Toronto, Ontario–(Newsfile Corp. – February 28, 2024) – Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) (“Carolina Rush,” “Rush” or the “Company”) is pleased to report assay results from the core hole B23C-021, the first follow-up drill hole at the Tanyard Breccia. The Tanyard Zone is a new diatreme breccia zone discovered 150 m south of the historic Brewer Breccia. The Tanyard Zone was discovered in drill hole B21C-015 in 2021, which intersected 62.4 m of 1.03 g/t Au and 0.15% Cu from 44.6 m (see news release dated 24 November, 2021).

Drill results for B23C-021 include:

• 9.5 m @ 0.36 g/t Au from 55.0 m
• 10.5 m @ 0.42 g/t Au from 76.0 m
• 62.5 m @ 8.45 g/t Au from 111.5 m
  • Inc. 16.3 m @ 2.83 g/t Au and 1.0% Cu from 132.0 m
  • And 2.5 m @ 168.72 g/t from 170.5 m
  • Intercepts based on minimum 4.0 m @ >0.3 g/t Au are uncut and allows for 3 m of internal dilution

Layton Croft, President and CEO, stated: “Hole 21 is the most significant hole that we’ve drilled at Brewer to date. To report these results on the heels of a re-negotiated option agreement, in which we have nearly seven years to explore the property on a no-cost basis, is game-changing for the project and our company.”

Patrick Quigley, Senior Geologist and Exploration Manager, stated: “We are thrilled to release the results of hole 21, which includes the highest gold grades ever reported at Brewer. These results demonstrate the significance of the newly discovered Tanyard Zone, which remains open in all directions. To make a near-surface discovery a stone’s throw from the former mine is testament to how underexplored the Brewer property is.”

The Tanyard Breccia Zone: At surface, the Tanyard Zone consists of a sequence of thin-bedded, highly altered, mainly fine grain sedimentary and volcanoclastic sediments. The sequence was folded into an east-west trending syncline that is exposed for about 1.0 km. The sequence is interpreted to rest unconformably upon the quartz-pyrophyllite altered felsic volcanoclastic rocks which host the main Brewer Breccia. The Tanyard Breccia was intercepted at depth below the Tanyard sequence and is believed to be similar to the Brewer Breccia, with the exception of containing very high-grade gold – telluride mineralization in addition to copper-gold mineralization identified in Drill Hole 21. The Tanyard sequence may represent the upper expression of a Maar Diatreme that was generated with the Tanyard Breccia. Geology, alteration mapping, and induced polarization results indicate that the Brewer and Tanyard breccias are part of a large, +2.0 km diameter diatreme breccia complex, possibly overlying a copper-gold porphyry system.

Figure 1: Geology Map with Drill Holes

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Figure 2: Cross section showing hole 21 and 15

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Table 1: Drill Results for Hole 21

Reported intervals are composited based on minimum 4.0 m width @ >0.3 g/t Au are uncut and allows for 3 m of internal dilution.

Figure 3: Plan Map showing Chargeability at 50 m Elevation

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Additional Drill Results Pending: Results are also pending for hole 23, drilled ~ 100m east of the Tanyard Zone to test a geochemical anomaly, hole 25, drilled ~ 100m west of the Tanyard Zone to test an IP anomaly, and hole 24, drilled ~ 350 meters west of the former mine to test a geophysical target.

Quality Assurance and Quality Control Statement

The Company’s 2023-2024 exploration diamond core drilling was HQ and/or NQ size. 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 ALS Laboratory in Twin Falls, ID 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 (method Au-AA23) 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 (method Au-GRA21). Multielement analyses were analyzed with ICP-MS following a four-acid digestion (method ME-MS61) and samples containing >1.0% copper are analyzed via method Cu-OG62. 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

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. 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.sedar.com. 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.

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