drill-holes SL15-003 and SL15-004 are technically very positive, confirming that the right hydrothermal and structural components are present in Area B to host a major unconformity-type uranium deposit.
"All of the key requirements in Uravan’s exploration strategy for vectoring to uranium deposits under cover are intact. More drilling is certainly required in Area B as we move closer to discovery."
Stewardson is a joint exploration effort between Uravan and Cameco. Uravan operates the project, while Cameco is earning a stake and funds work programs.
