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Highlights
- Canasil has received a CAD 400,000 first anniversary option payment from AuRORA JV for the Brenda project.
- The payment extends the option agreement to a second year and increases the exercise price to CAD 9 million.
- Brenda is a 100%-owned Canasil gold-copper-silver property adjacent to the AuRORA discovery.
- The option agreement includes escalating payments over five years and a 2% NSR royalty retained by Canasil.
Canasil Resources Inc. (TSX-V:CLZ.H) (DB Frankfurt:3CC) has advanced the strategic option on its Brenda gold-copper-silver property with a CAD 400,000 first anniversary payment from AuRORA Minerals Ltd. The payment reflects the ongoing commitment of the joint venture, which is co-owned by Freeport-McMoRan Mineral Properties Canada Inc. and Amarc Resources Ltd., to advancing exploration in one of British Columbia’s most promising mineral regions.
The Brenda property, fully owned by Canasil, lies in the prolific Toodoggone-Kemess porphyry copper-gold belt, immediately east of the recent AuRORA gold-copper-silver discovery and adjacent to the JOY District tenures controlled by the joint venture. Receipt of the payment extends AuRORA JV’s option to acquire the property for a second year and raises the exercise price from CAD 8 million to CAD 9 million, reinforcing the project’s growing value and potential.
Option Payment Extends Brenda Project Agreement
The payment was made under the terms of the February 4, 2025, option agreement originally executed between Canasil and Amarc Resources, which was later assigned to AuRORA JV. Receipt of the first anniversary payment maintains the option for a second year and adjusts the exercise price to CAD 9 million. The agreement allows AuRORA JV to acquire a 100% interest in the Brenda property over a five-year term, with escalating exercise prices in subsequent years.
Brenda Property Location and Geological Setting
The Brenda gold-copper-silver project covers 22 mineral claims within the Toodoggone-Kemess porphyry region. The property lies immediately east of the AuRORA gold-copper-silver discovery and is adjacent to the JOY District tenure held by the AuRORA joint venture, placing it in a highly prospective mining district.
Key Terms of Option Agreement
Under the five-year option agreement:
- AuRORA JV is required to make annual cash payments of CAD 400,000 to maintain the option through the fourth anniversary, totalling CAD 2 million, with CAD 800,000 paid to date. These payments do not apply toward the exercise price.
- The exercise price begins at CAD 8 million in the first year and increases annually to CAD 12 million by year five.
- Canasil will retain a 2% net smelter returns royalty, with the option for AuRORA JV to purchase 1% of the royalty for CAD 5 million prior to commercial production or CAD 10 million afterward.
- Amarc acts as the primary contractor for AuRORA JV and is responsible to annual exploration programs to advance the property.
JOY District Integration and Exploration Plans
The Brenda claims largely fall within the area of common interest defined in the 2021 Freeport-Amarc agreement. In July 2025, Freeport elected to include the full Brenda tenure within the Mineral Property Earn-In Agreement for the JOY District.
In September 2025, Freeport advanced to Stage 2 of the JOY earn-in, committing up to CAD 75 million in exploration expenditures over five years, with a minimum annual spend of CAD 10 million, to increase its interest to 70% from 60%. Exploration programs will be funded by Freeport and managed by Amarc.
Canasil shares traded at CAD 0.060 per share on February 5, 2026.
