Codrus Minerals (ASX:CDR) Shares Gain: Why Is the Stock Moving Higher?

Sonal Goyal

13 November 2026 01:19 PM AEDT

Codrus Minerals (ASX:CDR) Shares Gain: Why Is the Stock Moving Higher?

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Key Highlights

Codrus Minerals shares were trading at $0.029 during the 13 November 2026 session, up 7.41%.
A drilling contract has been signed for an initial exploration program at the Quest End prospect in North Queensland.
The first two diamond holes are designed to verify historic percussion drilling results.

During the Trading session on 13 November 2026, Codrus Minerals Ltd (ASX:CDR) shares were trading at $0.029, up 7.41%, while the S&P/ASX 200 was down 0.73% at 9,079.70 at 12:39 pm AEDT. Codrus is an exploration company with a focus on its Copperhole Creek Project in North Queensland, which it acquired during 2026. Its latest update was an ASX announcement dated 6 November 2026 on the start of drilling at the project.

Drilling contract signed at Quest End

Codrus has signed a drilling contract for an initial exploration program at the Quest End prospect, located within the Copperhole Creek Project in EPM 27734. The company said drilling is expected to start in November 2026. Diamond drilling was chosen so that core can be oriented, which will give the true orientation of the mineralised structure and guide any follow-up drilling.

Testing historic percussion results

The first hole is designed to twin the PDE6 intercept, crossing the mineralised zone close to perpendicular at about 50 to 60 metres downhole. Codrus said this will test whether historic grades and widths can be reproduced using modern drilling, sampling and assay quality control. A second hole, stepped back from the first, will test whether mineralisation continues down-dip of PDE6. Samples will be analysed for a full multi-element suite, including indium.

Sector context

Historic percussion drilling is often the starting point for junior explorers acquiring older projects, and modern drilling is used to confirm whether earlier results can be repeated. Projects of this kind depend heavily on the reliability of historic data, and results from verification holes can change how the project is valued and where follow-up work is focused.

Risks investors are watching

The first two holes are intended to verify historic results rather than to establish new ones, and the outcome may differ from the earlier percussion data. Drilling has not yet started at the time of the announcement, so timing could move. The company's share price, at 2.9 cents, is also exposed to funding needs for any expanded program.

What to watch ahead

Investors will look for the start of diamond drilling at Quest End in November, the assay results from the twinned hole and the step-back hole, and any decision on further drilling at Copperhole Creek.

Final Word

Codrus' latest update sets out a diamond drilling program aimed at testing historic copper results at Quest End. The first assays will show whether the earlier intercepts can be reproduced.

FAQs

Q: Where is the Quest End prospect?

A: The Quest End prospect is within the Copperhole Creek Project in EPM 27734, in North Queensland.

Q: Why was diamond drilling chosen?

A: Diamond drilling allows the core to be oriented, which gives the true orientation of the mineralised structure.

Q: What will the first hole test?

A: It is designed to twin the PDE6 intercept and test whether historic grades and widths can be reproduced.

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