Codrus Minerals Secures 14,000m Drilling Permit at Historic Bull Run Gold Project

Permit Approval and Project Significance

Codrus Minerals (ASX: CDR) has announced the receipt of a drilling permit allowing up to 14,000 metres of drilling across 30 holes at its Bull Run Gold Project in eastern Oregon, USA. This milestone unlocks the next phase of exploration at a site with a rich history of gold production dating back to 1929, including the historic Record Gold Mine which yielded approximately 5,000 ounces of gold in the 1930s.

The permit approval is a critical step for Codrus, enabling the company to test multiple high-priority targets identified through extensive historical data and recent geochemical sampling. The project’s location within the Ironside Mountain Inlier features complex geology with ultramafic-mafic and sedimentary rocks intruded by granodiorites, creating a fertile environment for gold and associated base metals.

Historical Drilling and Sampling Highlights

Historical drilling results at Bull Run are compelling, with one notable intercept from 1983 returning 20.5 metres grading 3.53 grams per tonne (g/t) gold starting just 7.9 metres below surface, including a high-grade sub-interval of 6.9 metres at 9.31 g/t Au. Additional intercepts demonstrate consistent mineralisation, reinforcing the potential for a significant resource.

Complementing the drilling data, rock sampling has yielded exceptional assays, with values reaching as high as 1,040 g/t Au in some samples. Soil sampling conducted in 2022 further identified new zones of anomalous gold, with assays up to 27 g/t, outlining at least five priority drill targets each extending up to 500 metres in strike length.

Strategic Context and Market Implications

The timing of this permit approval aligns with broader geopolitical and economic trends. The United States government recently included gold in an executive order aimed at boosting domestic production of critical minerals. This designation could streamline permitting processes and attract investment, particularly in rural mining regions like Baker County, Oregon.

Codrus’s Executive Chairman, Greg Bandy, expressed optimism about the project’s prospects, highlighting strong shareholder support from Blackstone Minerals and the favourable gold price environment. The company is moving swiftly to engage local drilling contractors and finalise logistics to commence drilling imminently.

Looking Ahead

The upcoming drilling campaign represents a pivotal moment for Codrus Minerals. Success could lead to resource definition and potentially fast-track development given the project’s infrastructure and historical production pedigree. Investors will be watching closely for assay results and any updates on resource estimation.

While the historical data is promising, it remains to be seen how the new drilling will translate into a JORC-compliant resource. The company’s ability to leverage the US government’s critical minerals agenda may also influence the pace and scale of project advancement.