Codrus Minerals (ASX:CDR) is acquiring two copper and molybdenum exploration projects in Australia and Peru.
The company is obtaining 100% of EdgeMet, which owns the Copperhole Creek Project in Queensland, and the right to earn up to 99.8% of the Tiquihua Project in Peru’s Apurimac region.
The acquisition involves an upfront payment of $100,000 cash, 230 million shares, up to 60 million performance rights, and potential cash milestone payments of up to $1 million.
Located roughly 300km from Townsville and Cairns in Australia, Copperhole Creek encompasses 62km². Historical drilling by BP Mining Development Australia in 1978 returned intercepts including 12m @ 3.27% copper (Cu), 0.66% zinc (Zn), 51 grams per tonne silver, and 0.26% tin from 36m depth at the Questend prospect. Gold was not tested at the time.
Codrus notes that the project contains multiple prospects with a defined land position and ‘significant’ historical exploration results that have not been followed up with modern exploration techniques.
Other prospects within Copperhole Creek include Dorothy, which returned 8.79% copper (Cu), 3.36% lead, and 4.85% Zn from underground sampling in 1971, and Avalon, which returned 10.9% Cu and 5oz Ag from dump sampling.
Meanwhile, the 100-hectare Tiquihua Project in Peru is prospective for high-quality molybdenum, copper, and other critical minerals.
EdgeMet also holds a licence from Rice University for early-stage joule heating technology through subsidiary Syntenix.
Completion of the acquisition is subject to conditions including due diligence, tenement titles confirmation, and shareholder approval at an extraordinary general meeting expected in September 2026.
The performance rights vest upon achieving specific milestones, including announcing a drill intercept of 10% Cu over 1m at Copperhole Creek within 12 months, and demonstrating 40% and 90% molybdenum concentrates from Tiquihua within 18 and 24 months, respectively.
Additionally, Codrus secured firm commitments for a $2.5 million placement at $0.025 per share through the issue of 100 million shares across two tranches, with the second requiring shareholder approval.
Funds will support exploration at existing assets — including the Bull Run Project, Karloning rare earth elements project, and uranium projects — as well as the newly acquired assets.
Codrus Minerals is a mineral explorer focused on critical metals, copper, uranium, rare earths, and gold.
Write to Paula Fabe at Mining.com.au
Images: Mining.com.au
