Toronto, Ontario — February 19, 2026 — Leads & Copy —
Canstar Resources Inc. has secured an option to acquire a 100% interest in mineral licence 006894M, comprising 17 claims adjacent to its Mary March Project in central Newfoundland. The option agreement with Eagleridge International Limited is dated January 16, 2026.
The Eagleridge Claims adjoin Mary March at Beothuk Lake, extending Canstar’s holdings across the projected eastern continuation of the Mary March-Nancy April volcanogenic massive sulphide (VMS) system.
Canstar President & CEO Juan Carlos Giron Jr. stated the acquisition represents a strategic consolidation of the Mary March system. He noted that the Eagleridge Claims extend Canstar’s control over the projected eastern continuation of the Mary March-Nancy April VMS system and allow execution of the 2026 geophysical and drill programs without constraint.
Giron Jr. added that with a partnership with VMS Mining Corporation, a fully funded 2026 exploration program, and multiple high-confidence targets emerging from a structural model, Mary March represents a rare opportunity.
The acquisition addresses a gap in Canstar’s land position over a structurally complex, high-grade VMS system within the Buchans-Roberts Arm Belt. This belt hosts the historic Buchans Mine, which produced 16.2 million tonnes of ore at average grades of approximately 14.5% Zn, 7.6% Pb, 1.3% Cu, 126 g/t Ag and 1.37 g/t Au between 1928 and 1984.
Mary March has already delivered a significant base metal drill intercept in the belt outside the historic mine area: 9.63 metres grading 4.2 g/t Au, 122 g/t Ag, 10.1% Zn, 1.8% Pb and 0.64% Cu.
Multiple historic drill holes extended eastward beneath Beothuk Lake into the Eagleridge ground encountered strongly altered felsic volcanic rocks consistent with VMS footwall environments. The regional structural model indicates that fault-offset repetitions of the Mary March-Nancy April system may occur to the east.
Securing the Eagleridge Claims allows Canstar to consolidate control of the projected strike and structural continuation of the Mary March system. It eliminates a historic property boundary that bisected the geological model and enables seamless execution of ground geophysics and drilling across the entire target corridor. It also prevents competitive encroachment in a sector of the Buchans belt.
Over the past 12 months, Canstar has staked new licenses and purchased claims from prospectors to systematically expand and consolidate its land package at Mary March.
The Eagleridge Claims are being immediately incorporated into Canstar’s winter 2026 technical/geophysical program, which includes high-resolution drone magnetics, ground-based induced polarization (IP) surveys, and borehole electromagnetic (EM) surveys of select historic drill holes.
Continuous geophysical coverage across the former property boundary is expected to enhance structural interpretation and drill targeting.
These programs are designed to refine high-confidence, structurally informed drill targets in advance of Canstar’s fully funded 2026 drill campaign, expected to commence when ground conditions permit in early 2026 under the Company’s strategic exploration JV with VMS Mining Corp for up to $11.5 million.
The Company has also entered into a land access agreement with a private landholder in the Mary March area. Under the terms of the Access Agreement, dated February 4, 2026, Canstar may access the private land for its winter geophysics program by issuing 79,000 common shares and making a one-time cash payment of $7,500. The transaction remains subject to TSX Venture Exchange approval, and all securities issued will be subject to a statutory hold period.
Under the terms of the Option Agreement, Canstar may acquire a 100% undivided interest in the Eagleridge Claims over a three-year period by issuing an aggregate of 575,000 common shares, making aggregate cash payments of $110,000, and incurring $450,000 in exploration expenditures. Upon receipt of TSX Venture Exchange approval, the Company will issue 100,000 common shares and pay $10,000 in cash. On or before the first anniversary of the agreement, Canstar must incur $100,000 in exploration expenditures, issue 125,000 common shares and pay $25,000 in cash. On or before the second anniversary, the Company must incur an additional $150,000 in expenditures, issue 150,000 common shares and pay $30,000 in cash. On or before the third anniversary, Canstar must incur a further $200,000 in expenditures, issue 200,000 common shares and pay $45,000 in cash. Upon exercise of the option, the Property will be subject to a 1.0% net smelter returns royalty. The transaction remains subject to TSX Venture Exchange approval, and all securities issued will be subject to a statutory hold period.
Bob Patey B.Sc. (Hons), Vice President for Exploration for Canstar and a Qualified Person as defined in NI 43-101, has reviewed and approved all scientific and technical information disclosed in this news release.
Canstar acknowledges the financial support of the Junior Exploration Assistance (“JEA”) Program from the Government of Newfoundland and Labrador Department of Industry, Energy and Technology.
Canstar Resources Inc. is an exploration company focused on critical minerals and gold. The Company’s 100%-owned Golden Baie Project (489.5 km2) hosts high-grade gold and antimony showings along a major mineralized structure that also hosts a large number of gold deposits. The Buchans and Mary March projects (142.1 km2) are located within the world-class, past-producing VMS zinc-, copper-, gold- and silver-rich Buchans Mining Camp and boast high-grade zinc and copper discoveries.
Source: Canstar Resources Inc.
