ASX-listed Codrus Minerals has extended the option agreement of the Record gold mine at the Bull Run project, in Oregon, US.
The Bull Run consists of 102 claims, of which the company holds a 100% legal and beneficial interest in 91 claims and is party to the Record mine option agreement, covering a further 11 claims.
The Bull Run project is prospective for gold and copper and has been mined intermittently since about 1929 for narrow high-grade gold.
The project has had little modern exploration, with the most recent drilling comprising just three holes completed in the 1980s.
The extension of the option agreement resulted in a yearly option fee payable of $40 000 for an additional three years to January 31, 2027 and a purchase price of $1.25-million should the company elect to exercise the option.