Codrus Minerals Ventures Into Promising Uranium Projects in Canada’s Premier Mineral Provinces

Codrus Minerals Ltd (ASX: CDR) is set to bolster its portfolio with the acquisition of two highly prospective uranium projects situated in Canada’s renowned mineral-rich regions.

The company has recently finalized agreements securing a 100% interest in the Jasper Wedge Uranium Project, strategically located within the prolific Athabasca Basin.

Jasper Wedge, positioned just 45 kilometres southeast of the renowned Cigar Lake uranium mine operated by Cameco (TSX: CCO; NYSE: CCJ), holds immense promise.

Its proximity to major players in the uranium sector, including Cameco (NYSE: CCJ), Denison Mines Corp (TSX: DML; NYSE: DNN), Uranium Energy Corp (NYSE: UEC), and IsoEnergy Ltd (TSV: ISO), underscores its significance.

Notably, Cigar Lake stands as the world’s highest-grade uranium mine, boasting a production tally of 105 million pounds of uranium.

With its geological attributes, Jasper Wedge is deemed ripe for unconformity-hosted uranium mineralisation, akin to the substantial deposits found in the basin, such as the prolific Cigar Lake.

Furthermore, Codrus is also acquiring a 100% interest in the Nanuk Uranium Project, situated in Quebec approximately 125 kilometres west of Voisey’s Bay.

High-grade uranium

Despite minimal historical exploration, Nanuk has exhibited promising signs, with surface samples yielding high-grade uranium concentrations.

Some samples reached up to 5,920 ppm uranium during a sampling program conducted between 2006-2007.

Investor interest

This strategic move into the uranium sector has garnered significant investor interest, with an investment group injecting A$1 million through a strategic placement of 30,142,857 shares at $0.035 per share.

This placement primarily targets institutional and sophisticated investors, with Codrus directors displaying their confidence by subscribing for an additional 1,571,428 shares on the same terms, subject to shareholder approval.

In terms of acquisition specifics, Codrus has entered into a binding agreement to acquire 100% of the issued capital of ElementX Global Pty Ltd.

The consideration is 42,857,143 shares. As of the recent trade, Codrus shares traded at $0.042.

ElementX holds unconditional rights to acquire a 100% interest in the license (MC00016116), encompassing the Jasper Wedge Uranium Project, as well as full ownership of 66 mineral claims constituting the Nanuk Uranium Project.

Portfolio

Beyond uranium, Codrus also maintains exposure to the rare earths sector, having entered into a farm-in and joint venture agreement with Talgomine Minerals Pty Ltd to earn up to a 90% interest in the Karloning Rare Earth Element Project located in Western Australia’s Wheatbelt region.

Additionally, the company holds various interests in Western Australia and Oregon, USA, further diversifying its portfolio and solidifying its position within the mineral exploration landscape.

 

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