Codrus Minerals Limited (ASX: CDR) jumps 72% in 3 months: Where is the stock heading?.

Mon 08 May 23, 09:33 AM | Team Kalkine

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Gold-focused explorer Codrus Minerals Limited (ASX: CDR) ended 3.33% higher at AUD 0.155 on Monday, 8 May 2023, extending last week's gains. On Friday, CDR shares rallied 20% after the company announced assay results from its first drill hole in the Karloning REE-Niobium Project in WA.

As per the announcement, CDR's maiden drill program at its Karloning REE-Niobium Project, which was acquired in November last year, intersected a significant zone of mineralisation, containing high-grade clay-hosted rare earth element (REE). The drilling program, which was aimed at confirming the project’s credentials as a growth and diversification opportunity for the company in the rare earths sector, returned a high-grade intercept of 12m grading 2,680ppm TREYO1 including 4m grading 4,764ppm TREYO.

All the samples received from the drilling program have been submitted to the laboratory for further analysis and the company is currently assimilating the geological data received to date and refining the geological context for the remaining drill-holes for which analysis is yet to come.

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