Toronto, Ontario--(Newsfile Corp. - April 24, 2024) - Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) ("Carolina Rush" or the "Company") is pleased to announce a 3,000-meter core drill program will commence on April 29 at its flagship Brewer Gold-Copper Project in South Carolina.
Layton Croft, President and CEO, stated: "Initial drill targeting will focus on the newly discovered Tanyard Breccia Zone, south of the former Brewer mine (see Figure 1). To date this zone has been tested with three holes (see Table 1). The most notable result has been the intersection of 62.5-meters @ 8.5 g/t Au and 0.3% Cu in hole B23C-021 (see February 28, 2024 news release). Within the 62.5-meter interval, a 2.5-meter zone of high-grade gold-telluride mineralization (2.5 m @ 169.0 g/t Au) was identified and will be the focus of the initial drill holes (see Figure 2)."
Patrick Quigley, Senior Geologist and Exploration Manager, stated: "Three, 25-meter step outs from hole 21 are planned to determine the geometry and controls on mineralization as well as the relationship between the gold-telluride zone and the breccia-hosted gold-copper mineralization. Additional drilling will focus on extending the Tanyard Breccia Zone along strike and down-dip, where the mineralization appears to correlate with the northern margin of a large chargeability anomaly that has been mapped for >400 meters along strike."
Figure 1: Plan Map Showing Tanyard Zone and Area Planned for Initial Drilling
Figure 2: Example of Gold-Telluride Mineralization Encountered in Drill Hole B23C-021 at 171m Depth. This Sample is From a 1-Meter Interval (170.5-171.5 meters) That Averaged 372.0 g/t Au.
The core sample displays the nature of the gold-tellurides, which occur in quartz veins and as disseminated grains and patches within intensely altered (quartz-pyrophyllite) volcanic host rock.
Table 1: Drill Results to Date at the Tanyard Zone
Drill Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
Cu (%)
B21C-015
44.60
107.00
62.40
1.03
0.15
Incl.
76.50
97.70
21.20
2.23
0.36
B23C-021
55.00
64.50
9.50
0.36
<0.10
76.00
86.50
10.50
0.42
0.16
Incl.
76.00
80.15
4.15
0.66
0.35
111.50
174.00
62.50
8.45
0.28
Incl.
132.70
149.00
16.30
2.83
1.00
And
170.50
173.00
2.50
168.72
<0.10
Incl.
170.50
171.50
1.00
372.00
<0.10
B24C-022
49.00
106.50
56.00
0.70
0.11
Incl.
53.88
80.85
26.97
1.01
0.13
In addition, further to the news release dated April 3, 2024, announcing the closing of the brokered private placement for gross proceeds of $3,227,000, the Company paid the Agents (as such term is defined in the news release dated April 3, 2024) an aggregate of $218,890 in cash commissions and issued the Agents an aggregate of 1,094,450 broker warrants (the "Broker Warrants"). Each Broker Warrant entitles the holder thereof to acquire one Common Share (as such term is defined in the news release dated April 3, 2024) for a period of two years from the Closing Date (as such term is defined in the news release dated April 3, 2024) at an exercise price equal to the Issue Price (as such term is defined in the news release dated April 3, 2024).
Quality Assurance and Quality Control Statement The Company's exploration core drilling programs have utilized HQ and/or NQ sized core. After each drill run, core was placed in designated core boxes by the drill contractors and was delivered directly to the Company's field office in Jefferson, SC, located approximately 6 kilometers from the Brewer property, at the end of each shift. The core was logged and marked for sampling and assaying by geologists contracted by Rush. Samples, typically 1.5 meters in length, were sawn in half using a diamond core saw and one-half of the core was placed in sample bags and tagged with unique sample numbers, while the remaining half was kept in the core box for storage. Each bagged core sample was shipped to the assay laboratory where it was dried, crushed and pulverized to >80% passing -200 mesh. Gold was analyzed by fire assay (30 g) with an AA (atomic absorption) finish with detection limits of 0.005 g/t gold. Samples containing greater than 10.0 g/t gold are analyzed by fire assay with a gravimetric finish. Multielement analyses were analyzed with ICP-MS/ICP-AES following a four-acid digestion. Strict sampling and QA/QC protocols are followed, and assay integrity is monitored internally with a quality control program including the insertion of gold standards and blanks in the sample stream on a regular basis.
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, a Qualified Person as defined by NI 43-101.
About Carolina Rush Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) is exploring the Carolina Terrane in the southeastern USA. Its flagship Brewer Gold-Copper Project is located at the past-producing, 397-hectare Brewer Gold Mine property in Chesterfield County, South Carolina, 17 kilometers along trend from the producing Haile Gold Mine. In January 2023, the Company signed exclusive mineral exploration lease and purchase option agreements for both the 246.6-hectare New Sawyer Gold Mine Property and the 54.6-hectare Sawyer Gold Mine Property, both located on the Sawyer Gold Trend and in Randolph County, North Carolina.
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
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. 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, failure to receive final listing approval of the TSX Venture Exchange, 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.
