Codrus finds high-grade molybdenum in first Tiquihua sampling

Tiquihua sampling delivers strong early assays

Codrus Minerals Limited (ASX:CDR) has added a potentially high-grade molybdenum story to its expanded exploration portfolio, with initial rock-chip samples from the newly acquired Tiquihua project in Peru returning results above 5% molybdenum and 10% copper. The results came from 16 samples collected after the September quarter, meaning they are an early field indication rather than a resource estimate or evidence of a continuous mineralised system.

Three samples returned more than 5% molybdenum, above the analytical method’s upper detection limit, while eight produced results between 2.2% and 4.13% molybdenum. Copper results included one sample above 10%, also above the laboratory’s reporting limit, and nine samples grading between 0.15% and 0.61% copper.

Tiquihua covers about 100 hectares near the town of Tiquihua in Peru’s Ayacucho region and has a history of small-scale artisanal mining. Codrus said formal exploration has been limited. Its first field programme identified several historical underground adits, although vegetation and overburden restricted access and visibility in parts of the project. The company is now planning broader mapping and sampling to test the extent of the molybdenum skarn and assess whether porphyry-hosted mineralisation may also be present.

EdgeMet transaction reshapes Codrus portfolio

The results give an immediate exploration hook to the EdgeMet acquisition deal, which Codrus completed on 1 October after shareholder approval in September. EdgeMet contributed the Tiquihua project, Queensland’s 62-square-kilometre Copperhole Creek copper-silver-tin project and a licence covering early-stage flash joule heating technology from William Marsh Rice University.

Codrus paid A$100,000 upfront and issued 230 million ordinary shares plus 60 million performance rights to EdgeMet shareholders. Deferred cash milestone payments of up to A$1 million remain attached to the transaction. The consideration materially expands the company’s issued capital: following the deal and its placement, Codrus had 536.7 million shares, 17.7 million options and 62.7 million performance rights on issue.

At Copperhole Creek, no field exploration was completed during the quarter or immediately afterwards. Codrus is reviewing historical exploration and may reprocess geophysical data, while procuring services including a drilling rig for work planned during the current quarter. The project’s next test will therefore be operational rather than interpretive: whether the historical targets can be converted into a modern drilling programme.

Placement leaves funding for the next work programmes

The company raised A$2.5 million before costs through a two-tranche placement at A$0.025 a share, following the previously outlined A$2.5 million placement. After A$87,000 in equity-issue transaction costs and the quarter’s operating and acquisition expenses, cash stood at A$2.017 million at 30 September, compared with A$198,000 at the end of June.

Quarterly operating cash use was A$392,000, including A$29,000 on exploration and evaluation, A$91,000 on staff costs and A$275,000 on administration and corporate costs. On the company’s reported calculation, that cash position represented about 5.15 quarters of funding at the quarter’s operating outflow rate. That measure does not settle how quickly the planned Tiquihua and Copperhole Creek programmes will consume capital, particularly if drilling or follow-up work accelerates.

Other projects move into review and partnership phases

Codrus undertook no field exploration at its Bull Run gold project in Oregon during the quarter. It renewed 79 wholly owned claims, allowed an option over 11 Record Mine claims to lapse, and is conducting a desktop review following last year’s drilling while seeking a joint venture partner.

The company also reported no fieldwork at its Karloning rare earth project in Western Australia or at the Jasper Wedge and Nanuk uranium projects in Canada. It said the Canadian licences remain in good standing and are intended to advance in 2027, with confidential discussions under way with interested parties. The Rice University technology remains at a very early development stage and may be tested only if exploration results make that commercially sensible and practical.