Stewardson Lake

The Stewardson Lake property consists of 5 mineral dispositions (S107738, S-108181-184 inclusive) totaling 21,349 hectares. The project area is located adjacent to Cameco's Centennial uranium deposit and overlies the Dufferin Lake fault (within the Virgin River corridor).

Historical exploration, consisting of surficial boulder sampling and one diamond drill hole (DDH VR-01) sampling, identified a strong alteration zone within the Athabasca sandstone group characterized by illite and chlorite clay alteration and coincident boron anomalies (intensity comparable to the illite-dravite alteration corridor between Key Lake and McArthur River uranium deposits).  Cameco completed several airborne and ground geophysical surveys (i.e. ground UTEM/TDEM and AMT surveys, and airborne triaxial gradiometer and gravity/radiometric surveys).  The interpretation of the multiple geophysical surveys and compilation work suggests considerable unconformity off-set. This post-Athabasca faulting appears as a northeast trending central graben zone (gravity low) bound on the eastern edge by the Dufferin Lake fault.  This northeast trending structural zone has a corresponding magnetic low on the west and coincident illite+dravite+boron anomalies (suggestive of high heat/fluid flow). Cameco proposed two drill holes targeting apparent thickening in conductivity and corresponding relative gravity low along this trend.   Uravan will attempt to improve the resolution of the geophysical data with a surface geochemical sampling program this summer.

• 100% Uravan- acquired from Cameco 2011.

• Located along Virgin River/ Dufferin Fault zone.

• Adjacent to Cameco operated Virgin River Project which hosts the Centennial Deposit.

• Multiple geophysical and geochemical targets identified by Cameco.

• Surface geochemical program completed in July 2011, resulting in 1663 samples collect from three surface media: B/C horizon soils, spruce/pine vegetation and tree-cores.

• Data analysis pending.