Codrus Minerals advised that a major new phase of Reverse Circulation (RC) drilling has commenced at its highly-prospective 100%-owned Red Gate Gold Project in Western Australia. 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.

The new phase of drilling is designed to further unlock the geological potential of the Red Gate Project and reflects the Company's commitment to comprehensively define the scale of the mineralised system that has been identified to date. Codrus is very encouraged by the potential for the Project to host both wide, higher-grade and lower-grade zones of mineralisation, with mineralisation widely distributed across all of the key prospects tested to date, and in particular at the Porphyry West and Porphyry North. 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 145.2 km square.

The RC drilling program that has commenced is following up drilling completed last year and reported on the 9th March 2022. The current program is focused on following up significant intercepts including wide zone of high-grade mineralisation 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. 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 Au 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.

The last drill program informed the Company's geological interpretation and will aid future drill targeting, with a key focus of endeavouring to locate and drill the fold axis that abut the granite and mafic and intermediate volcanics. At Porphyry North, located approximately 400m north of Porphyry West, recent drilling of three holes - RGRC020, RGRC021 and RGRC022 - all encountered mineralisation with RGRC021 and RGRC022 encountering significant down hole-widths of mineralisation. RGRC022, drilled 120m under the historic mineralisation, returned an intercept of 20m at 0.47g/t Au from 188m down-hole in a chlorite altered partly schistose granite with quartz veining and pyrite.

Of note is the two new granite horizons which have been drilled and are mineralised, have never previously been identified and have led to more discrete local targeting that is designed to vector towards the key postulated structural controls on mineralisation. The ability to define significant mineralisation well beyond the limits of the historic drilling demonstrates that the scale of the mineralising system at Red Gate is significant. The new phase of drilling will provide invaluable insights into the range of controls on the mineralisation, while also enhancing the Company's understanding of the geological context and true potential of the gold mineralisation at Red Gate.