Codrus issued 40 million shares at 20c per share in an IPO lead managed by PAC Partners and Westar Capital.

About 4.2 million shares in the company changed hands, and it closed even at 20c.

The stock traded in a range of 18.5-21c.

Codrus managing director Shannan Bamforth told MNN the stock should be well-supported as there were no vendor or seed shares issued and the company had a tight capital structure.

The company was a spin-off from nickel developer Blackstone Resources.

Blackstone retains a 46% stake in Codrus, escrowed for two years.

Codrus holds four grassroots gold projects, which are all close to existing mines.

About a quarter of Codrus' budget for the next two years has been allocated to Silver Swan South, which sits along strike from Northern Star Resources' Kanowna Belle gold mine in Western Australia's Goldfields.

The project is also considered prospective for nickel given its proximity to the Silver Swan mine.

Silver Swan South has returned historical gold results but has been poorly tested below the transported cover.

An initial 1600m diamond drilling program is planned to kick off next month.

The Red Gate project is considered prospective for high-grade gold as it sits in a similar setting to the nearby Porphyry mine in the Edjudina mining centre.

An induced polarisation survey has identified a high-priority target at Porphyry West.

Drilling is planned for Red Gate in August/September.

The Middle Creek project is 10km from Novo Resources' Nullagine mill in the Pilbara.

The project has never been drilled, which Codrus plans to rectify early next year.

The company's only project outside WA is Bull Run, which sits in a gold-producing area of Oregon in the US.

The project sits near the border of Idaho but has not been subject to any modern exploration.

"The company is in a great position to achieve this given the outstanding prospectivity and tier one location of all our projects," Bamforth said.

"These are fantastic projects and we believe we have the team, the skills and the financial resources to add value to them very quickly. It promises to be an exciting year for shareholders!"

Bamforth joined Codrus from Sandfire Resources, where he spent 10 years as general manager, geology.

Venture Minerals executive director Andrew Radonjic and accountant Jamie Byrde sit on the board as non-executive directors, with Radonjic as chairman and Byrde also acting as company secretary.