Toronto, Ontario--(Newsfile Corp. - September 21, 2026) - Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) ("Carolina Rush" or the "Company") announced that it has received notice from OceanaGold Corporation ("OceanaGold") terminating the Earn-In to Joint Venture Agreement (the "Earn-In Agreement") relating to the Company's Brewer Gold-Copper Project ("Brewer" or the "Project") in South Carolina, USA. As a result, Carolina Rush retains 100% interest and operational control of Brewer, together with all exploration data, analysis and drill core generated through approximately US$2 million of exploration funded by OceanaGold.

OceanaGold has advised Carolina Rush that its decision reflects the fact that Brewer's porphyry opportunity remains at an earlier stage of exploration. The companies intend to maintain an open dialogue as Carolina Rush continues to advance Brewer.

The exploration completed during 2026 materially advanced the Company's understanding of the broader Brewer hydrothermal system and strengthened the geological framework for targeting a potential porphyry source across the expanded Brewer-Jefferson land position. Carolina Rush now has a stronger understanding of the mineralized system than when the Earn-In Agreement was entered into approximately one year ago, with an updated geologic model (see Figure 1) and priority targets identified for follow-up drilling (see Figure 2).

The Company currently has the capital available to advance the contemplated porphyry drill program and intends to continue testing this opportunity while also evaluating near-surface opportunities to expand Brewer's existing gold-copper resource.

President and CEO Layton Croft stated: "We appreciate OceanaGold's technical contribution and approximately US$2 million of exploration investment at Brewer. We are excited to retain our 100% interest in Brewer with considerably more geological information, a de-risked target and clearer understanding of the opportunity than we had a year ago, including a better understanding of the porphyry system's likely orientation, and full exposure to the upside from future exploration success. The 2026 program sharpened our geologic model and refined the priority targets we now intend to test through the next phase of drilling."

Croft continued: "For Carolina Rush, the next step is about execution. As a company focused entirely on advancing Brewer and Jefferson, we can dedicate our full technical and financial resources to the next phase. We are funded to move directly into the first of two priority deep holes identified through the 2026 program and Dr. Richard Sillitoe's recommendations. At the same time, we intend to continue evaluating near-surface opportunities to grow Brewer's existing gold-copper resource, particularly following the successful Hole 39 intersection outside the current mineral resource estimate."

Highlights

• 100% Brewer interest with approximately US$2 million of partner-funded exploration retained: Carolina Rush retains full interest in Brewer together with the drill core, geological interpretations and exploration data generated through OceanaGold's funded program. Had OceanaGold funded the additional approximately US$6 million to reach a total of US$8 million, it would have earned a 50% interest in Brewer. As a result of the termination, 100% of the benefit of future exploration success at Brewer will now accrue to Carolina Rush shareholders.

• Expanded Brewer-Jefferson land position: Brewer and the adjacent Jefferson Project form an approximately 3,480-acre contiguous exploration position.

• Two priority porphyry holes defined: Based on the 2026 drilling and Dr. Sillitoe's independent review, two priority deep holes have been identified farther northwest and west-northwest of Hole 38 to test the interpreted porphyry system. The results of the first hole will be used to refine the location and orientation of the second hole.

• Additional resource-growth opportunity: Hole 39 intersected gold-copper mineralization beyond the nearest hole informing the current mineral resource estimate.

• Improved commercial terms on the Brewer option: The amended option agreement removes the cash payment at closing and spreads payments over ten years beginning once new mining operations are permitted.

• Established brownfield setting: Brewer is a former producing mine with an established environmental and regulatory history, providing a well-defined framework for evaluating future redevelopment scenarios.

2026 Drilling Strengthens Porphyry Copper-Gold Model

In 2026, OceanaGold funded a three-hole deep-drilling program at Brewer comprising Holes 37, 38 and 39 and producing more than 2,500 meters of core. The program materially improved the Company's understanding of the large magmatic-hydrothermal system beneath and around the former Brewer gold mine (see Figure 1).

As previously announced on June 25, 2026, Hole 38 (B26C-038) intersected: 60 meters grading 681 ppm Cu and 0.24 g/t Au from 1,027 meters downhole; and 68 meters grading 470 ppm Cu and 0.15 g/t Au from 936 meters within and below Brewer's lithocap. Hole 37 (B26C-037) identified an extensive hydrothermal alteration system with sparse porphyry-style veining and chalcopyrite mineralization.

As previously announced on July 13, 2026, Hole 39 (B26C-039) intersected 51.15 meters grading 0.62 g/t Au and 0.22% Cu from 214.0 meters, including 12.12 meters grading 1.04 g/t Au and 0.60% Cu. The interval is located approximately 50 meters beyond the nearest hole informing the current mineral resource estimate. True widths have not yet been determined.

Patrick Quigley, Vice President of Exploration, commented: "The 2026 drilling materially improved our understanding of Brewer. The deep holes helped explain previously identified geophysical anomalies and provided important support for the tilted porphyry model. Hole 38 intersected porphyry-style copper-gold mineralization and related alteration beneath the lithocap - a very important geological development in our search for the source of the Brewer hydrothermal system. Dr. Sillitoe's subsequent review identified areas further northwest and west-northwest where additional deep drilling is recommended. These holes are designed to intersect the interpreted porphyry intrusion and test the Cu-Au potential of the system."

Two Priority Porphyry Holes Defined

Dr. Richard H. Sillitoe is an independent consulting geologist and internationally recognized authority on porphyry copper and related epithermal gold deposits. Over a career spanning more than five decades, Sillitoe has advised exploration and discovery programs involving porphyry systems around the world, and has published extensively on the geology and exploration of these deposit types. Dr. Sillitoe has visited Brewer on four occasions, most recently in June 2026.

Following his June 2026 site visit, Dr. Sillitoe completed a report titled "Further Comments on Geology and Porphyry Copper Exploration at Brewer, South Carolina," based on a three-day review of the 2026 drill core.

His report concluded, among other things, that:

• The 2026 drilling supports the previously proposed tilted porphyry copper model;

• Evidence from Hole 38 (B26C-038) indicates that Brewer has the potential to be a gold-rich porphyry copper system, although its grade remains unknown;

• The potassic alteration zone is interpreted as the prospective environment for an early porphyry intrusion potentially associated with higher copper and gold values; and

• Two additional deep drill holes are recommended farther northwest and west-northwest to test the copper-gold potential of the system.

Dr. Sillitoe's June 2026 report, Further Comments on Geology and Porphyry Copper Exploration at Brewer, South Carolina, is available on the Company's website (view full report here).

Based on these recommendations and the Company's interpretation of the 2026 drilling, Carolina Rush has identified two priority deep drill holes to test the interpreted porphyry system farther northwest and west-northwest, including areas toward the Brewer-Jefferson property boundary. The Company intends to drill the first hole and use the geological and analytical results to refine the location, orientation and design of the second hole before proceeding.

The deeper porphyry copper-gold opportunity at Brewer remains an exploration-stage target. No mineral resource has been defined for the deeper porphyry system, and there is no certainty that further exploration will result in the delineation of a mineral resource.

Figure 1: Proposed Phase II Porphyry Drill Plan 

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Phase II Porphyry Exploration

Carolina Rush's immediate porphyry exploration priority is to advance the first of two priority deep holes identified following Dr. Sillitoe's review of the 2026 program. Results from the first hole will be incorporated into the Company's geological model and used to refine the location and design of the second priority hole.

The Company believes it has sufficient current working capital to undertake the presently contemplated Phase II porphyry program. Final program scope, timing and budget are being determined.

Beyond these initial holes, continued porphyry exploration would require additional technical work and drilling and may require additional financing. The Company will assess future funding requirements in the context of drill results, ongoing corporate requirements and opportunities to advance Brewer's existing near-surface gold-copper mineral resource.

As a former producing mine, Brewer benefits from an established brownfield setting and a long-standing environmental and regulatory history. The Company believes this existing framework may provide advantages when evaluating future redevelopment scenarios.

As previously announced on August 11, 2026, the Company expanded the Jefferson Project to approximately 2,568 acres across ten mineral leases. Together with Brewer, the two projects form an approximately 3,480-acre contiguous land position.

The Company also announced on August 12, 2026, that it had amended the underlying Brewer option agreement to improve the commercial terms and align certain payments with future project development milestones.

Figure 2: Porphyry Copper-Gold and Epithermal Gold Priority Drill Target Areas 

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https://images.newsfilecorp.com/files/5156/315161_f4107567f4ee0816_004full.jpg

Brewer Mineral Resource

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 and produced approximately 178,000 ounces of gold before mining ended in the mid-1990s.

Carolina Rush's exploration since early 2020 has identified a large and complex magmatic-hydrothermal system below and around the former mine.

The Company's 2025 maiden Mineral Resource Estimate for Brewer 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 and 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 gold and copper exploration in the southeastern United States. The Company controls the Brewer Gold-Copper Project and the adjacent Jefferson Project, in Chesterfield County, South Carolina, comprising an approximately 3,480-acre contiguous land position. Brewer hosts an NI 43-101 mineral resource and a large hydrothermal system being evaluated for both near-surface gold-copper resource growth and deeper porphyry copper-gold potential. Brewer is located approximately 13 km from OceanaGold's producing Haile Gold Mine. Information from nearby properties is not necessarily indicative of the mineralization at Brewer.

For additional information, please visit our website at https://thecarolinarush.com and our X feed: https://x.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 within the meaning of applicable Canadian securities laws. Forward-looking information may include, but is not limited to, statements regarding the Company's exploration strategy and plans for the Brewer Gold-Copper Project and Jefferson Project; the proposed Phase II porphyry copper-gold exploration program, including the advancement and drilling of two priority deep holes identified following the 2026 drilling program and Dr. Richard Sillitoe's review; the timing, scope and budget of future exploration programs; the Company's ability to fund the presently contemplated two-hole drill program from existing working capital; the potential need for additional financing to support subsequent exploration, drilling, corporate requirements or other activities; the interpretation, continuity, extent and potential of the mineralized and hydrothermal systems at Brewer and Jefferson; the potential for deeper porphyry copper-gold mineralization; the potential to expand Brewer's existing near-surface gold-copper mineral resource, including through follow-up to Hole 39; the integration of Brewer and Jefferson into a broader exploration strategy; and the advancement, development and strategic potential of the Company's South Carolina projects.

Forward-looking information is based on management's current expectations, estimates, assumptions and beliefs as of the date of this news release. Such assumptions include, among other things, the availability of sufficient funding, personnel, equipment and contractors to carry out planned exploration activities; the timing and results of future drilling and technical work; the validity of current geological interpretations; commodity prices and market conditions; and the receipt of any required regulatory, governmental or third-party approvals.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. These risks include, but are not limited to, the speculative nature of mineral exploration and development; uncertainty regarding geological interpretations and exploration results; the possibility that proposed drill targets may not result in the discovery or delineation of economically significant mineralization or a mineral resource; changes in exploration plans, budgets or timing; the availability and cost of financing; changes in equity and debt markets and commodity prices; operational, permitting and regulatory risks; and other risks described in the Company's continuous disclosure filings available under its profile on SEDAR+.

Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, there can be no assurance that they will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/315161

Source: Carolina Rush Corporation