Bull Run Permitting Nears Completion; Uranium Anomalies Highlighted at Jasper Wedge

Exploration Progress Across Multiple Jurisdictions

Codrus Minerals Limited (ASX: CDR) has delivered a comprehensive update for the March 2025 quarter, highlighting steady progress across its gold, copper, critical minerals, and uranium projects situated in the United States, Australia, and Canada. The company is navigating prevailing gold market conditions with a strategic focus on advancing permitting, refining exploration targets, and managing financial discipline.

In Oregon, the Bull Run Copper-Gold Project is approaching the final stages of permitting with the U.S. Forest Service, complemented by supplementary approvals from the Department of Geology and Mineral Industries. Codrus holds a 100% interest in the majority of claims and maintains an option to acquire the remaining claims, with an extension secured through early 2027. The company is actively refining target generation ahead of anticipated drilling activities, positioning Bull Run as a key near-term development asset.

Advancing Australian Gold Projects Amid Market Optimism

In Western Australia, Codrus is leveraging favourable gold prices by progressing a resource estimate at the Red Gate Gold Project. Meanwhile, the Middle Creek Gold Project has yielded promising results from an extensive rock and soil sampling program, identifying six previously untested gold geochemical targets alongside silver anomalies. These findings underscore the prospectivity of the Pilbara district tenure and set the stage for future drilling campaigns.

Encouraging Uranium Exploration in Canada’s Athabasca Basin

Codrus’s uranium exploration efforts at the Jasper Wedge Project in Saskatchewan have reached a significant milestone with the completion of Phase I surface geochemical surveys. The assays revealed uranium values slightly above background levels, with elevated thorium and vanadium masking effects mitigated through ratio analysis. Notably, rock chip samples returned anomalous uranium concentrations, reminiscent of discovery methods used at major Athabasca Basin deposits such as Rabbit Lake and Key Lake.

Situated strategically between major uranium mines and exploration companies, Jasper Wedge offers substantial potential for unconformity-style uranium mineralisation. The company is continuing interpretative work to refine targets and plans to await improved uranium market conditions before commencing Phase II exploration.

Additionally, the Nanuk Uranium Project in Quebec has undergone a thorough review of historical data, highlighting mineralisation trends and identifying five key target areas. Planning for follow-up exploration is underway, reflecting Codrus’s commitment to diversification and growth in the uranium sector.

Financial Discipline and Strategic Focus

Codrus Minerals is actively managing its overheads and cash reserves, ending the quarter with approximately A$1 million in cash. The company reported $151,000 in exploration expenditure during the period and continues to conduct due diligence on resource assets aligned with its strategic goals. Directors’ fees and salaries accounted for $59,000 of payments to related parties, reflecting prudent corporate governance.

With no mining production or development activities reported this quarter, Codrus remains focused on exploration and project generation, positioning itself to capitalise on market opportunities as conditions evolve.