Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) announced that OceanaGold Corporation has terminated its Earn-In to Joint Venture Agreement on the Brewer Gold-Copper Project in South Carolina, returning full ownership and operational control to Carolina Rush. As a result, the company retains 100% interest in Brewer along with all exploration data, drill core, and geological interpretations generated through approximately US$2 million of OceanaGold-funded exploration. The development means Carolina Rush shareholders retain full exposure to any future exploration success at the project, which the company says is now better understood geologically than when the earn-in was signed approximately one year ago.

Key Points

  • Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) is a gold and copper exploration company focused on the southeastern United States
  • OceanaGold has terminated the Earn-In Agreement on Brewer, restoring 100% interest and control to Carolina Rush
  • Carolina Rush retains all exploration data and drill core from approximately US$2 million of partner-funded exploration; two priority porphyry drill holes have been identified for Phase II
  • Investors may be watching for drilling results from the first of two priority deep holes, which the company says it is funded to advance

OceanaGold Exit Leaves Carolina Rush With Full Brewer Ownership and Partner-Funded Data

OceanaGold advised Carolina Rush that its decision to terminate reflects Brewer's porphyry opportunity remaining at an earlier stage of exploration. Had OceanaGold funded an additional approximately US$6 million — reaching a total of US$8 million — it would have earned a 50% interest in the project. Instead, Carolina Rush retains 100% of Brewer together with more than 2,500 metres of drill core and all geological interpretations produced during the 2026 program. The companies indicated they intend to maintain an open dialogue as Carolina Rush advances the project independently.

2026 Drilling Advances Porphyry Copper-Gold Model at Brewer

The OceanaGold-funded 2026 program comprised three deep holes — Holes 37, 38, and 39. Hole 38 previously intersected 60 metres grading 681 ppm copper and 0.24 g/t gold from 1,027 metres downhole, and 68 metres grading 470 ppm copper and 0.15 g/t gold from 936 metres. Hole 39 intersected 51.15 metres grading 0.62 g/t gold and 0.22% copper from 214.0 metres, including 12.12 metres grading 1.04 g/t gold and 0.60% copper, located approximately 50 metres beyond the nearest hole informing the current mineral resource estimate. True widths have not yet been determined.

Dr. Sillitoe Review Defines Two Priority Deep Holes for Phase II Program

Independent consulting geologist Dr. Richard H. Sillitoe completed a review of the 2026 drill core and concluded that the results support a tilted porphyry copper model, with Hole 38 indicating Brewer has the potential to be a gold-rich porphyry copper system. His report recommended two additional deep holes farther northwest and west-northwest to test the system's copper-gold potential. Carolina Rush states it has sufficient working capital to advance the first priority hole, with results from that hole to inform the design of the second. No mineral resource has been defined for the deeper porphyry system.

Brewer's Existing Mineral Resource and Expanded Land Position Underpin Strategy

Carolina Rush's 2025 maiden mineral resource estimate for Brewer includes an Indicated resource of 6.2 million tonnes grading 0.97 g/t gold and 0.12% copper, and an Inferred resource of 8.8 million tonnes grading 0.74 g/t gold and 0.04% copper. Together with the adjacent Jefferson Project, Brewer forms an approximately 3,480-acre contiguous land position in Chesterfield County, South Carolina. The company also noted improved commercial terms on the underlying Brewer option agreement, including removal of a cash payment at closing and spreading payments over ten years once new mining operations are permitted.