Carolina Rush Improves Commercial Terms of Brewer Option Agreement with Government
Carolina Rush Improves Commercial Terms of
Brewer Option Agreement with Government
Toronto, Ontario--(Newsfile Corp. - August 12, 2026) - Carolina Rush Corporation (TSXV: RUSH)
(OTCQB: PUCCF) ("Carolina Rush" or the "Company") has negotiated a major modification to its
Option Agreement for the acquisition of the Brewer Mine Property in South Carolina, USA. The
Company has executed the Sixth Amendment to the Brewer Option Agreement with the Brewer Gold
Receiver, significantly improving the terms for purchasing the Brewer Property.
Highlights
The estimated purchase price of US$27 million will no longer be paid in a lump sum at closing;
The purchase price will be paid in 10 equal annual installments, starting if and when new mining
operations are fully permitted by relevant state and federal authorities; and
Financial assurance at closing can be satisfied through one of five non-cash methods (see:
https://www.epa.gov/enforcement/financial-assurance-superfund-settlements-and-orders
)
President and CEO Layton Croft stated: "The Sixth Amendment significantly improves the commercial
terms of our underlying Brewer Option Agreement, thus materially de-risking the Brewer Gold-Copper
Project. We can now purchase the Brewer Property without paying any cash until new mining operations
are fully permitted. If and when that time comes, our payment plan is spread over a decade. We extend
our sincere appreciation to the Brewer Gold Receiver, South Carolina's Department of Environmental
Services, and the U.S. Environmental Protection Agency for their steadfast support of Carolina Rush."
Improved Brewer Option Terms
Under the previous terms, certain costs associated with the Brewer Gold Mine were payable in full upon
closing of the property acquisition. The Sixth Amendment changes the timing of the payable, currently
estimated to be approximately US$27 million, to be paid in 10 equal annual installments of 10% each,
beginning if and when new mining operations are fully permitted. All other provisions of the Agreement
remain in full force and effect. See the Company's
February 21, 2024 news release
for more details.
About the Brewer Gold-Copper Project
The Brewer Gold-Copper Project consists of two land parcels for a total of 912 acres, located in
Chesterfield County, South Carolina. Brewer was historically operated as an open-pit oxide gold mine. It
produced approximately 178,000 ounces of gold before mining ended in the mid-1990s. Carolina
Rush's exploration since 2020 has identified a large and complex magmatic-hydrothermal system below
and around the former mine. The Brewer Project contains near-surface gold-copper mineralization and
deeper porphyry-style exploration potential.
The Company recently completed an initial three-hole deep drilling program at Brewer. For drill results
and analysis see the Company's news releases of
May 4, 2026
,
June 25, 2026
, and
July 13, 2026
.
The Company's 2025 Brewer maiden Mineral Resource Estimate includes:
An Indicated mineral resource of 6.2 million tonnes grading 0.97 g/t gold and 0.12% copper,
containing 192,000 ounces of gold, together with 16.7 million pounds of copper;
An Inferred mineral resource of 8.8 million tonnes grading 0.74 g/t gold and 0.04% copper,
containing 210,000 ounces of gold and 8.3 million pounds of copper; and
An additional Inferred backfill mineral resource of 11. 9 million tonnes grading 0.36 g/t gold and
0.03% copper, containing 139,000 ounces of gold and 9.7 million pounds of copper.
The Mineral Resource Estimate is supported by a Technical Report entitled "NI 43-101 Technical Report
and Mineral Resource Estimate - Brewer Project", with an effective date of March 20, 2025. The report
is filed on SEDAR+ (
www.sedarplus.ca
) and available on the
Company's website
.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Patrick
Quigley, MSc, CPG, Vice President of Exploration for Carolina Rush and a "Qualified Person" as
defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Carolina Rush
Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) is a mineral exploration company focused
on the discovery of gold and copper deposits in the southeastern United States. The Company is
advancing the Brewer Gold-Copper Project and the adjacent Jefferson Project, in Chesterfield County,
South Carolina. Brewer is a large, underexplored hydrothermal system with a near-surface epithermal
gold NI 43-101 mineral resource and compelling exploration potential for deeper porphyry copper-gold
mineralization. Brewer is currently being explored in partnership with OceanaGold Corporation (TSX:
OGC) (NYSE: OGC) under a US$20 million earn-in agreement. Brewer is located 13 km from
OceanaGold's producing Haile Gold Mine. Information from nearby properties is not necessarily
indicative of the mineralization at Brewer.
For further information, please contact:
Layton Croft, President and CEO or
Jeanny So, Corporate Communications Manager
E:
T: +1.647.202.0994
For additional information please visit our website at
http://www.TheCarolinaRush.com/
and our X feed:
https://twitter.com/TheCarolinaRush
.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This news release contains forward-looking information that is not comprised of historical facts.
Forward-looking information may include statements regarding the strategic importance and
exploration potential of the Jefferson Project; the possible continuation of geological, structural,
alteration or mineralized trends from Brewer onto Jefferson; the integration of Jefferson into the
Company's geological interpretation; future exploration activities; and the advancement of the Brewer
and Jefferson projects. Forward-looking information involves risks, uncertainties and other factors that
could cause actual results and events to differ materially from those expressed or implied. These
factors include changes in equity and debt markets, fluctuations in commodity prices, delays in
obtaining required regulatory or governmental approvals, the speculative nature of mineral
exploration, uncertainty regarding geological interpretations and other risks described in the
Company's management's discussion and analysis filed under its profile at
www.sedarplus.ca
.Forward-looking information in this news release is based on the opinions and
assumptions of management considered reasonable as of the date hereof, including that all
necessary governmental and regulatory approvals will be received as and when expected. Although
the Company believes that the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should not be placed on such
information. The Company disclaims any intention or obligation to update or revise any forward-
looking information, other than as required by applicable securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/309275