Overview of Codrus Minerals' activities in March 2024 Quarter

Codrus Minerals Limited (ASX: $CDR) has reported on its activities in Australia and the USA during the March 2024 Quarter. The company completed a maiden ground-based moving-loop electromagnetic survey (EM) over the Karloning Rare Earth Element (REE) Project in Western Australia's Wheatbelt. The survey aimed to identify areas with a potentially well-developed clay profile over the underlying crystalline granite basement, representing priority areas for targeting further high-grade REE mineralisation.

Executive Commentary on EM Survey Results

The information obtained from the pivotal geophysical survey will guide our future exploration efforts at the Karloning REE Project. The survey has identified multiple prospective horizons for follow-up drilling, where zones of higher grade mineralisation may occur. We are planning targeted air-core drilling to test these horizons and determine the potential for additional mineralisation. The correlation of conductive zones in the survey and well-developed clay horizons hosting high-grade REE mineralisation is strong, providing us with valuable insights for our exploration strategy moving forward.

Summary of Quarterly Activities and Future Outlook

During the March 2024 Quarter, Codrus Minerals completed an EM survey at the Karloning REE Project, identifying potential high-grade mineralisation zones for follow-up drilling. The company also received results for soil sampling programs at the Red Gate Gold Project and the Middle Creek Gold Project in Western Australia, which will inform future drill planning and ongoing evaluation. Additionally, Codrus secured strategic uranium exploration opportunities in Canada subsequent to the quarter-end. The company aims to continue its exploration programs to define mineral resources and evaluate the economic potential of its projects. With a focus on diversification and growth, Codrus is well-positioned to capitalize on the opportunities in the rare earths and uranium sectors, while maintaining a strong cash position and adhering to compliance requirements.