Canstar Finalizes JV with Proven Discovery Leaders

Core Viewpoint - Canstar Resources Inc. has finalized a joint venture agreement with VMS Mining Corporation to advance the Mary March VMS project in Newfoundland, which is expected to enhance exploration efforts and funding for the upcoming drill program in 2026 [1][15]. Financial Aspects - Canstar will receive an immediate non-dilutive cash payment of C$1.0 million to support the winter technical program and prepare for the 2026 field season [2]. - The joint venture anticipates a subsequent investment of C$4.0 million by VMS Mining Corporation, which is expected to align with the planned 2026 drill campaign [3][13]. - The joint venture structure allows VMS Mining Corporation to earn up to a 60% interest by investing a total of C$11.5 million in exploration expenditures, structured in three phases [16][28]. Technical Leadership and Expertise - Dr. Harold Gibson, a leading authority on VMS systems, is guiding the exploration at Mary March, supported by Dr. Rodney Allen, a recognized VMS specialist [4][5]. - The exploration strategy integrates modern geological methods, including lithogeochemistry and geophysical reprocessing, to define drill targets within the Buchans volcanic package [5][10]. Project Context and Potential - The Mary March project is located near the historic Buchans mining camp, known for high-grade VMS deposits, yet remains underexplored with modern techniques [6][10]. - Historical production in the Buchans camp includes over 700,000 ounces of gold and 60 million ounces of silver, indicating the potential for significant mineralization at Mary March [6][10]. Strategic Positioning - Canstar's combination of a high-grade district, a robust exploration model, non-dilutive funding, and a strong leadership team positions the joint venture favorably for the upcoming exploration program [7][13]. - The leadership team at VMS Mining Corporation has a proven track record, having been involved in over US$8 billion in corporate transactions and significant gold discoveries globally [8][9].