Codrus Minerals Limited (ASX: CDR), a new gold-focused explorer with projects in Western Australia (WA) and Oregon, U.S., today listed on the ASX with a A$15M market cap after raising A$8M in its initial public offering. Codrus Minerals is a spin-out of Blackstone Minerals Limited (ASX: BSX), with Blackstone retaining 46% equity in the new explorer.
Codrus Minerals will focus on Tier-1 jurisdictions, where it has four walk-up, drill-ready projects. In the coming months, drilling in WA will focus on gold and nickel targets at Silver Swan South, multiple geophysical and structural targets at Red Gate, and a never-drilled outcrop at Middle Creek, where gold has been identified. All these assets are in close proximity to existing operating assets.
In the U.S., Codrus Minerals will conduct an induced polarization survey at the Bull Run Project to test its large disseminated mineralization model. Following this, drill testing of high-grade historic UG workings will get underway. Significant historical intercepts form the Bull Run Project include 20.2m @ 3.53g/t from 7.9m and 44.4m @ 0.73g/t Au from 10.7m, including 22.9m @ 1.2g/t Au from 22.9m.
The new company is led by an experienced management team, which includes managing director Shannan Bamforth. As a geologist, Mr Bamforth has over 20 years’ experience in the minerals industry and has held corporate roles in the likes of Sandfire Resources (ASX: SFR) and AngloGold Ashanti (JSE: ANG), among others.