Canstar Resources Inc. (TSXV: ROX) has entered into an option agreement dated January 16, 2026, with Eagleridge International Limited to acquire a 100% undivided interest in mineral licence 006894M, which comprises 17 claims located adjacent to the Company’s Mary March Project in central Newfoundland.
The Eagleridge Claims directly adjoin Mary March at Beothuk Lake, extending Canstar's control across the projected eastern continuation of the Mary March-Nancy April volcanogenic massive sulphide (VMS) system.
Strategic Acquisition
Juan Carlos Giron Jr., President & CEO, remarked, "This is a strategic consolidation of the Mary March system. The geology does not stop at the former property boundary, and neither should our exploration. The Eagleridge Claims allow us to execute our 2026 geophysical and drill programs without constraint."
He further highlighted the partnership with VMS Mining Corporation, noting a fully funded exploration program for 2026 with multiple high-confidence targets emerging from their structural model, suggesting a rare opportunity for high-grade VMS potential in an underexplored district.
Historical Context
This acquisition fills a crucial gap in Canstar's land position over a structurally complex, high-grade VMS system within the Buchans-Roberts Arm Belt, historically known for the Buchans Mine which produced significant ore grades between 1928 and 1984.
Mary March has already shown promise with one of the most significant base metal drill intercepts in the belt, reporting 9.63 metres grading 4.2 g/t Au, 122 g/t Ag, 10.1% Zn, 1.8% Pb, and 0.64% Cu.
Exploration Initiatives
Canstar's recent activities over the past year include staking new licenses and acquiring claims from prospectors to enhance its land position at Mary March. With the Eagleridge Claims now secured, Canstar plans to integrate them into its winter 2026 technical and geophysical program which will refine drill targets ahead of a fully funded drilling campaign set to commence early in 2026.
Access Agreement
Additionally, Canstar has signed a land access agreement with a private landholder in the Mary March area, allowing access for its winter geophysics program in exchange for 79,000 common shares and a cash payment of $7,500, pending TSX Venture Exchange approval.
Option Agreement Details
Under the terms of the Option Agreement, Canstar can acquire a 100% undivided interest in the Eagleridge Claims over three years by issuing 575,000 common shares, making cash payments totaling $110,000, and incurring $450,000 in exploration expenditures. Upon TSX approval, the Company will issue 100,000 common shares and pay $10,000 in cash.
As the exploration programs proceed, Canstar acknowledges the financial support received from the Junior Exploration Assistance Program from the Government of Newfoundland and Labrador, which has been instrumental in advancing its Buchans-Mary March and Golden Baie projects.
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