The return of the final assays for the maiden drill program at...

The 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 takeaways 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 location 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.”