Codrus Minerals : Multiple Gold Zones Discovered at Middle Creek Project, WA

• Codrus has applied for an additional 12 tenements in the Middle Creek district to further strengthen the Company's strategic footprint in the emerging Nullagine Gold Mining Centre.

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ASX ANNOUNCEMENT

28 July 2022

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	Maiden trenching program confirms extensive in-situ
			gold mineralisation at Middle Creek
	Recently completed program provides strong impetus for further work at the Middle Creek Gold
			Project, located in the active Nullagine gold mining district
use		Highlights:
	• The Middle Creek Gold Project comprises an exciting package of tenements located
			adjacent to the Beatons Creek Mine and Golden Eagle Mining Centre (Novo Resources
			(TSX:NVO)) and the Blue Spec Mine (Calidus Resources (ASX:CAI)).
personal		• No historic drilling has been undertaken on the tenements, despite their proximity to
		▪ 9m at 1.86g/t Au from 24m (along trench)
			several established and emerging gold mines.
		•	Extensive mineralisation returned from recently completed trenching across
			previously identified encouraging soil anomalies:
			o MCTR001 - 4m at 0.27 g/t Au from 28m (along trench)
			o MCTR001 - 4m at 0.44g/t Au from 72m (along trench)
			o MCTR003 - 8m at 0.93g/t Au from 20m (along trench)
			o MCTR004 - 11m at 0.66g/t Au from 17m (along trench)
			o MCTR005 - 11m at 0.49g/t Au from 4m (along trench)
			o MCTR005 - 1m at 0.26g/t Au from 26m (along trench)
			o MCTR006 - 25m at 0.80g/t Au from 8m (along trench), Including
For			o MCTR007 - 4m at 0.28g/t Au from 28m (along trench)
		o MCTR007 - 3m at 0.67g/t Au from 37m (along trench)
			o MCTR007 - 1m at 0.46g/t Au from 50m (along trench)
			o MCTR008 - 4m at 0.21g/t Au from 4m (along trench)
			o MCTR008 - 2m at 0.33g/t Au from 62 (along trench)

Codrus Minerals (ASX: CDR, Codrus or the Company) is pleased to report very encouraging assay results from a recently completed trenching program at its 100%-ownedMiddle Creek Gold Project, located near Nullagine in the Pilbara district of Western Australia.

onlyThe initial work program saw the excavation of 11 trenches to allow detailed mapping and sampling in areas where multiple gold anomalies were identified from previous soil and rock chip sampling. Codrus is pleased to report the results of this program, which support the Company's view that this project has strong potential to host significant gold mineralisation.

The Middle Creek Project is located 10km east of Nullagine in the Pilbara mining district of Western Australia (see Figure 1). The area is currently undergoing a significant expansion of gold exploration and mining activity.

usepersonal Figure 1. Middle Creek Project location in the Pilbara District of Western Australia

Novo Resources Corp (TSX: NVO) owns the nearby Beaton's Creek Gold Project, where they have been Formining and processing ore at the Golden Eagle Plant, which is located approximately 15km to the south-

west of Codrus' existing granted Middle Creek tenements.

To the north of Middle Creek, Calidus Resources (ASX: CAI) is completing a Definitive Feasibility Study (DFS) on the high-grade Blue Spec Gold Project (containing Mineral Resources of 415,000t at 16.35g/t for 219,000oz of gold1), which is located approximately 7km to the north-east(see Figure 2).

This DFS study is investigating the opportunity to process ore mined from Blue Spec at Calidus' Warrawoona Plant.

1 Refer CAI's ASX release dated 23rd March 2021 "Addition of Blue Spec Project set to significantly increase production"

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Figure 2. Middle Creek Project land tenure

Figure 3. Middle Creek Project gold in soil contours and anomalies

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A project-wide review of the soil geochemical survey data identified several linear clusters of gold-in-soil anomalism, as defined by the >50ppb (0.05ppm or g/t Au) gold-in-soil contour line (e.g., at the Major 1, Major 2, Rangi, Dolores, Horse, Boris and Spud areas-of-interest)(see Figure 3).

onlyA total of 11 trenches have been excavated to date, with detailed mapping, continuous rock chip sampling and laboratory analysis completed on nine of the trenches (MCTR001 - MCTR009); the remaining two trenches (MCTR010 at Spud and MCTR011 at Boris) are scheduled to be completed in the coming quarter.

The results of the trenching have confirmed the presence of significant widths of gold mineralisation, enhancing the Company's understanding of the mineralising hydrothermal system in general and on the controls of the gold mineralisation over the lease area.

Major 2

useTrenches MCTR005 and MCTR006 were excavated at the Major 2 prospect (see Figure 4). The trenches, which were 39m and 41m long respectively, returned impressive gold anomalism. MCTR005 returned 11m at 0.49g/t Au from 4m along the trench and MCTR006 25m at 0.8g/t Au from 8m including 9m at 1.86g/t Au from 24m (see Figure 5).

MCTR005 was dominated by Mosquito Creek formation sediments with variably altered (quartz-sericite to

chlorite-smectite) interbedded sandstone and mudstone (+/- shearing) cut by numerous vein sets personalconsisting of oxidized buck quartz and sheeted narrow quartz-sulfide veins.

MCTR006 showed heavily veined interbedded sandstone and mudstone (with phyllite to the west), with better mineralisation associated with a shear zone with ferruginous re-fractured quartz fault and quartz sulphide veins.

For

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Figure 4. Major 2 Soil contours and trenches MCTR005 and MCTR006

Figure 5. Mapped Geology and gold intercepts at Major 2 (MCTR006) and at Dolores (MCTR003) (vertical exaggeration of ~1.5 applied)

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