CODRUS MINERALS LIMITED — Capital/Financing Update 2021

Oct 12, 2021

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ASX ANNOUNCEMENT
13 [th] October 2021
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Exploration Targeting Continuing at Silver Swan South and Drilling Imminent at Red Gate

Highlights:

Silver Swan South

• Initial diamond drilling completed beneath transported cover with prospective ultramafic and volcanic sequences intersected;

• Broad zones of prospective alteration intersected at the Black Falcon and Black Hawk prospects;

• Trace gold mineralisation and some elevated multi-element data identified to aid additional exploration targeting.

Red Gate

• Drill targeting complete and RC drill rig contracted;

• Over 2,500m of priority drilling commencing in October 2021;

• Drilling will test IP geophysical targets and following up historic high-grade intercepts.

Corporate

• Strong cash position of $6.5 million (as at end of September 2021);

• Low cash burn rate ensures that Codrus is well-funded for ongoing exploration across its portfolio of gold projects in Australia and the USA.

Codrus Minerals (ASX: CDR , Codrus or the Company ) is pleased to provide an update on exploration activities across its highly prospective Western Australia gold portfolio.

The Company has received assays from its maiden diamond drilling program at the Silver Swan South Project , located ~40km north of Kalgoorlie in WA. The program, comprising ~1,464m of diamond drilling, was designed to test both nickel and gold targets along the Fitzroy Fault (the geological structure that hosts the mineralisation at the nearby >5Moz Kanowna Belle gold mine) (see Figure 1).

The drilling intersected prospective ultramafic and volcanic sequences (see photos below). Assays generally returned low-level anomalous results for gold but supported by strong multi-element anomalism which the Company believes will assist in future exploration targeting on the tenements.

Targeting has also now been completed for the Red Gate Gold Project in the Edjudina Mining Centre and a Reverse Circulation (RC) drill rig secured. Drilling is scheduled to commence later this month.

Codrus Managing Director Shannan Bamforth commented: “While low tenor, the assay results and the geology encountered in the first drilling program below paleo cover are encouraging. The presence of broad down-hole widths of alteration in the drilling reinforces the quality of the project and will support future targeting. We are also now ready to commence drilling at the Red Gate Project at Edjudina, with all planning completed and the rig scheduled to arrive later this month.”

ASX | CDR PO Box 1175, West Perth, WA, 6872

T: +61 8 9425 5217 E: admin@codrusminerals.com.au W: codrusminerals.com.au

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Silver Swan South

The Silver Swan South Project is a gold and nickel project located approximately 40km north-east of Kalgoorlie that consists of seven granted tenements covering a total area of 45.2km[2] (see Figure 1).

The Project lies approximately 10km north-east of the Kanowna Belle Gold Mine operated by Northern Star Resources Limited and lies along the structural trend of the Fitzroy Fault (the primary control on mineralisation at Kanowna Belle).

The Project has had historic exploration by numerous previous tenement holders, including Blackstone Minerals. Historic work that supported the gold and nickel exploration targeting at the project includes rotary air blast (RAB), air-core (AC) and Reverse Circulation (RC) drilling and several airborne and ground geophysical surveys.

A significant portion of the historical work is interpreted to have not effectively tested the geological opportunity due to not penetrating into bedrock as a result of the presence of thick surficial cover.

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Figure 1 . Silver Swan South Project location

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The Company’s initial drilling program at Silver Swan South targeted the Black Eagle, Black Falcon, Black Hawk and Venus prospects (see Figure 2) , with a single diamond hole completed at each prospect to intersect bedrock.

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Figure 2 . Plan of drilling areas at Silver Swan South

Geological Observations

At Black Eagle , Hole SNDD001 was targeted beneath historic drilling that intersected encouraging gold mineralisation including SNAC070: 10m at 3.2g/t Au from 68m (see figure 3.) at the interpreted base of transported cover.

SNDD001 hole intersected:

• 0m – 78m: sand, clays (transported cover)

• 78m – 143.2m: saprolitic sediments, gabbro, and minor felsic tuff

• 143.2m – 149m: sheared talc-serpentinite, with a thin band of felsic tuff (see Photo 1 below)

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• 149m – 382.2m: (End-of-Hole (EOH)) package of interbedded sediments, mud-, silt- and sandstone with extensive quartz veining (1-20mm), and from 172m there was disseminated pyrite .

The hole did not intersect any gold below the historic intercept, potentially indicating that the mineralisation at the base of paleo cover may not be in-situ. In the ultramafic the hole did intersect a zone of anomalous nickel mineralisation with 9.7m grading 0.21% nickel and 0.17% sulphur from 143.2m.

Given the early stage of the drilling and the embryonic nature of the geological understanding at the project, this is an encouraging result.

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Photo 1
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Photo 1 . SNDD001 from 146.6m to 149.4m, showing sheared talc-serpentinite

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Figure 3. Schematic section of drilling (SNDD001) completed at Black Eagle

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At Black Hawk , hole SNDD003 was targeted at recent bottom-of-hole intercepts from SNAC027: 7m at 1.3g/t gold from 52m, (including 2m at 3.5g/t from 57m) (see figure 4.) at in felsic stratigraphy adjacent to the interpreted trend of the Fitzroy Shear Zone.

Diamond drill hole SNDD003 encountered:

• 0m – 72m: sand, clay and minor saprolite

• 72m – 82m: saprolitic silicic felsic volcaniclastics; and then from

• 82m – 283m (EOH): sericite altered porphyritic felsic volcaniclastics with trace disseminated pyrite (128 – 179m and 223 – 283m), minor quartz+pyrite veinlets (see Photos 2 and 3 below).

In hole SNDD003 the lower zone sericite + pyrite altered porphyritic felsic volcaniclastics returned 60m at 0.29% sulphur from 223m to the end of hole, including 2m at 0.11g/t gold from 223m.

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Photo 2
Photo 3
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Photos 2 and 3 . Core from SNDD003 from 257.2m to 266.2m showing lithology and alteration observed

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Figure 4. Schematic section of drilling completed at Black Hawk (SNDD003) and Black Falcon (SNDD002)

At Black Falcon , drill hole SNDD002 targeted an ultramafic sequence that was overlain by a zone of elevated nickel in the in-situ clay zone (SNAC019: 16m at 0.6% Ni, 115ppm Cu and 468ppm As from 24m). Diamond drill-hole SNDD002 intersected:

• 0m – 27m sand: clays (transported cover)

• 27m to 215m: carbonated and quartz veined ultramafic rocks

• 215m – 226m: mudstone and siltstone

• 226m – 235m: mafic to ultramafic rocks

• 235m – 429m: a thick sequence of bedded siltstone & black shale.

• 429m – 450m: strongly altered (quartz-sericite) felsic volcaniclastic breccia, including intervals of milled hydrothermal breccia with quartz porphyry clasts, a zone of disseminated pyrite was observed from 431 – 450m (see Photos 4 and 5):

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Photo 4
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Photo 4 . SNDD002 from 428.7m to 432.7m

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Photo 5
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Photo 5 . SNDD002 from 446m altered and veined (quartz) felsic volcanics with minor disseminated pyrite

SNDD002 returned 4m at 0.13g/t gold from 445m down-hole (1m off the end of hole) in sericite altered felsic volcaniclastic breccia with milled quartz porphyry clasts which continues to the end of hole. Elevated sulphur (to 0.5%) zones within the +180m thick ultramafic unit in SNDD002 are associated with carbonate alteration (See figure 4.) .

Further petrology samples will be submitted to analyse these samples and aid future targeting.

At Venus, approximately 4.5km north of SNDD003 , drill-hole SNDD004 targeted historically reported sulphide (pyrite) mineralisation (KSC2181) and a MLEM geophysical plate. SNDD004 intersected:

• 0m – 96m: sand, clays (transported cover)

• 96m – 131m: strongly sheared and altered felsic schist and fragmental volcanics

• 131m – 203m: graphitic black shale with variable shearing and pyrite

• 203m – 236m: coarse lithic rich felsic fragmentals with alteration (quartz-epidote) increasing down-hole to 227m’s, and trace pyrite (203 – 212m)

• 236m – 238m: dolerite

• 238m – 285m: felsic volcaniclastics and conglomerates with chlorite+epidote+carbonate alteration, trace pyrite (265 – 283), minor quartz+carbonate veins (see Photo 6 below)

• 285m – 349.6m: felsic volcaniclastics and conglomerates with chlorite and sericite alteration zones, trace pyrite (and common thin faults and quartz+carbonate veins.

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Photo 6
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Photo 6 . SNDD004 at 136.2: Sheared graphitic black shale with pyrite (with minor sheared siltstone with pyrite at start of interval)

SDN004 returned a 10m zone of sulphur and zinc grading 3.65% S and 0.22% Zn respectively in sheared (mylonitic) graphitic black shale with low level gold anomalism from 134m down-hole.

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Figure 5 . Schematic section of drilling (SNDD004) completed at Venus

Note: All intervals are downhole intervals as true width is not known. All section looking North.

Down-hole EM surveying was attempted on all holes reported in this release with only SNDD002 surveyed, as swelling paleo clays had compressed the PVC pipe that had been installed into holes SNDD001, SNDD003 and SNDD004. The down-hole EM survey of SNDD002 did not show any material conductive responses.

Further petrological analysis will inform the geology model and the next steps at Silver Swan South.

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Red Gate

The Company’s next drill program, at the Red Gate Project, is planned and keenly anticipated.

A total of 2,500m of shallow RC drilling is planned to follow up historic gold mineralisation and test new IP anomalies derived from the surveys. The rig is scheduled to be on site before the end of October.

This announcement was authorised for release by the Board of Codrus Minerals.

ENDS

Investor Inquiries: Media Inquiries:

Shannan Bamforth, Managing Director

Nicholas Read

Codrus Minerals Read Corporate

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APPENDIX 1

Collar Table

Collar Table	Collar Table	Collar Table	Collar Table	Collar Table	Collar Table	Collar Table	Collar Table
Silver Swan South Project - Diamond Drillhole information(AGD94 zone 51)
Prospect	Hole_ID	East_m	North_m	Rl_m	Dip	Azi	EOH_m
Black Eagle	SNDD001	370,033	6,622,341	343	-60	270	382
Black Falcon	SNDD002	370,050	6,620,900	340	-60	270	450
Black Hawk	SNDD003	369,400	6,620,895	342	-60	270	283
Venus	SNDD004	370,100	6,625,435	345	-60	270	349

Assay Table

Hole	From m	To m	Interval m	Au ppm	Ag ppm	Ni ppm	Cu ppm	Zn ppm	As ppm	S %	Mg %	Cr ppm
SNDD001	101.2	103	1.8	<0.005	<0.5	498	33	72	16	0.04	0.38	196
SNDD001	103	105	2	<0.005	<0.5	841	48	111	21	0.038	0.53	256
SNDD001	105	107	2	0.006	<0.5	559	62	86	25	0.07	0.37	215
SNDD001	107	109	2	<0.005	<0.5	681	59	94	54	0.034	0.4	309
SNDD001	109	111	2	<0.005	<0.5	362	35	54	43	0.029	0.18	398
SNDD001	111	113	2	0.008	<0.5	133	22	23	35	0.013	0.1	181
SNDD001	113	115	2	<0.005	<0.5	136	24	25	22	0.014	0.13	250
SNDD001	115	117	2	<0.005	<0.5	341	36	63	44	0.036	0.36	307
SNDD001	117	119	2	0.017	<0.5	385	66	83	61	0.032	0.77	372
SNDD001	119	121	2	<0.005	<0.5	178	36	41	12	0.014	0.48	188
SNDD001	121	123	2	<0.005	<0.5	261	35	58	17	0.041	0.47	205
SNDD001	123	125	2	0.006	<0.5	273	118	135	20	0.034	2.37	255
SNDD001	125	128	3	0.008	<0.5	255	120	125	31	0.044	2.33	263
SNDD001	128	129	1	<0.005	<0.5	404	123	127	22	0.05	2.47	292
SNDD001	129	131	2	0.005	<0.5	402	102	128	13	0.038	2.56	250
SNDD001	131	133	2	<0.005	<0.5	505	112	122	14	0.041	2.39	310
SNDD001	133	135	2	<0.005	<0.5	533	120	116	17	0.048	1.93	279
SNDD001	135	137	2	<0.005	<0.5	566	105	135	<10	0.036	3.34	277
SNDD001	137	139	2	0.006	<0.5	449	117	170	<10	0.039	4.52	458
SNDD001	139	141	2	<0.005	<0.5	332	69	109	<10	0.041	3.13	365
SNDD001	141	143.2	2.2	<0.005	<0.5	431	25	89	<10	0.056	4.67	190
SNDD001	143.2	144.6	1.4	<0.005	<0.5	1748	26	67	19	0.082	11.35	1517
SNDD001	144.6	146	1.4	0.007	<0.5	2427	9	43	59	0.14	21.23	964
SNDD001	146	148.5	2.5	<0.005	<0.5	2358	9	35	71	0.162	20.64	758
SNDD001	148.5	151	2.5	0.008	<0.5	2111	6	36	101	0.14	18.15	797
SNDD001	151	152.9	1.9	<0.005	<0.5	2011	25	46	72	0.308	14.64	702
SNDD001	152.9	155.4	2.5	<0.005	<0.5	297	71	105	19	0.041	10.42	438
SNDD001	155.4	157.2	1.8	<0.005	<0.5	66	24	72	11	0.303	1.62	96
SNDD001	157.2	159	1.8	<0.005	<0.5	76	50	106	31	0.109	3.28	204
SNDD001	159	161	2	<0.005	<0.5	122	69	101	41	0.081	6.15	399
SNDD001	161	163	2	<0.005	<0.5	163	60	89	59	0.138	5.48	320
SNDD001	163	164.5	1.5	<0.005	<0.5	128	59	91	60	0.127	5.03	320
SNDD001	164.5	166	1.5	<0.005	<0.5	47	36	89	23	0.388	1.28	68

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Hole	From m	To m	Interval m	Au ppm	Ag ppm	Ni ppm	Cu ppm	Zn ppm	As ppm	S %	Mg %	Cr ppm
SNDD001	166	168.2	2.2	0.006	<0.5	60	42	100	27	0.347	1.4	89
SNDD001	168.2	170	1.8	<0.005	<0.5	82	66	100	56	0.067	3.32	205
SNDD001	170	171.6	1.6	<0.005	<0.5	51	82	113	46	0.101	3.97	159
SNDD001	171.6	173	1.4	0.005	<0.5	65	61	108	36	0.415	1.76	74
SNDD001	173	175	2	<0.005	<0.5	60	47	133	49	0.164	1.83	75
SNDD001	175	177	2	<0.005	<0.5	66	44	113	39	0.315	1.45	93
SNDD001	177	179	2	<0.005	<0.5	47	36	113	27	0.138	1.51	76
SNDD001	179	181	2	<0.005	<0.5	42	26	110	23	0.138	1.4	43
SNDD001	181	183	2	<0.005	<0.5	46	32	116	27	0.19	1.88	69
SNDD001	183	185	2	0.009	<0.5	54	43	121	31	0.158	1.47	84
SNDD001	185	187	2	<0.005	<0.5	43	34	118	24	0.13	1.42	49
SNDD001	187	189	2	<0.005	<0.5	48	35	117	24	0.407	1.49	57
SNDD001	189	191.1	2.1	<0.005	<0.5	50	38	115	23	0.175	1.44	61
SNDD001	191.1	193	1.9	<0.005	<0.5	46	42	122	26	0.35	1.15	68
SNDD001	193	196.1	3.1	0.006	<0.5	74	47	120	26	0.254	1.4	87
SNDD001	196.1	198	1.9	0.006	<0.5	14	16	57	11	0.027	0.95	18
SNDD001	198	200	2	<0.005	<0.5	38	28	92	21	0.165	1.27	52
SNDD001	200	202	2	<0.005	<0.5	54	46	119	22	0.205	1.3	70
SNDD001	202	204	2	<0.005	<0.5	53	53	114	28	0.479	1.34	61
SNDD001	204	206	2	<0.005	<0.5	61	45	118	31	0.256	1.35	89
SNDD001	206	208	2	<0.005	<0.5	67	64	121	28	0.499	1.47	93
SNDD001	208	210	2	0.009	<0.5	60	42	119	28	0.228	1.47	87
SNDD001	210	212	2	<0.005	<0.5	69	41	122	29	0.324	1.73	84
SNDD001	212	214	2	<0.005	<0.5	53	32	101	26	0.168	1.42	75
SNDD001	214	216	2	<0.005	<0.5	74	49	121	47	0.414	1.74	108
SNDD001	216	219	3	0.005	<0.5	69	64	134	48	0.418	1.64	96
SNDD001	219	221	2	0.024	<0.5	102	58	86	112	0.228	1.99	190
SNDD001	221	224	3	0.005	<0.5	61	57	191	42	0.431	1.35	96
SNDD001	224	227	3	0.006	<0.5	84	66	122	35	0.455	1.45	118
SNDD001	227	230	3	<0.005	<0.5	72	47	132	37	0.293	1.45	104
SNDD001	230	233	3	0.007	<0.5	64	48	104	44	0.336	1.54	91
SNDD001	233	236	3	0.023	<0.5	48	34	78	50	0.095	1.25	76
SNDD001	236	239	3	<0.005	<0.5	101	58	106	47	0.137	4.15	283
SNDD001	239	242	3	<0.005	0.6	105	74	119	55	0.223	3.56	278
SNDD001	242	244	2	0.006	<0.5	90	61	114	31	0.491	1.51	143
SNDD001	244	246	2	<0.005	<0.5	59	62	114	23	0.27	1.49	93
SNDD001	246	248	2	<0.005	<0.5	24	66	75	<10	0.015	1.15	53
SNDD001	248	250	2	<0.005	<0.5	26	22	77	12	0.019	1.19	42
SNDD001	250	252	2	<0.005	<0.5	43	35	89	20	0.039	1.3	67
SNDD001	252	254	2	<0.005	<0.5	40	30	86	16	0.089	1.11	58
SNDD001	254	256	2	0.023	<0.5	102	146	858	66	0.267	1.36	153
SNDD001	256	258	2	<0.005	<0.5	110	75	142	38	0.292	1.66	194
SNDD001	258	260	2	0.006	<0.5	122	88	140	30	0.435	1.43	209
SNDD001	260	262	2	0.009	<0.5	94	63	107	29	0.371	1.4	157
SNDD001	262	264	2	<0.005	<0.5	61	39	106	18	0.125	1.36	118
SNDD001	264	266	2	<0.005	<0.5	88	55	99	58	0.198	1.52	151

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Hole	From m	To m	Interval m	Au ppm	Ag ppm	Ni ppm	Cu ppm	Zn ppm	As ppm	S %	Mg %	Cr ppm
SNDD001	266	268	2	0.008	<0.5	112	91	151	91	0.302	1.57	183
SNDD001	268	270	2	0.008	<0.5	116	69	102	108	0.312	1.66	216
SNDD001	270	272	2	<0.005	<0.5	118	88	120	29	0.476	1.66	211
SNDD001	272	274	2	<0.005	<0.5	105	73	112	31	0.467	1.63	186
SNDD001	274	276	2	<0.005	<0.5	83	59	133	26	0.185	1.55	168
SNDD001	276	278	2	<0.005	<0.5	73	53	108	26	0.263	1.3	138
SNDD001	278	280	2	<0.005	<0.5	65	46	97	16	0.256	1.22	130
SNDD001	280	282	2	0.006	<0.5	68	46	87	24	0.189	1.25	132
SNDD001	282	284	2	0.01	<0.5	79	47	67	92	0.137	1.32	147
SNDD001	284	286	2	<0.005	<0.5	92	60	106	38	0.312	1.43	166
SNDD001	286	288	2	0.006	<0.5	108	69	127	34	0.37	1.47	190
SNDD001	288	290	2	0.005	<0.5	120	87	150	31	0.372	1.51	203
SNDD001	290	292	2	<0.005	<0.5	121	88	130	29	0.472	1.74	205
SNDD001	292	294	2	<0.005	<0.5	70	40	74	33	0.139	1.4	137
SNDD001	294	296	2	<0.005	<0.5	99	106	71	45	0.369	1.43	169
SNDD001	296	298	2	<0.005	<0.5	112	283	77	108	0.306	1.58	173
SNDD001	298	300	2	<0.005	<0.5	115	78	96	65	0.442	1.79	187
SNDD001	300	302	2	<0.005	<0.5	123	88	114	37	0.317	1.75	203
SNDD001	302	304	2	<0.005	<0.5	121	85	162	42	0.403	1.92	225
SNDD001	304	306	2	0.006	<0.5	109	71	118	45	0.408	1.81	210
SNDD001	306	308	2	<0.005	<0.5	85	61	85	52	0.2	1.63	156
SNDD001	308	310	2	<0.005	<0.5	89	61	81	101	0.407	1.58	168
SNDD001	310	312	2	0.009	<0.5	75	72	75	92	0.264	1.13	111
SNDD001	312	314	2	<0.005	<0.5	57	36	65	54	0.18	1.28	114
SNDD001	314	316	2	<0.005	<0.5	62	46	74	35	0.239	1.3	139
SNDD001	316	318	2	<0.005	<0.5	78	57	79	54	0.298	1.55	171
SNDD001	318	320	2	0.008	<0.5	79	124	86	56	0.341	1.49	157
SNDD001	320	322	2	0.007	<0.5	83	66	79	87	0.327	1.6	159
SNDD001	322	324	2	<0.005	<0.5	77	54	72	88	0.22	1.51	143
SNDD001	324	326	2	<0.005	<0.5	82	61	95	63	0.225	1.61	157
SNDD001	326	328	2	<0.005	<0.5	97	71	125	47	0.513	1.44	169
SNDD001	328	330	2	<0.005	1.3	63	813	61	39	0.278	1.18	106
SNDD001	330	332	2	<0.005	<0.5	27	18	52	14	0.067	1.06	47
SNDD001	332	334	2	<0.005	<0.5	65	51	70	35	0.423	1.29	138
SNDD001	334	336	2	<0.005	<0.5	55	41	70	24	0.227	1.29	133
SNDD001	336	338	2	<0.005	<0.5	56	41	68	24	0.382	1.31	124
SNDD001	338	340	2	<0.005	<0.5	50	37	80	23	0.199	1.21	120
SNDD001	340	342	2	<0.005	<0.5	57	41	68	48	0.239	1.35	114
SNDD001	342	344	2	<0.005	2.7	64	910	63	62	0.46	1.23	150
SNDD001	344	346	2	<0.005	<0.5	76	57	65	44	0.442	1.25	142
SNDD001	346	348	2	<0.005	0.6	70	56	71	49	0.302	1.19	130
SNDD001	348	350	2	<0.005	<0.5	71	57	109	32	0.334	1.36	154
SNDD001	350	352	2	<0.005	<0.5	62	51	82	34	0.308	1.29	149
SNDD001	352	354	2	<0.005	<0.5	66	63	64	77	0.338	1.33	142
SNDD001	354	356	2	<0.005	<0.5	63	52	69	52	0.346	1.39	146
SNDD001	356	358	2	0.007	<0.5	71	53	86	32	0.355	1.47	172

12

==> picture [51 x 63] intentionally omitted <==

Hole	From m	To m	Interval m	Au ppm	Ag ppm	Ni ppm	Cu ppm	Zn ppm	As ppm	S %	Mg %	Cr ppm
SNDD001	358	360	2	<0.005	<0.5	87	59	118	29	0.491	1.37	171
SNDD001	360	362	2	<0.005	<0.5	100	78	86	52	0.597	1.36	180
SNDD001	362	364	2	<0.005	<0.5	103	73	77	97	0.415	1.34	185
SNDD001	364	366	2	<0.005	<0.5	113	73	79	92	0.486	1.43	184
SNDD001	366	368	2	<0.005	<0.5	95	75	80	40	0.85	1.35	173
SNDD001	368	370	2	<0.005	<0.5	73	55	73	50	0.509	1.18	141
SNDD001	370	372	2	<0.005	<0.5	63	45	59	68	0.279	1.21	132
SNDD001	372	374	2	<0.005	<0.5	29	21	47	20	0.068	1	62
SNDD001	374	376	2	<0.005	<0.5	37	30	32	40	0.175	0.75	83
SNDD001	376	378	2	<0.005	<0.5	53	32	52	51	0.315	1.09	108
SNDD001	378	380	2	<0.005	<0.5	42	30	44	42	0.184	0.92	94
SNDD001	380	382.2	2.2	<0.005	<0.5	61	15	54	59	0.274	1.08	120
SNDD002	27.1	29	1.9	na	<0.5	1499	14	34	<10	0.014	19.07	2528
SNDD002	29	31	2	na	<0.5	1250	35	31	<10	0.008	19.43	2446
SNDD002	31	33	2	na	<0.5	1469	1	71	<10	<0.005	19.55	3327
SNDD002	33	35	2	na	<0.5	1479	15	46	<10	<0.005	19.39	2526
SNDD002	35	37	2	na	<0.5	1404	23	64	<10	<0.005	19.39	2908
SNDD002	37	39	2	na	<0.5	1488	<1	71	<10	<0.005	19.53	3268
SNDD002	39	41	2	na	<0.5	1486	<1	66	<10	<0.005	19.48	3121
SNDD002	41	43	2	na	<0.5	1649	10	71	11	<0.005	19.32	4431
SNDD002	43	45	2	na	<0.5	1581	28	58	<10	<0.005	19.88	3809
SNDD002	45	47	2	na	<0.5	1597	<1	62	<10	<0.005	19.81	4618
SNDD002	47	49	2	na	<0.5	1601	15	60	22	0.006	18.69	4477
SNDD002	49	51	2	na	<0.5	1749	<1	53	<10	<0.005	20.14	4206
SNDD002	51	53	2	na	<0.5	1705	<1	52	<10	<0.005	20.71	4233
SNDD002	53	55	2	na	<0.5	1770	<1	52	<10	<0.005	19.57	4882
SNDD002	55	57	2	na	<0.5	1867	<1	48	<10	<0.005	19.57	4885
SNDD002	57	59	2	na	<0.5	1862	<1	46	<10	<0.005	19.86	4871
SNDD002	59	61	2	na	<0.5	2051	<1	48	<10	<0.005	20.69	5126
SNDD002	61	65	4	na	<0.5	2073	<1	17	<10	<0.005	19.88	3871
SNDD002	65	69	4	na	<0.5	2062	<1	29	<10	<0.005	20.05	5298
SNDD002	69	73	4	na	<0.5	2018	4	59	<10	<0.005	19.68	5580
SNDD002	73	77	4	na	<0.5	1543	6	58	<10	<0.005	16.48	2661
SNDD002	77	81	4	na	<0.5	1528	11	51	23	0.007	16.41	1514
SNDD002	81	85	4	na	<0.5	904	28	44	12	0.296	13.83	971
SNDD002	85	89	4	na	<0.5	1660	68	49	144	0.485	15.19	1374
SNDD002	89	93	4	na	<0.5	1216	31	49	34	0.008	18.63	1672
SNDD002	93	97	4	na	<0.5	871	83	31	31	0.012	18.19	1751
SNDD002	97	101	4	na	<0.5	1178	43	47	25	0.006	16.46	1875
SNDD002	101	105	4	na	<0.5	1132	69	47	26	0.01	16.99	2232
SNDD002	105	109	4	na	<0.5	925	81	53	<10	0.005	13.13	1618
SNDD002	109	113	4	na	<0.5	1563	19	46	12	0.013	16.3	1246
SNDD002	113	117	4	na	<0.5	1874	55	52	10	0.007	18.71	1645
SNDD002	117	121	4	na	<0.5	1908	75	54	12	0.005	18.28	1705
SNDD002	121	125	4	na	<0.5	1243	27	45	<10	<0.005	13.46	1789
SNDD002	125	129	4	na	<0.5	1888	22	45	<10	<0.005	17.88	1894

13

==> picture [51 x 63] intentionally omitted <==

Hole	From m	To m	Interval m	Au ppm	Ag ppm	Ni ppm	Cu ppm	Zn ppm	As ppm	S %	Mg %	Cr ppm
SNDD002	129	133	4	na	<0.5	1614	2	25	<10	<0.005	17.92	1198
SNDD002	133	137	4	na	<0.5	2104	17	19	13	<0.005	18.3	2439
SNDD002	137	141	4	na	<0.5	1961	<1	17	12	0.008	19.38	2010
SNDD002	141	145	4	na	<0.5	1870	3	21	21	0.105	18.2	2306
SNDD002	145	149	4	na	<0.5	2023	<1	30	<10	<0.005	20.12	2353
SNDD002	149	153	4	na	<0.5	2090	<1	19	<10	0.005	19.01	1006
SNDD002	153	157	4	na	<0.5	2042	5	20	236	0.085	18.08	857
SNDD002	157	161	4	na	<0.5	2004	<1	31	<10	<0.005	18.97	1064
SNDD002	161	165	4	na	<0.5	1956	<1	20	29	0.032	18.64	1478
SNDD002	165	169	4	na	<0.5	1899	<1	24	37	0.023	18.25	2594
SNDD002	169	173	4	na	<0.5	2307	<1	22	<10	<0.005	20.38	2728
SNDD002	173	177	4	na	<0.5	2308	<1	25	<10	<0.005	20.25	3285
SNDD002	177	181	4	na	<0.5	2257	<1	22	11	<0.005	20.04	1080
SNDD002	181	185	4	na	<0.5	2286	<1	25	10	<0.005	20.27	1048
SNDD002	185	189	4	na	<0.5	2296	<1	22	<10	<0.005	20.67	807
SNDD002	189	193	4	na	<0.5	2327	<1	26	<10	<0.005	20.2	797
SNDD002	193	197	4	na	<0.5	2337	<1	25	<10	<0.005	20.42	826
SNDD002	197	201	4	na	<0.5	1880	6	25	73	0.029	17.53	896
SNDD002	201	205	4	na	<0.5	2127	<1	24	<10	<0.005	19.38	921
SNDD002	205	209	4	na	<0.5	2082	<1	25	<10	<0.005	19.86	1945
SNDD002	209	213	4	na	<0.5	2098	<1	22	<10	0.005	18.9	1353
SNDD002	213	214.7	1.7	na	<0.5	1798	16	42	172	0.13	15.16	1229
SNDD002	214.7	218	3.3	na	<0.5	135	50	117	43	0.169	1.94	131
SNDD002	218	222	4	na	<0.5	71	41	116	38	0.212	2	117
SNDD002	222	225.6	3.6	na	<0.5	61	37	89	52	0.11	3.52	269
SNDD002	225.6	229	3.4	na	<0.5	70	56	84	37	0.108	4.07	333
SNDD002	229	233	4	na	<0.5	143	39	83	42	0.043	3.53	221
SNDD002	233	235.6	2.6	na	<0.5	156	44	82	49	0.048	3.8	255
SNDD002	235.6	239	3.4	na	<0.5	60	46	116	19	0.34	1.46	87
SNDD002	239	243	4	na	<0.5	62	46	122	26	0.339	1.38	98
SNDD002	243	247	4	na	<0.5	63	50	114	30	0.297	1.44	99
SNDD002	247	251	4	na	<0.5	114	72	91	28	0.29	1.94	80
SNDD002	251	255	4	na	<0.5	148	58	96	42	0.058	3.25	162
SNDD002	255	259	4	na	<0.5	57	27	70	12	0.115	1.28	42
SNDD002	259	263	4	na	<0.5	100	58	101	26	0.205	1.44	109
SNDD002	263	267	4	na	<0.5	135	63	119	30	0.262	1.18	121
SNDD002	267	271	4	na	<0.5	75	56	102	24	0.278	1.35	120
SNDD002	271	275	4	na	<0.5	85	52	102	28	0.198	1.57	103
SNDD002	275	279	4	na	<0.5	90	66	114	40	0.394	1.77	137
SNDD002	279	283	4	na	<0.5	96	62	109	66	0.208	2.64	224
SNDD002	283	287	4	na	<0.5	82	65	118	57	0.308	1.38	132
SNDD002	287	291	4	na	<0.5	78	58	109	40	0.239	1.27	131
SNDD002	291	295	4	na	<0.5	110	83	130	51	0.51	1.34	181
SNDD002	295	299	4	na	<0.5	105	76	130	50	0.446	1.37	173
SNDD002	299	303	4	na	<0.5	34	31	70	16	0.083	1.11	53
SNDD002	303	307	4	na	<0.5	47	39	79	22	0.182	0.97	90

14

==> picture [51 x 63] intentionally omitted <==

Hole	From m	To m	Interval m	Au ppm	Ag ppm	Ni ppm	Cu ppm	Zn ppm	As ppm	S %	Mg %	Cr ppm
SNDD002	307	311	4	na	<0.5	93	69	115	37	0.374	1.4	151
SNDD002	311	315	4	na	<0.5	111	77	135	35	0.38	1.44	175
SNDD002	315	319	4	na	<0.5	64	54	104	28	0.251	1.24	109
SNDD002	319	323	4	na	<0.5	34	37	89	14	0.337	0.94	63
SNDD002	323	327	4	na	<0.5	35	35	91	13	0.35	0.91	66
SNDD002	327	331	4	na	<0.5	29	29	81	11	0.272	0.6	58
SNDD002	331	335	4	na	<0.5	42	43	99	18	0.329	1.03	74
SNDD002	335	339	4	na	<0.5	44	40	100	18	0.321	1.08	80
SNDD002	339	343	4	na	<0.5	72	54	88	25	0.331	2.54	203
SNDD002	343	347	4	na	<0.5	22	24	67	<10	0.063	0.97	41
SNDD002	347	351	4	na	<0.5	26	30	64	11	0.064	1.03	49
SNDD002	351	355	4	na	<0.5	24	24	63	13	0.133	0.97	43
SNDD002	355	359	4	na	<0.5	46	39	84	26	0.12	1.03	85
SNDD002	359	363	4	na	<0.5	47	38	80	22	0.141	1	80
SNDD002	363	367	4	na	<0.5	57	45	89	23	0.156	1.1	114
SNDD002	367	371	4	na	<0.5	49	38	81	24	0.138	0.95	90
SNDD002	371	375	4	na	<0.5	111	84	133	37	0.49	1.4	204
SNDD002	375	379	4	na	<0.5	55	51	92	23	0.303	1.15	92
SNDD002	379	383	4	na	<0.5	41	33	79	21	0.106	0.98	86
SNDD002	383	387	4	na	<0.5	50	42	87	25	0.204	1.03	90
SNDD002	387	391	4	na	<0.5	116	78	127	39	0.463	1.43	207
SNDD002	391	395	4	na	<0.5	38	34	78	18	0.103	1.02	77
SNDD002	395	399	4	na	<0.5	89	64	104	35	0.309	1.16	154
SNDD002	399	403	4	na	<0.5	57	43	87	33	0.103	1.08	98
SNDD002	403	407	4	na	<0.5	72	52	111	52	0.227	1.13	131
SNDD002	407	411	4	na	<0.5	64	45	99	58	0.237	1.15	126
SNDD002	411	415	4	na	<0.5	37	32	87	30	0.062	1.15	68
SNDD002	415	419	4	na	<0.5	53	42	107	53	0.233	1.08	101
SNDD002	419	423	4	na	<0.5	44	37	90	51	0.162	1.04	88
SNDD002	423	427.4	4.4	na	<0.5	19	24	74	32	0.17	0.9	32
SNDD002	427.4	429	1.6	<0.005	<0.5	56	28	77	56	0.198	1.56	353
SNDD002	429	431	2	<0.005	<0.5	41	31	68	51	0.124	2.16	254
SNDD002	431	433	2	<0.005	<0.5	29	16	50	129	0.074	1.5	163
SNDD002	433	435	2	<0.005	<0.5	11	11	9	120	0.068	0.16	97
SNDD002	435	437	2	0.023	<0.5	11	12	13	102	0.151	0.17	54
SNDD002	437	439	2	0.008	<0.5	13	6	26	117	0.074	0.21	46
SNDD002	439	441	2	0.034	<0.5	14	11	61	82	0.194	0.31	39
SNDD002	441	443	2	0.007	<0.5	15	8	37	85	0.107	0.3	37
SNDD002	443	445	2	0.014	<0.5	15	9	32	26	0.063	0.26	39
SNDD002	445	447	2	0.095	<0.5	12	10	37	24	0.094	0.22	58
SNDD002	447	449	2	0.157	<0.5	10	9	52	18	0.049	0.2	34
SNDD002	449	450	1	<0.005	<0.5	8	10	28	16	0.05	0.18	33
SNDD003	72.5	75	2.5	na	0.8	11	11	33	<10	0.016	0.12	21
SNDD003	75	77	2	na	1.2	11	12	32	18	0.015	0.16	18
SNDD003	77	79	2	na	0.8	42	20	103	32	0.033	0.33	30
SNDD003	79	81	2	na	<0.5	65	19	164	28	0.015	0.5	16

15

==> picture [51 x 63] intentionally omitted <==

Hole	From m	To m	Interval m	Au ppm	Ag ppm	Ni ppm	Cu ppm	Zn ppm	As ppm	S %	Mg %	Cr ppm
SNDD003	81	83	2	na	<0.5	41	16	82	25	0.015	0.28	17
SNDD003	83	85	2	na	<0.5	28	15	73	16	0.019	0.33	21
SNDD003	85	87	2	na	<0.5	16	25	45	45	0.041	0.52	16
SNDD003	87	89	2	na	<0.5	15	17	59	18	0.045	0.65	16
SNDD003	89	91	2	na	<0.5	36	15	80	19	0.021	0.28	17
SNDD003	91	93	2	na	<0.5	22	18	61	163	0.109	0.66	18
SNDD003	93	95	2	na	<0.5	23	19	38	40	0.047	0.38	21
SNDD003	95	97	2	na	<0.5	11	10	33	<10	0.018	0.44	20
SNDD003	97	99	2	na	<0.5	47	16	83	11	0.038	0.34	18
SNDD003	99	101	2	na	<0.5	42	20	108	15	0.035	0.62	18
SNDD003	101	103	2	na	<0.5	18	20	58	<10	0.038	0.75	22
SNDD003	103	105	2	na	<0.5	11	15	71	<10	0.017	0.57	21
SNDD003	105	108	3	na	<0.5	6	15	57	<10	0.023	0.37	21
SNDD003	108	112	4	na	<0.5	6	17	45	<10	0.134	0.62	21
SNDD003	112	116	4	na	<0.5	8	16	48	10	0.017	0.23	19
SNDD003	116	120	4	na	<0.5	8	16	48	17	0.074	0.4	24
SNDD003	120	124	4	na	<0.5	13	17	44	13	0.07	0.56	24
SNDD003	124	128	4	na	<0.5	12	14	48	<10	0.056	0.48	21
SNDD003	128	132	4	na	<0.5	8	16	44	73	0.075	0.23	21
SNDD003	132	136	4	na	<0.5	8	15	46	<10	0.038	0.24	20
SNDD003	136	137	1	na	<0.5	8	15	51	11	0.048	0.35	20
SNDD003	137	139	2	<0.005	<0.5	11	10	47	17	0.126	0.45	44
SNDD003	139	141	2	<0.005	<0.5	7	10	57	13	0.051	0.51	33
SNDD003	141	143	2	<0.005	<0.5	12	9	64	20	0.119	0.61	33
SNDD003	143	145	2	<0.005	<0.5	22	9	86	28	0.167	0.75	29
SNDD003	145	147	2	<0.005	<0.5	7	8	62	13	0.013	0.45	27
SNDD003	147	149	2	0.006	<0.5	14	9	94	22	0.161	0.89	26
SNDD003	149	151	2	<0.005	<0.5	51	15	59	64	0.17	0.46	92
SNDD003	151	153	2	<0.005	<0.5	39	12	31	140	0.165	0.39	73
SNDD003	153	155	2	<0.005	<0.5	28	7	46	52	0.094	0.42	48
SNDD003	155	157	2	0.006	<0.5	23	9	43	111	0.112	0.53	47
SNDD003	157	159	2	<0.005	<0.5	13	2	62	282	0.048	0.63	24
SNDD003	159	161	2	<0.005	<0.5	15	5	67	177	0.162	0.78	21
SNDD003	161	163	2	0.01	<0.5	13	8	69	67	0.032	0.84	17
SNDD003	163	165	2	0.009	<0.5	14	7	63	47	0.052	0.76	21
SNDD003	165	167	2	<0.005	<0.5	14	9	56	85	0.08	0.69	21
SNDD003	167	169	2	0.008	<0.5	11	8	53	161	0.04	0.69	20
SNDD003	169	171	2	<0.005	<0.5	11	9	45	41	0.048	0.7	21
SNDD003	171	173	2	0.006	<0.5	12	14	39	61	0.083	0.56	22
SNDD003	173	175	2	<0.005	<0.5	29	48	74	23	0.155	1.04	47
SNDD003	175	177	2	<0.005	<0.5	42	32	80	43	0.064	0.68	57
SNDD003	177	181	4	na	<0.5	102	29	140	58	0.137	0.72	130
SNDD003	181	185	4	na	<0.5	41	17	50	33	0.1	0.56	57
SNDD003	185	189	4	na	<0.5	19	13	30	11	0.069	0.48	42
SNDD003	189	193	4	na	<0.5	15	14	42	12	0.056	0.73	22
SNDD003	193	197	4	na	<0.5	13	14	43	21	0.05	0.62	22

16

==> picture [51 x 63] intentionally omitted <==

Hole	From m	To m	Interval m	Au ppm	Ag ppm	Ni ppm	Cu ppm	Zn ppm	As ppm	S %	Mg %	Cr ppm
SNDD003	197	201	4	na	<0.5	22	18	54	21	0.06	0.51	36
SNDD003	201	204	3	na	<0.5	14	14	41	12	0.021	0.47	31
SNDD003	204	206	2	<0.005	<0.5	15	12	44	70	0.046	0.56	38
SNDD003	206	208	2	<0.005	<0.5	14	5	32	12	0.008	0.66	184
SNDD003	208	210	2	<0.005	<0.5	11	6	32	<10	0.036	0.54	55
SNDD003	210	214	4	na	<0.5	12	13	38	<10	0.018	0.56	17
SNDD003	214	218	4	na	<0.5	10	13	32	<10	0.026	0.53	17
SNDD003	218	222	4	na	<0.5	12	14	33	13	0.04	0.62	23
SNDD003	222	223	1	na	<0.5	21	19	39	14	0.083	0.63	35
SNDD003	223	225	2	0.105	<0.5	20	13	49	22	0.084	0.52	40
SNDD003	225	227	2	<0.005	<0.5	15	6	77	28	0.058	0.19	24
SNDD003	227	229	2	0.015	<0.5	29	13	83	35	0.233	0.28	39
SNDD003	229	231	2	<0.005	<0.5	27	9	61	22	0.088	0.2	56
SNDD003	231	233	2	0.008	<0.5	25	13	33	67	0.437	0.16	44
SNDD003	233	235	2	0.006	<0.5	29	12	31	56	0.458	0.15	61
SNDD003	235	237	2	0.005	<0.5	29	11	39	79	0.448	0.16	61
SNDD003	237	239	2	<0.005	<0.5	27	11	42	90	0.37	0.15	54
SNDD003	239	241	2	0.006	<0.5	29	11	42	165	0.323	0.16	50
SNDD003	241	243	2	<0.005	<0.5	23	9	27	210	0.345	0.13	36
SNDD003	243	245	2	0.008	<0.5	18	8	25	56	0.322	0.2	34
SNDD003	245	247	2	0.017	<0.5	23	10	22	64	0.428	0.18	40
SNDD003	247	249	2	0.01	<0.5	28	10	52	91	0.484	0.14	48
SNDD003	249	251	2	0.005	<0.5	36	12	89	80	0.375	0.16	68
SNDD003	251	253	2	<0.005	<0.5	22	9	31	40	0.281	0.12	42
SNDD003	253	255	2	<0.005	<0.5	25	10	46	59	0.287	0.14	48
SNDD003	255	257	2	0.05	<0.5	26	9	39	83	0.317	0.12	66
SNDD003	257	259	2	<0.005	<0.5	34	11	27	133	0.317	0.14	40
SNDD003	259	261	2	<0.005	<0.5	21	9	54	44	0.208	0.13	37
SNDD003	261	263	2	<0.005	<0.5	25	10	71	170	0.262	0.18	36
SNDD003	263	265	2	<0.005	<0.5	23	10	46	123	0.271	0.13	37
SNDD003	265	267	2	<0.005	<0.5	23	10	67	54	0.237	0.15	30
SNDD003	267	269	2	<0.005	<0.5	22	8	53	72	0.226	0.13	31
SNDD003	269	271	2	<0.005	<0.5	29	10	114	102	0.275	0.17	46
SNDD003	271	273	2	<0.005	<0.5	28	10	90	163	0.288	0.12	42
SNDD003	273	275	2	0.007	<0.5	22	10	80	70	0.277	0.12	39
SNDD003	275	277	2	<0.005	<0.5	17	8	88	82	0.405	0.34	34
SNDD003	277	279	2	<0.005	<0.5	19	10	73	97	0.259	0.35	32
SNDD003	279	281	2	<0.005	<0.5	16	8	288	36	0.117	0.22	25
SNDD003	281	283	2	<0.005	<0.5	11	7	243	26	0.146	0.1	22
SNDD004	90.4	92	1.6	na	<0.5	43	22	115	<10	0.078	0.3	16
SNDD004	92	94	2	na	<0.5	32	22	82	<10	0.081	0.28	13
SNDD004	94	96	2	na	<0.5	13	33	78	<10	0.111	0.3	15
SNDD004	96	98	2	na	<0.5	16	13	98	<10	0.041	0.21	12
SNDD004	98	100	2	<0.005	<0.5	32	10	146	11	0.024	0.36	18
SNDD004	100	102	2	0.087	<0.5	12	12	64	<10	0.024	0.5	13
SNDD004	102	104	2	<0.005	<0.5	12	14	68	<10	0.068	0.36	12

17

==> picture [51 x 63] intentionally omitted <==

Hole	From m	To m	Interval m	Au ppm	Ag ppm	Ni ppm	Cu ppm	Zn ppm	As ppm	S %	Mg %	Cr ppm
SNDD004	104	106	2	<0.005	<0.5	10	18	59	<10	0.113	0.68	11
SNDD004	106	108	2	<0.005	<0.5	12	13	74	<10	0.079	0.68	11
SNDD004	108	110	2	<0.005	<0.5	8	17	48	<10	0.109	0.42	11
SNDD004	110	112	2	<0.005	<0.5	13	12	64	<10	0.044	0.38	11
SNDD004	112	114	2	<0.005	<0.5	13	26	91	<10	0.244	0.83	10
SNDD004	114	116	2	<0.005	<0.5	11	17	64	<10	0.028	0.35	15
SNDD004	116	118	2	<0.005	<0.5	12	17	60	<10	0.024	0.55	13
SNDD004	118	120	2	<0.005	<0.5	173	26	85	41	0.051	1.54	325
SNDD004	120	122	2	<0.005	<0.5	29	18	65	10	0.037	0.72	23
SNDD004	122	124	2	<0.005	<0.5	20	20	77	<10	0.028	0.6	20
SNDD004	124	126	2	<0.005	<0.5	21	18	63	<10	0.082	0.38	20
SNDD004	126	128	2	<0.005	<0.5	26	20	79	<10	0.266	0.52	20
SNDD004	128	130	2	<0.005	<0.5	22	20	118	<10	0.364	0.61	20
SNDD004	130	132	2	0.005	<0.5	405	16	237	455	0.068	4.36	274
SNDD004	132	134	2	<0.005	<0.5	267	33	1080	184	0.069	4.22	342
SNDD004	134	136	2	0.019	0.9	106	409	2662	14	2.34	1.33	101
SNDD004	136	138	2	0.019	1.6	84	377	2549	25	4.441	0.67	72
SNDD004	138	140	2	0.022	1.2	96	538	2305	27	6.828	0.71	70
SNDD004	140	142	2	0.012	0.6	87	274	2475	<10	2.577	0.67	106
SNDD004	142	144	2	0.008	<0.5	73	139	1164	<10	2.067	0.83	90
SNDD004	144	146	2	<0.005	<0.5	38	41	275	<10	0.841	0.82	58
SNDD004	146	148	2	<0.005	<0.5	45	41	158	<10	0.906	0.73	75
SNDD004	148	150	2	<0.005	<0.5	65	53	135	<10	1.101	0.85	122
SNDD004	150	152	2	<0.005	<0.5	74	63	175	<10	0.939	0.9	132
SNDD004	152	154	2	<0.005	<0.5	79	58	144	16	0.742	1.1	147
SNDD004	154	156	2	<0.005	<0.5	59	41	120	15	0.494	1.1	102
SNDD004	156	158	2	<0.005	<0.5	50	46	112	14	0.568	0.87	84
SNDD004	158	160	2	0.011	<0.5	52	50	133	<10	0.436	1.04	91
SNDD004	160	162	2	<0.005	<0.5	22	14	81	<10	0.163	0.95	35
SNDD004	162	164	2	<0.005	<0.5	26	15	81	<10	0.235	0.73	36
SNDD004	164	166	2	<0.005	<0.5	28	15	81	12	0.111	0.59	48
SNDD004	166	168	2	<0.005	<0.5	38	31	100	12	0.368	0.71	65
SNDD004	168	170	2	<0.005	<0.5	37	28	93	<10	0.162	0.8	77
SNDD004	170	172	2	<0.005	<0.5	39	28	90	<10	0.339	0.79	70
SNDD004	172	174.3	2.3	<0.005	<0.5	41	33	87	<10	0.383	0.85	80
SNDD004	174.3	178	3.7	na	<0.5	60	71	95	41	0.164	1.62	106
SNDD004	178	180	2	na	<0.5	61	58	95	19	0.447	1.07	134
SNDD004	180	182	2	<0.005	<0.5	40	36	84	<10	0.499	0.71	76
SNDD004	182	184	2	<0.005	<0.5	66	33	85	<10	0.425	0.88	111
SNDD004	184	186	2	0.018	<0.5	80	45	99	<10	0.828	0.99	134
SNDD004	186	188	2	<0.005	<0.5	71	39	114	<10	0.491	0.9	119
SNDD004	188	190	2	0.005	<0.5	76	39	108	<10	0.532	0.88	129
SNDD004	190	192	2	<0.005	<0.5	65	32	80	<10	0.452	0.85	110
SNDD004	192	194	2	<0.005	<0.5	49	13	83	16	0.084	0.8	61
SNDD004	194	196	2	<0.005	<0.5	75	37	103	17	0.352	0.86	121
SNDD004	196	198	2	<0.005	<0.5	52	56	114	<10	0.657	0.71	94

18

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Hole	From m	To m	Interval m	Au ppm	Ag ppm	Ni ppm	Cu ppm	Zn ppm	As ppm	S %	Mg %	Cr ppm
SNDD004	198	200	2	<0.005	<0.5	50	31	103	<10	0.376	0.73	78
SNDD004	200	202	2	<0.005	<0.5	56	45	102	<10	0.471	0.76	97
SNDD004	202	204	2	<0.005	<0.5	69	76	109	33	0.351	2.03	137
SNDD004	204	206	2	<0.005	<0.5	90	97	125	36	0.369	3.17	195
SNDD004	206	208	2	<0.005	<0.5	94	113	114	41	0.532	2.98	170
SNDD004	208	210	2	<0.005	<0.5	84	112	126	30	0.342	3.03	164
SNDD004	210	212	2	<0.005	<0.5	89	122	128	21	0.215	3.25	171
SNDD004	212	216	4	na	<0.5	85	119	101	<10	0.325	2.92	143
SNDD004	236.2	238	1.8	na	<0.5	264	68	68	<10	0.178	6.45	903
SNDD004	238	240	2	na	<0.5	372	80	78	<10	0.067	7.17	1239
SNDD004	240	242	2	na	<0.5	358	80	80	<10	0.086	7.11	1121
SNDD004	242	244	2	na	<0.5	376	78	77	<10	0.072	6.94	1298
SNDD004	244	246	2	na	<0.5	393	76	78	<10	0.05	7.39	1268
SNDD004	246	248	2	na	<0.5	469	71	81	<10	0.058	7.95	1571
SNDD004	248	248.7	0.7	na	<0.5	393	65	69	<10	0.041	7.35	1631
SNDD004	248.7	250	1.3	<0.005	<0.5	37	2	89	<10	0.032	1.15	96
SNDD004	250	252	2	<0.005	<0.5	18	2	29	12	0.143	0.44	63
SNDD004	252	254	2	0.022	<0.5	12	<1	17	14	0.04	0.23	47
SNDD004	254	256	2	<0.005	<0.5	12	<1	17	18	0.041	0.27	47
SNDD004	256	258	2	<0.005	<0.5	19	2	30	26	0.056	0.37	45
SNDD004	258	260	2	<0.005	<0.5	15	2	33	12	0.039	0.36	38
SNDD004	260	262	2	<0.005	<0.5	11	<1	25	10	0.045	0.3	31
SNDD004	262	264	2	<0.005	<0.5	11	<1	29	12	0.044	0.33	24
SNDD004	264	266	2	0.077	<0.5	11	1	33	14	0.061	0.43	22
SNDD004	266	268	2	0.031	<0.5	13	<1	39	10	0.221	0.63	20
SNDD004	268	270	2	0.008	<0.5	25	4	53	14	0.318	0.97	50
SNDD004	270	272	2	<0.005	<0.5	20	3	40	<10	0.044	0.77	67
SNDD004	272	274	2	<0.005	<0.5	62	3	70	18	0.017	2.19	242
SNDD004	274	276	2	0.006	<0.5	31	1	57	12	0.057	1.15	90
SNDD004	276	278	2	<0.005	<0.5	35	12	63	<10	0.078	1.52	105
SNDD004	278	280	2	<0.005	<0.5	10	5	66	<10	0.105	0.63	25
SNDD004	280	282	2	<0.005	<0.5	9	4	44	<10	0.062	0.34	22
SNDD004	282	284	2	<0.005	<0.5	42	12	66	<10	0.219	1.87	127
SNDD004	284	286	2	<0.005	<0.5	14	<1	72	<10	0.319	0.71	19
SNDD004	286	288	2	0.009	<0.5	14	2	58	10	0.449	0.51	17
SNDD004	288	290	2	0.006	<0.5	37	<1	90	14	0.836	0.98	92
SNDD004	290	292	2	0.005	<0.5	11	2	60	<10	0.015	0.55	23
SNDD004	292	294	2	<0.005	<0.5	14	1	59	<10	0.012	0.84	34
SNDD004	312.8	314	1.2	0.005	<0.5	24	7	45	15	0.358	0.44	49
SNDD004	314	316	2	0.009	<0.5	27	10	38	31	0.692	0.29	52
SNDD004	316	318	2	0.007	<0.5	24	22	36	24	0.531	0.28	43
SNDD004	318	320	2	<0.005	<0.5	23	22	46	25	0.411	0.25	42
SNDD004	320	322	2	<0.005	<0.5	23	20	36	27	0.459	0.27	51
SNDD004	322	324	2	<0.005	<0.5	15	5	28	20	0.192	0.29	26
SNDD004	324	326	2	<0.005	<0.5	23	7	21	29	0.184	0.32	31
SNDD004	326	328	2	<0.005	<0.5	11	3	21	11	0.456	0.29	17

19

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Hole	From m	To m	Interval m	Au ppm	Ag ppm	Ni ppm	Cu ppm	Zn ppm	As ppm	S %	Mg %	Cr ppm
SNDD004	328	330	2	<0.005	<0.5	15	<1	28	<10	0.233	0.43	22
SNDD004	330	332	2	<0.005	<0.5	14	<1	48	<10	0.023	0.69	23
SNDD004	332	334	2	<0.005	<0.5	20	<1	57	14	0.044	0.83	29
SNDD004	334	336	2	<0.005	<0.5	24	<1	62	14	0.074	0.88	32
SNDD004	336	338	2	<0.005	<0.5	20	<1	30	22	0.192	0.39	40
SNDD004	338	340	2	0.005	<0.5	22	2	34	35	0.381	0.28	57
SNDD004	340	342	2	<0.005	<0.5	24	8	32	33	0.328	0.29	60
SNDD004	342	344	2	<0.005	<0.5	18	9	26	21	0.127	0.25	44
SNDD004	344	346	2	<0.005	<0.5	24	22	28	26	0.2	0.26	43
SNDD004	346	348	2	<0.005	<0.5	28	25	38	15	0.147	0.37	51
SNDD004	348	349.6	1.6	0.01	<0.5	29	27	48	28	0.727	0.28	48

Competent Persons Statement

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Shannan Bamforth who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Bamforth is a permanent employee of Codrus Minerals and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bamforth consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Information in this announcement that relates to previous exploration results for the Projects is extracted from the following ASX announcement:

• “Codrus Minerals Limited Prospectus” 21st June 2021

• “Drilling commences at Silver Swan South” 19[th] July 2021

• “Codrus Minerals – Exploration Update” 24[th] August 2021

The above announcement is available to view on the Company’s website at codrusminerals.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant original market announcements. The Company confirms that the information and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Exploration and Resource Targets

Any discussion in relation to the potential quantity and grade of Exploration and Resource Targets is only conceptual in nature. While Codrus is continuing exploration programs aimed at reporting additional JORC compliant Mineral Resources, there has been insufficient exploration to define mineral resources and it is uncertain if further exploration will result in the determination of maiden JORC compliant Mineral Resources.

Forward-Looking Statements

This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Codrus. There is continuing uncertainty as to the full impact of COVID-19 on Codrus’s business, the Australian economy, share markets and the economies in which Codrus conducts business. Given the high degree of

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uncertainty surrounding the extent and duration of the COVID-19 pandemic, it is not currently possible to assess the full impact of COVID-19 on Codrus’s business or the price of Codrus securities. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forwardlooking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Codrus does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward-looking statement is based.

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	•All drilling and sampling was undertaken in an industry standard manner. •Core samples were collected with a diamond drill rig with HQ and NQ diameter core. •After logging and photographing, the drill core was sampled with quarter core cut to be sent for assay. Holes were sampled over intervals up to 4m to geological boundaries. •Sample weight ranged up to 5kg. •The independent laboratory pulverized entire sample and analysed as described below. •Commercial industry prepared independent standards and duplicates taken in quarter core are inserted about every 25 samples. •Sample sizes are considered appropriate for the core sampled.
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	•Diamond core diameters are: HQ3 (61mm) and NQ2 (51mm). •An ACT Mk3 NQ/HQ Core Orientation kit was used for core orientation
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples.	•Core recovery is measured by the driller for each run and later checked by Codrus geological team during mark up and logging. •No sample bias has been observed.

22

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Criteria	JORC Code explanation	Commentary
	• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	•The entire hole has been geologically and structurally logged and the core was photographed by the Codrus geological team, with sampling undertaken based on rock type and mineral alteration observed.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	•Core samples were collected with a diamond drill rig with HQ and NQ diameter core. •After logging and photographing, the drill core was sampled with quarter core cut to be sent for assay. Holes were sampled over intervals up to 4m to geological boundaries. •Sample weight ranged up to 5kg. •Commercial industry prepared independent standards and duplicates taken in quarter core are inserted about every 25 samples. •Sample sizes are considered appropriate for the core sampled.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks,	•The independent laboratory pulverized the entire sample to be analysed as described below. •The diamond core samples were analysed for AU by a 50g fire assay and multi element analysis was by 4 acid digest for Pt, Pd, Ni, Co, Cu, Pb, Zn, As, Cr, Mn, S, Fe, Mg, Al, Si, Ca, Na, K, Ti, Ba, Be, Bi, La, Mo, P, Sb, Sc, Sn, V, W, both with ICP-OES finish. •The analysis techniques are considered quantitative in nature

23

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Criteria	JORC Code explanation	Commentary
	duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	•Certified reference standards were inserted by the Codrus geological team and the laboratory also utilises internal standards for individual batches. •The standards are considerate satisfactory.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	•Assay results are reported in this release. •Geological data has been uploaded into the Codrus geological database. •QAQC samples were checked prior to uploading in the database. •No Twin holes were drilled. •No adjustment to assay data occurred.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	•The diamond drill hole collars are located with handheld GPS to an accuracy of +/- 3m. •The locations are given in GDA94 zone 51 projection.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	•The diamond drill hole targeted 4 different prospects, due to being first pass exploration beneath the paleo cover in these projects.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	•The drill holes are approximately perpendicular to the strike of the geological trends, but drilling is not at right angles to the dip of observed mineralised structures and therefore true widths are less than observed widths. The geological interpretation is at an early stage and future drilling, if warranted, will aim for the best angle of intersection with mineralization.

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Criteria	JORC Code explanation	Commentary
Sample security	• The measures taken to ensure sample security.	•Samples were collected and processed and dispatched to the laboratory by the Codrus geological team.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	•No audits have been completed. Review of QAQC has been caried out by the Codrus geological team.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	•Drilling on various tenements are 100% held by Codrus Minerals. •The tenements P 27/2191-2192-2193-2194-2195-2196 and E27/545, are located 30km NE of Kalgoorlie on the Mt Vetters pastoral lease. •There are no known impediments to operate on these licenses.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	•The tenements have had various level of exploration by a number of companies over the last 70 years. The level of attention varied from nickel to gold explorers. Which led to discovery the Kanowna Bell gold mine to the south and the Black/Silver Swan nickel mine to the north. •Historical work did not test bedrock geology in this project.
Geology	• Deposit type, geological setting and style of mineralisation.	•Gold is typically structurally hosted and related to the Scotia- Kanowna dome. Nickel is komatiite hosted within felsic volcanic and volcaniclastic sequences.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL(Reduced Level – elevation above sea level in	•SNDD001- 370033mE, 6622341mN, 343mRL, -60/270 dip/azi, 382m EOH •SNDD002- 370050mE, 6620900mN, 340mRL, -60/270 dip/azi, 450m EOH • SNDD003-369400mE, 6620895mN, 342mRL,-60/270 dip/azi,283m

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Criteria	JORC Code explanation	Commentary
	metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	EOH •SNDD004- 370100mE, 6625435mN, 345mRL-60/270 dip/azi, 349m EOH
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	•The assay results reported are single sample intervals or aggregated intervals with standard averaging. •Ni, cut off grade of 1500ppm with no more than three consecutive m’s of internal dilution •S, cut off grade of 0.05% with no more than three consecutive m’s of internal dilution •Au, no data aggregation methods were applied to gold, reported values are individual samples •Zn, cut off grade of 0.1% with no more than three consecutive m’s of internal dilution
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	•Mineralised widths are reported as down hole lengths. •The drill holes are approximately perpendicular to the strike of the geological trends, but drilling is not at right angles to the dip of observed mineralised structures and therefore true widths are less than observed widths. •Exact true widths however are not known at this time
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	•Plans and Cross Sections are provided in this report.

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Criteria	JORC Code explanation	Commentary
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	•All holes drilled in this program are reported and traces are shown on the plans and sections provided with this report.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	•The drilling program is widely spaced and was aimed to explore bedrock below the up to 70m thick paleo channels based on previous shallow drill hole results and modelled conductive plates following a geophysical EM survey. •Follow up down hole EM could only be completed in hole SNDD002 as the other 3 holes were blocked at shallow depth.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	•Additional exploration has not yet been planned.

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