Codrus Minerals : Identifies Additional Broad Gold Zones at Red Gate

ASX ANNOUNCEMENT

9th March 2022

For personal use only

Latest Results Identify Additional Broad Zones of Gold Mineralisation as Codrus Commits to 3,000m Follow Up Drill Program

Final assays confirm widespread nature of gold mineralisation; Follow-up drilling imminent

Highlights:

• Latest results received from the maiden Reverse Circulation (RC) drilling program at the Red Gate Gold Project in the Edjudina Mining District of WA:

Porphyry West - multiple intercepts totalling 51m of gold mineralisation in hole RGRC027:

1. 8m at 0.44g/t Au from 12m down hole,

1. 23m at 0.61g/t Au from 37m down-hole, and

o 20m at 0.42g/t Au from 72m down-hole. Latest results follow initial intersections reported on 14 February 2022, which included:

1. 23m at 3.82g/t Au from 14m down-hole including 5m @ 14.29g/t (RGRC002). o 24m at 1.03g/t Au from 42m down-hole(RGRC003).

Porphyry North - multiple intercepts totalling 45m of gold mineralisation in hole RGRC021:

1. 20m at 0.56g/t Au from 16m down-hole,o 7m at 0.84g/t from 39m down-hole,
   o 4m at 0.35g/t from 56m down-hole,
   o 4m at 0.73g/t from 84m down-hole, and o 10m at 0.36g/t from 100m down-hole.

(Note all widths are down-hole width, true width not known, both holes have numerous 4m composites reported)

• Drilling demonstrates that Red Gate hosts both high-grade and lower grade, wide zones of mineralisation.
• Geological understanding developing and assisting follow-up drill targeting.
• The Company has committed to a 3,000m drilling program to commence shortly to test all prospects along strike and at depth.

Codrus Minerals (ASX: CDR, Codrus or the Company) is pleased to report further assay results from the maiden Reverse Circulation (RC) drilling program completed last year at its highly-prospective 100%- owned Red Gate Gold Project in Western Australia.

ASX | CDR

PO Box 1175,	T: [phone]
West Perth, WA, 6872	E: [e-mail]
	W: codrusminerals.com.au

(see Figure 1).

The Red Gate Project is located 140km north of Kalgoorlie in WA's Edjudina mining district, which hosts numerous operating mines. The Project is located immediately along strike from Northern Star Resources Porphyry Mining Centre

onlyThe return of the final assays for the maiden drill program at Red Gate demonstrates the potential for the project to host both wide lower-grade and narrower higher-grade zones of mineralisation, with mineralisation widely distributed across all of the key prospects tested to date (Porphyry North, Porphyry West, Grunters, Arieta and Vonu).

Planning is currently underway for follow-up drilling, which is planned to commence in the coming weeks, and further UAV (drone) magnetic surveys to assist in enhancing the structural interpretation.

Codrus Managing Director Shannan Bamforth said: "We are very pleased with the outcomes of our maiden drill program at Red Gate. While our geological understanding of the project is still developing, the two key usetakeaways for us are the extensive nature of the gold mineralisation encountered and the fact that the Project is clearly capable of hosting both wide zones of lower-grade mineralisation and narrower, high-

grade gold zones.

"The presence of multiple zones of gold mineralisation in two key holes at both Porphyry North and Porphyry West is an excellent sign, suggesting that there is a significant amount of metal in the system at Red Gate. Our focus is now on establishing vectors to the higher-grade zones and to expand the overall

mineralised envelope. We are very encouraged by what we have seen to date, particularly given the personalocation of this Project in a Tier-1 mining district close to several major operating mines.

"We are very close to locking in a drill rig for the follow-up program, and we look forward to providing further updates on our next phase of exploration at Red Gate in the very near future."

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Figure 1. Red Gate Project location in Western Australia

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(see Figures 3 and 6).

Figure 2. Red Gate Prospects and regional geology

RED GATE GOLD PROJECT

The Red Gate Gold Project (100% interest) is located approximately 140km north of Kalgoorlie and

comprises one granted Exploration Licence covering a total area of 145.2km2 (see Figure 2). onlyuse

personalThe RC drilling program completed last year, which comprised a total of 2,980m of drilling, was designed to test Induced Polarisation (IP) anomalies, down-dip and down-plunge extensions of known mineralisation

delineated by historic drilling, and to investigate under soil anomalies.

All assays have now been received for the drilling completed at the Porphyry West, Porphyry North, Arieta, Vonu and Grunters Prospects

It is important to note that, of the results reported, a significant number are from 4m composite samples.

The Company will submit single metre samples to the laboratories in the coming days with the aim of identifying higher-grade discrete zones of mineralisation. Results from single metre samples will be reported as soon as they have been received and interpreted.

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Figure 3. Plan of drill collars at Red Gate Prospects (excluding Grunters)

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personalPorphyry West

As previously reported, a wide zone of high-grademineralisation was encountered in RGRC002, which returned an intercept of 23m at 3.82g/t Au from 14m down-hole including 5m at 14.29g/t Au from 27m down-hole (see Figure 4).

Hole RGRC003, which was drilled down-dip of the mineralisation encountered in RGRC002, returned numerous zones of mineralisation, with the most robust being 24m at 1.04g/t from 42m down-hole,and 1m at 5.75 g/t Au from 15m down-hole in hole RGRC003, with all mineralisation located towards the

lower contact of the granite (see ASX announcement, 14 February 2022).

RGRC004 was drilled to the west of these two holes and, while the hole did not reach the interpreted Forprospective zone, minor mineralisation was encountered higher up in the hole including 1m at 0.54g/t Au

from 28m and 1m at 0.45g/t Au from 98m, with low-level gold anomalism continuing to the end-of-hole.

A review of the practical merits of re-entering this hole and deepening it will be undertaken prior to the commencement of the next drill program.

RGRC023 was drilled a further 75m to the west of RGRC004 and appears to have tested a very narrow portion of the prospective lower granite contact. While no significant mineralisation was encountered in this location, the gold values were elevated at the contact.

RGRC008 and RGRC009 were drilled to test a small zone of granite sub-crop approximately 175m to the east of RGRC002 and RGRC003. As previously reported RGRC009 intersected 4m at 0.47g/t Au from 44m in a composite sample and new results for RGRC008 intersected 5m at 0.36g/t Au from 37m (including a 4m composite sample).

The drill program continues to inform the Company's geological interpretation and will aid future drill targeting.

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Figure 4. Cross section through Porphyry West showing the mineralisation in RGRC009 and RGRC023

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personalThree holes drilled to the south of the high-grade zone at Porphyry West - RGRC005, RGRC006 and RGRC007 - were drilled to final depths of 102m, 102m and 60m respectively.

These holes failed to intersect the lower granite contact but, interestingly, did intersect some discrete zones of mineralisation including 1m at 2.1g/t Au from 49m and 3m at 0.29g/t Au from 36m down-hole in RGRC005 proximal to the granite contact. In RGRC006, an intersection of 4m at 0.76g/t Au from 80m (composite sample) was returned in mafic and intermediate volcanics.

Further north on the section, where RGRC011 previously intersected 1m at 21.35g/t Au from 80m down- hole in basalt (see Figure 5) and 16m at 0.30g/t from 85m to the end-of-hole in the upper portion of the granite, hole RGRC027 was drilled approximately 145m to the east and encountered numerous wide zones of lower grade mineralisation within the granite including:

• 8m at 0.44g/t Au from 12m,
• 23m at 0.61g/t Au from 31m, and
• 20m at 0.42g/t Au from 72m.

ForThe samples that make up the intersections above include a total of eleven 4m composite samples that will have the single metre samples submitted to the lab for analysis which may result in more discrete zoning of the mineralisation including the identification of higher-grade zones.

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