Codrus Minerals Accelerates Bull Run Drilling with High-Grade Gold Hits

Bull Run Gold Project – Drilling Underway with Encouraging Results

Codrus Minerals (ASX – CDR) has made significant strides in its exploration efforts during the June 2025 quarter, spearheaded by its flagship Bull Run Gold Project in Oregon, USA. The company secured a drilling permit for up to 14,000 meters across 30 drill holes, targeting high-priority gold zones identified through a combination of historical data and modern geophysical and geochemical surveys.

The inaugural drilling campaign is currently underway, focusing initially on five prioritized gold targets spanning approximately 2 kilometers of strike. Early assay results from rock chip samples are compelling, with the Eldorado Zone returning up to 28 grams per tonne (g/t) gold and 1.5% copper, while the Lady May Zone boasts exceptional grades reaching 60 g/t gold and 2.5% molybdenum. These findings suggest a polymetallic system with significant potential beyond gold alone.

Historical Data Reinforces Project Potential

Codrus is leveraging historical drilling results to underpin its confidence in the Bull Run system. Notably, drill hole DDH34-82-1 intersected 20.5 meters at 3.53 g/t gold from a shallow depth of just 7.9 meters, including a high-grade interval of 6.9 meters at 9.31 g/t gold. The integration of these legacy results with contemporary 3D Induced Polarisation resistivity surveys has refined drill targets and highlighted chargeability anomalies coinciding with geochemical gold anomalies.

With core samples currently being cut and sent for assay, the market can expect further updates as the drilling program progresses, potentially unlocking a substantial gold resource in a historically productive region.

Advancing Uranium Exploration at Jasper Wedge

Beyond gold, Codrus is advancing its uranium exploration ambitions at the Jasper Wedge Project in northern Saskatchewan, Canada, located within the prolific Athabasca Basin. Recent fieldwork identified targets through structural analysis, airborne magnetics, and soil gas hydrocarbon sampling. Soil assays revealed uranium values slightly above background levels, while rock chip samples returned anomalous uranium concentrations up to 5.3 ppm.

These early-stage results are encouraging, particularly given the proximity to high-grade uranium mines such as Cameco’s Cigar Lake. Codrus plans to continue integrating geochemical data to refine exploration targets, aiming to delineate significant uranium mineralisation in this globally strategic region.

Australian Projects and Corporate Strategy

In Australia, Codrus continues to evaluate its Middle Creek and Red Gate gold projects in Western Australia’s Pilbara and broader gold districts. While no immediate drilling is planned at Middle Creek, soil sampling has identified multiple untested gold anomalies. At Red Gate, the company is progressing towards a resource estimate, positioning itself to capitalize on favourable gold market conditions.

Strategically, Codrus has withdrawn from its agreement on the Karloning Rare Earth Element Project to concentrate resources on higher-value gold assets. This pivot reflects a sharpened focus on projects with stronger near-term potential.

Funding and Financial Position

Supporting these exploration initiatives, Codrus successfully raised $1.24 million through a share placement priced at $0.03 per share, demonstrating solid investor confidence. The company ended the quarter with approximately A$1.8 million in cash reserves, having spent $269,000 on exploration activities during the period. This financial footing provides a runway to advance drilling and evaluation programs across its portfolio.

Codrus’ exploration team, led by Dr. Stuart Owen, remains committed to unlocking value from its diversified asset base, with ongoing updates anticipated as assay results and field programs unfold.