Carolina Rush Corporation has announced a significant Earn-In Option Agreement with OceanaGold Corporation regarding its Brewer Gold-Copper Project located in South Carolina. Under the terms of the agreement, OceanaGold is granted the opportunity to earn up to an 80% interest in the Brewer Project, along with the rights to exercise Carolina Rush’s existing option to purchase the Brewer property.
The financial structure of the agreement allows OceanaGold to obtain a 50% interest by investing a total of $8 million in exploration expenditures by December 31, 2027. To reach an aggregate of 80% interest, an additional $12 million must be invested by December 31, 2030. Importantly, OceanaGold is also permitted to assume any historical environmental liabilities in accordance with U.S. Environmental Protection Agency (EPA) financial assurance requirements, further solidifying their commitment to the project.
Upon acquiring a 50% interest, a joint venture will be established, where Carolina Rush will serve as the initial operator of the Brewer Project. The agreement stipulates that Carolina Rush will receive a 10% unallocated cost allowance during this partnership. If OceanaGold exercises the purchase option before reaching the $20 million exploration expenditure threshold, Carolina Rush will be financially carried until that amount is fully invested.
The agreement, however, is contingent upon Carolina Rush obtaining shareholder approval, which is set to be sought at a Special Shareholder Meeting on October 21, 2025. If approval is granted, OceanaGold will allocate an immediate advance of $150,000 for preliminary drilling expenses and pledge a minimum of $1.5 million within the first twelve months.
Layton Croft, the President and CEO of Carolina Rush, expressed enthusiasm about the partnership, emphasizing the potential advancements in exploring the Brewer Project with OceanaGold’s backing. Croft cited OceanaGold’s expertise and financial resources as crucial for realizing the project’s porphyry potential, especially due to its proximity to the operational Haile Gold Mine.
Carolina Rush’s Brewer Project is noted as a large, underexplored system that may host both near-surface epithermal and deeper porphyry-style mineralization. The project is strategically located just 13 kilometers from OceanaGold’s Haile Gold Mine, which is projected to produce between 170,000 and 200,000 ounces of gold in 2025.
As this agreement unfolds, completion is still subject to various conditions, including Exchange acceptance and the approval of its shareholders by special resolution. The company has warned investors of the speculative nature of trading its securities, underlining that not all projected outcomes may materialize due to various industry risks.
In summary, the partnership between Carolina Rush and OceanaGold represents a pivotal step forward in the development of the Brewer Gold-Copper Project, with the potential for significant exploration and production advancements in the coming years, contingent upon shareholder support.
