Bull Run Project: Codrus Raises $1.24M, Targets Six High-Grade Gold Zones

Funding Boost for Bull Run Exploration

Codrus Minerals (ASX: CDR) has successfully raised $1.24 million through a share placement to sophisticated and professional investors, providing the financial muscle to advance drilling activities at its Bull Run Gold Project in Oregon, USA. The placement, priced at 3 cents per share, reflects strong market confidence in Codrus’ exploration strategy and growth prospects.

The funds will underpin the commencement of drilling operations, with Codrus signing a contract with Integri-Core US LLC. Mobilisation and drilling are expected to begin before the end of May, marking a significant step forward in unlocking the project’s potential.

Targeting Multiple High-Priority Zones

Codrus has identified six priority gold targets, each with strike lengths of up to 500 metres, amounting to approximately 2 kilometres of combined strike. These targets have been delineated through integrated geological datasets, including recent soil and rock sampling programs that yielded impressive assay results.

Notably, rock chip assays revealed grades as high as 60 grams per tonne gold and 2.5% molybdenum at the Lady May Zone, and up to 28 grams per tonne gold with 1.5% copper at the Eldorado Zone. These findings reinforce the prospectivity of the Bull Run project and provide compelling drill targets.

Historical Data Supports Exploration Potential

Historic drilling at Bull Run adds further weight to Codrus’ exploration case. Drill hole DDH34-82-1 returned a significant intercept of 20.5 metres at 3.53 grams per tonne gold from a shallow depth of 7.9 metres, including a high-grade 6.9-metre section at 9.31 grams per tonne. These results, combined with recent sampling, suggest the presence of substantial mineralisation warranting further investigation.

The project’s geological setting, within the Ironside Mountain Inlier, features complex intrusions and hydrothermal alteration zones known to host gold, copper, molybdenum, and silver mineralisation. Codrus holds a 100% interest in most claims, with additional claims under option agreements, positioning it well to explore and develop the area.

Looking Ahead

Executive Chairman Greg Bandy expressed optimism about the company’s near-term prospects, highlighting the timely permit approvals and favourable weather window that enable immediate drilling. Codrus aims to deliver value-accretive exploration results that could materially enhance the project’s profile and shareholder value.

As drilling progresses, market participants will be keenly watching for assay results that could confirm the scale and grade of mineralisation at Bull Run, potentially setting the stage for resource definition and further development.