Totaling 2,785m, the drill program was designed to test the uranium-bearing potential of the E-Conductor in the south-central portion of the project.
The E-Conductor is understood to be a significant basement conductive identified as part of a 2013 airborne ZTEM geophysical survey.
Drilling on SL14-001 and SL14-002 is completed to a depth at 1,295m and 1,490 m respectively and the holes were surveyed using a Mount Sopris Triple Gamma Probe to identify anomalous radioactivity.
Uravan Minerals said: "Based on the observations and preliminary interpretation by Uravan’s technical team, neither drill-hole intersected or confirmed the conductive source of the E-Conductor.
"Although the intensity of sandstone bleaching and clay alteration (illite and chlorite) present just above the unconformity in both drill-holes is favorable and provides encouraging signs of potential mineralization, this alteration does not confirm the source of the anomalous surface geochemical signatures previously discussed."
The company stated that the potential uranium bearing target could be at depths more than 1,500m and the potential source of the surface geochemical patterns could be at east or west of the current collar locations of these drill-holes.
Uravan CEO Larry Lahusen said: "The preliminary results of drill-holes SL14-001 and SL14-002 are technically challenging; however, when put into perspective with other high potential exploration projects in the Athabasca Basin, I believe the completion of just two drill-holes in this frontier area has effectively narrowed the exploration window.
"All of the key requirements in Uravan’s exploration strategy for vectoring to uranium deposits under cover are still intact."
