Codrus Minerals : Drilling Identifies Widespread Gold at Red Gate Gold Project

ASX ANNOUNCEMENT

21 July 2022

only	Strong RC drill results highlight potential for large-
		scale gold system at Red Gate Project, WA
use	Phase 2 drill program shows widespread gold mineralisation, which extends
	over an 800m strike length, with multiple zones identified
	WA.
		Highlights:
		• 2,350m Reverse Circulation (RC) drill program delivers extensions of known
		mineralisation at the Red Gate Gold Project, in the Edjudina gold mining district in
personal	• Mineralisation now confirmed over 800m of strike with multiple zones of mineralisation
open both along strike and down-plunge.
		• Significant assay results from the second drill program include:
		Porphyry West:
		o 10m @ 1.19g/t from 52m down-hole in RGRC029 including:
		▪ 1m @ 5.51g/t from 58m
		o 10m @ 1.4g/t from 66m down-hole in RGRC029
		o 1m @ 2.01g/t from 133m down-hole in RGRC030
		o 4m @ 1.08g/t from 149m down-hole in RGRC030
		o 8m @ 0.95g/t from 4m down-hole in RGRC042*
		Porphyry North:
		o 14m @ 1.06g/t from 18m down-hole in RGRC035 including:
		▪ 2m @ 3.97g/t from 18m
		o 1m @ 9.24g/t from 37m down-hole in RGRC035
For	o 1m @ 2.83g/t from 41m down-hole in RGRC039
o 4m @ 2.55g/t from 110m down-hole in RGRC040*
		o 1m @ 3.06g/t from 47m down-hole in RGRC033
		o 3m @ 3.26g/t from 64m down-hole in RGRC033 including:
		▪ 1m @ 8.21g/t from 66m
		o 8m @ 1.11g/t from 12m down-hole in RGRC034*
		o 1m @ 2.74g/t from 70m down-hole in RGRC043
		(Note all widths are down-hole width, true width not known, holes denoted with * are 4m composite samples)

• Drilling demonstrates that Red Gate hosts both broad zones of high-grade and lower grade mineralisation.
• Project evaluation and planning for future work underway.

ASX | CDR

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

Codrus Minerals (ASX: CDR, Codrus or the Company) is pleased to advise that assay results received from the Phase 2 Reverse Circulation drilling program at its 100%-ownedRed Gate Gold Project in Western Australia have confirmed the potential for a gold mineralised system of significant scale.

onlyThe 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 (see Figure 1).

The recent phase of wide-spaced drilling was designed to further unlock the geological potential of the Red Gate Project and reflects the Company's commitment to define the overall scale and potential of the mineralised system that has been identified to date.

Codrus is very encouraged by the results received as they continue to highlight the potential for a mineralising system of significant scale. The Project continues to deliver both wide, higher-grade, and uselower-grade zones of mineralisation, with mineralisation widely distributed over a strike length of 800m

across two key structural lineaments at the Porphyry West and Porphyry North prospects. personalFor

Figure 1. Red Gate Project location in Western Australia

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Codrus Managing Director Shannan Bamforth said: "Our second phase of RC drilling at Red Gate has delivered very encouraging results over a significant area. The purpose of the program was to scope out the broader potential of the mineralised system and improve our understanding of the geological context and structural controls on the mineralisation. It has been very successful on both counts.

only"Seeing grades of up to 9g/t as well as several broader, lower grade zones, distributed over an extensive area, is a promising result which confirms the significant gold endowment of this under-explored project.

"Most of the individual zones of mineralisation encountered remain open along strike and down-plunge. This highlights the significant opportunity to define resources with further drilling. Given the strategic l cation of this project in the heart of an active gold mining district, Red Gate is a valuable and important asset for Codrus."

useRED 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 85.8km2 (see Figure 1).

The 2,350m Phase 2 RC drilling program was designed to target the Porphyry West and Porphyry North anticlines, following up the maiden drill program completed last year and reported in Q1 2022.

The program was focused on establishing geological context around the significant intercepts including a personalwide zone of high-grade mineralisation that was encountered at Porphyry West 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 ASX announcements, 14th February, and 9th March 2022, refer to Figure 2 below). For

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use only
personal	Figure 2. Plan of drill collars at Red Gate Prospects, Porphyry West and Porphyry North

A total of seven RC holes were drilled targeting the Porphyry West Anticline (see Figure 2), with the aim of delineating the interpreted control on the mineralisation, being the NNW striking fold axis at the contact of the granite and, mafic and intermediate volcanics.

ForThe holes were drilled to test the strike continuity of the mineralisation, resulting in a significant change to the previous interpretation of the northerly plunge control on the fold.

Hole RGRC029 - which was drilled down-plunge of, and approximately 30m north of RGRC002, PNRC006 and PNRC007 - returned an intercept of 10m at 1.19g/t from 52m down-hole in RGRC029, including 1m at 5.51g/t from 58m, and a further 10m at 1.4g/t from 66m (see Figure 3). The hole also identified additional complexity in the geometry of the folding.

RGRC030 drilled approximately a further 110m to the north of RGRC029 demonstrated that the plunge of the fold axis steepened significantly whilst still intersecting 2m at 2.01g/t from 133m and 4m at 1.08g/t from 149m (see Figure 4).

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onlyuse personalFigure 3. For

Cross-section through Porphyry West showing the new mineralisation intersected in RGRC029 (section window +/- 30m)

Figure 4. Long-section projection of Porphyry West Anticline (new intercepts in yellow text boxes)

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