Carolina Rush Announces Filing of Maiden Mineral Resource Technical Report for Brewer Gold-Copper Project
Rhea-AI Summary
Positive
- Significant maiden resource estimate with 202,000 oz gold and 16.8M lbs copper in Indicated category
- Additional 210,000 oz gold and 7.9M lbs copper in Inferred category
- Strategic location near producing Haile Gold Mine
- Potential additional resources from backfill material containing 139,000 oz gold and 9.05M lbs copper
Negative
- Resources are not mineral reserves and lack demonstrated economic viability
- Backfill resources require additional studies and metallurgical testing
- Inferred resources have lower confidence level and require further exploration
- Project may face environmental, permitting, and legal challenges
News Market Reaction – PUCCF
In the trading session that priced this news, PUCCF declined 6.23%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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Toronto, Ontario--(Newsfile Corp. - May 2, 2025) - Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) ("Carolina Rush," "Rush" or the "Company") announced that it has filed an independent technical report (the "Technical Report") prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-10") in respect to the maiden mineral resource estimate for the Company's Brewer Gold-Copper deposit ("Brewer deposit"), located in Chesterfield County, South Carolina.
The Technical Report, titled "NI 43-101 Technical Report and Mineral Resource Estimate, Brewer Gold-Copper Project, Jefferson, South Carolina, USA", with an effective date of March 20, 2025, and an issue date of May 2, 205, was prepared under National Instrument 43-101 ("NI 43-101") standards by Qualified Persons (QP), Patrick O. Quigley and Patrick J. Hollenbeck.
The Brewer Gold-Copper Project is located at the past-producing, 397-hectare Brewer Gold Mine property in Chesterfield County, South Carolina, 13 kilometers along trend from the producing Haile Gold Mine (https://oceanagold.com/operation/haile/). The proximity of the Brewer Gold-Copper Project to the Haile Gold Mine does not imply that mineralization or results from Haile are indicative of mineralization at Brewer.
Table 1: Brewer in Situ Mineral Resource Statement (0.5 g/t Au cutoff):
| Average Value | Material Content | ||||
| I&I | Mass | Au | Cu | Au | Cu |
| thousand tonnes | g/t | ppm | thousand oz | thousand lbs. | |
| Indicated | 6,022 | 1.04 | 1,266 | 202 | 16,811 |
| Inferred | 7,805 | 0.84 | 460 | 210 | 7,908 |
| Differences may occur in totals due to rounding. | |||||
(1) Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
(2) The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
(3) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
(4) The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
(5) A NI 43-101 Technical Report supporting the Maiden Mineral Resource Estimate is filed on SEDAR+ at www.sedarplus.ca. Investors are encouraged to review the full report, which will provide further details on key assumptions, parameters, and risks associated with the Mineral Resource Estimate.
Table 2: Brewer Inferred Backfill Mineral Resource Statement:
| Average Value | Material Content | ||||
| Backfill Model | Mass | Au | Cu | Au | Cu |
| thousand tonnes | g/t | ppm | thousand oz | thousand lbs. | |
| HLP 1-4 | 2,000 | 0.17 | 94 | 11 | 414 |
| HLP 5 | 1,579 | 0.49 | 863 | 25 | 3,007 |
| HLP 6 | 2,429 | 0.22 | 292 | 17 | 1,561 |
| Waste Rock | 5,159 | 0.49 | 343 | 80 | 3,897 |
| B6 (Waste Rock) | 733 | 0.26 | 105 | 6 | 171 |
| Total | 11,900 | 0.36 | 345 | 139 | 9,050 |
| Differences may occur in totals due to rounding. | |||||
(1) Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
(2) The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
(3) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve.
(4) The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
(5) Details on the metallurgical properties and processing methods required to extract gold and copper from the backfill material have not been undertaken. As such, the Backfill resource is considered theoretical and additional studies are required to report the inferred resources at a higher level of confidence. No cutoff grade was applied to the backfill mineral resource.
(6) A NI 43-101 Technical Report supporting the Maiden Mineral Resource Estimate is filed on SEDAR+ at www.sedarplus.ca. Investors are encouraged to review the full report, which will provide further details on key assumptions, parameters, and risks associated with the Mineral Resource Estimate.
Qualified Person
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and reviewed and approved by Patrick Quigley, MSc, CPG-12116, the Company's Senior Geologist and Exploration Manager and a Qualified Person as defined by NI 43-101.
About Carolina Rush
Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) is a U.S.-focused exploration company
A maiden NI 43-101 mineral resource estimate with an effective date of May 2, 2025, outlines 202,000 ounces of gold in the indicated category (6.0 Mt @ 1.04 g/t Au) plus another 210,000 ounces of gold in the inferred category (7.8 Mt @ 0.84 g/t Au), with significant expansion potential in multiple directions. In addition, a resource estimate of the backfill material contained in the former open pit estimates 139,000 ounces of gold in the inferred category (11.9 Mt @ 0.36 g/t Au). Supported by a seasoned technical team, established infrastructure, and strong community relationships, Carolina Rush is aggressively advancing Brewer's near-surface epithermal and deep porphyry potential.
For further information, please contact:
Layton Croft, President and CEO
or
Jeanny So, Corporate Communications Manager
E: info@thecarolinarush.com
T: +1.647.202.0994
For additional information please visit our new 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 which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. This news release contains forward-looking information pertaining to the Company's 2025 Maiden MRE; that the mineral resource remains open at depth, the potential for future MRE growth from deeper drilling, and/or future exploration. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's 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/250648