Gold Hart Copper and Rhyolite Resources Enter into Definitive Arrangement Agreement; Gold Hart Completes Diamond Drill Hole at Tolita Gold-Copper-Moly-Silver Asset in Vicuna District of Chile
13:36 Uhr | Newsfile
RC Drill Campaign to Launch at Tolita in Coming Days; Gold Hart Copper Also Announces First Comprehensive Geochemical Surveys at Nessa Complex Known to Host 13 Historic High-Grade Artisanal Gold & Copper Mining Pits;
Toronto, April 7, 2026 - Gold Hart Copper Corp. (TSXV: HART) ("Gold Hart" or "HART") and Rhyolite Resources Ltd. (TSXV: RYE) ("Rhyolite" or "RYE") are pleased to announce that they have entered into a definitive arrangement agreement (the "Arrangement Agreement"), pursuant to which, among other things, Gold Hart will acquire 100% of the issued and outstanding common shares of Rhyolite, and the Rhyolite shareholders will receive one Gold Hart common share for every 2.6 Rhyolite common shares (the "Consideration") held (the "Proposed Transaction"). The signing of the Arrangement Agreement follows the completion of an oversubscribed, concurrent $18,613,613.72 Gold Hart financing announced on March 16, 2026 and supersedes the binding letter agreement announced on February 17, 2026. Further details on the Proposed Transaction may be found below.
Gold Hart is also pleased to announce completion of the latest diamond drill hole - DDHTOL04 - at its Tolita Gold-Copper-Moly-Silver Asset in the Vicuña District of Chile. Reverse circulation drilling is now set to commence at Tolita's high-grade trench in the coming days.
Additionally, Gold Hart Copper has launched the first comprehensive geochemical survey at its Nessa Complex, which follows upon the success of the high grade gold and copper results obtained in the preliminary survey announced February 23, 2026.
Gold Hart Copper - TOLDDH01 - 1.051km
The TOLDDH01 hole was completed to a final depth of 1,051m. Drilling was halted when the rig began to slow and showed signs of mechanical strain. Although the core continued to display strong veining and remained geologically compelling, Gold Hart geologists made the strategic decision to end the hole to preserve rig integrity and ensure sufficient time to complete an additional hole before the end of the season. The Company cautions that drill core visuals may not be reliable indicators of mineralization and are therefore not to be relied upon in any meaningful way.
Core recovered from TOLDDH01 exhibits classic porphyry style mineralization over an exceptionally encouraging 700m interval, marked by consistent, multi generation veining that reflects a robust hydrothermal system. Quartz veining and stockworks dominates the interval and is associated with sulfides, most commonly with argillic - phyllic alteration overprinting the potassic zones often forming well defined halos in the veins.
Visible chalcopyrite occurs locally as fine disseminations, veinlets, and fracture coatings, with bornite also present, as well as occasional covellite in the 300 - 500m interval. While these copper minerals provide a clear mineralized signature, they are not present in volumes that would necessarily indicate unusually high copper grades. Nevertheless, the sheer width of the hypothesized mineralized interval is enormously encouraging for planning and vectoring future drill holes. This zonation provides an important vector for refining our geological model and guiding the placement of the next drill hole.
Overall, the continuity of veining, consistent alteration, and presence of copper bearing sulfides throughout paint a highly positive picture of the system's scale and potential, adding meaningful confidence as we advance the exploration program.
Gold Hart Copper - DDHTOL01 - 1
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Gold Hart Copper - DDHTOL01 - 2
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Gold Hart Copper - DDHTOL01 - 3
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Gold Hart Copper - DDHTOL01 - 4
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Gold Hart Copper - DDHTOL01 - 5
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Gold Hart Copper - DDHTOL01 - 6
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Gold Hart Copper - DDHTOL01 - 7
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Gold Hart Copper - TOLDDH04 - 551m
The TOLDDH04 hole was completed to a final depth of 551m. The hole was terminated for several reasons, primarily due to geological signals associated with the conductive structure being weaker than expected and not showing a significant change with depth. In addition, the hole began to deviate early in its inclinations, changing its dip from the planned 60º to approximately 48º by the end. While such deviations are not uncommon, this deviation increased the mechanical stress on the rig and progressively moved the hole away from the original target. Further deepening of the hole was anticipated to become technically challenging, with slower advance rates while simultaneously moving farther from the zones of interest given the drilling azimuth. Nonetheless, a total depth of more than 500m still represents a relatively deep hole and provides valuable geological information for the projects geological models.
Gold Hart Copper - DDHTOL04 - 1
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Gold Hart Copper - DDHTOL04 - 2
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Flagship Gold Copper Moly Silver Porphyry Target in Vicuña District
On February 23, 2026, Gold Hart announced completion of the drill hole DDHTOL01, which reached a depth of approximately 1,053m. Interestingly, the core continued to display encouraging characteristics, with multiple intervals showing strong hydrothermal alterations and mineralization consistent with a fertile porphyry-style environment. Gold Hart geologists observed multiple generations of veinlets and stockworks with varying intensities over intervals up to several hundred meters, banded veinlets with thicknesses of several cm, and locally chalcopyrite and bornite mineralization has been recognized in several of these veinlets. HART geologists do not believe the drill intercepted the same fault which caused a sterile zone in the middle of the initial 2 diamond holes.
Gold Hart recently hosted a site visit which included tours of the Tolita & Nessa assets. Gold Hart board and advisory board members including the honourable John R. Baird, Mark Kucher, and Aleta Shiff were also in attendance. In this 360-degree immersive video - which allows you to interactively toggle views - Gold Hart co-founder Jonathan Warner explains the diamond drilling process
https://cloud-va.insta360.com/share/va/374Q7q0e1K66213G4421719040 also accessible on YouTube at https://www.youtube.com/shorts/lw3fGWwQH2Q.
Gold Hart has now completed a follow-on diamond drill hole - DDHTOL04 - which reached 551m.
In addition to the ongoing diamond drill campaign, Gold Hart anticipates the imminent launch of RC drilling at its high-grade trench - with up to 52g/t gold equivalent including 3.99% copper on surface. The objective of the RC campaign is to demonstrate higher grade pockets close to surface, beyond the larger porphyry target. Gold Hart anticipates commencement of this RC drill campaign in the coming days.
Nessa Copper-Gold-Silver Complex - Comprehensive Geochemical Survey Follows Prior Preliminary Survey's High Grade Results (Copper Up To 4.7% & Gold Up To 9.7g/t)
Gold Hart is also pleased to announce that the Company has just launched its first comprehensive geochemical survey at its Nessa Complex just west of Kinross' La Coipa Gold Mine. Gold Hart has a team of 8 geologists and assistants leading this survey. This comprehensive geochemical survey is targeting 500-1,000 samples, primarily within the Ringo claims of the Nessa Complex. This survey follows upon the success of the preliminary geochemical survey, with several returning high grades of gold and copper. Specifically, 7 samples graded 1.25% to 4.73% copper, including 4 samples exceeding 2.40% copper. 12 Samples graded above 1g/t gold, with 6 samples grading between 4.10g/t to 9.74g/t gold.
Gold Hart Copper - Nessa Complex - Geochemical Survey Team - 1
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Gold Hart Copper - Nessa Complex - New Survey - 2
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Additional RC Drill Rig at Tolita to Target High Grade Trench Up to 52g/t Gold Equivalent with 3.99% Copper
In addition to Gold Hart's primary diamond drilling at Tolita, the Company is planning to add a reverse circulation (RC) drill rig in order to target certain higher grade opportunities closer to surface at Tolita. Specifically, Gold Hart intends to target its highest grade trench, which grades 8.61g/t gold equivalent over 10m, including 2m at 10.40g/t gold, 20g/t silver, and 2.88% copper, and including grabs of 45.75g/t gold, 28g/t silver, and 3.99% copper (approximately 52g/t gold equivalent).
Gold Hart recently opened up this high-grade trench with a bulldozer and exposed visible green and turquoise staining typical of copper minerals malachite and chrysocolla. Interestingly, the larger geophysical anomaly at Tolita appears to reach surface at or near this high-grade trench.
Gold Hart Vice President Rodrigo Díaz Tillería (P.Geo) commented, "Our focus remains the large-scale porphyry potential of Tolita. But Tolita also offers the rare opportunity to target and hopefully prove a high-grade shallower component of the asset. In the Vicuña District where 1g/t gold on surface is rare, we have 52g/t gold and simply put we need to test it. RC drilling is significantly faster and cheaper, does not require water to operate, and is well suited to the characteristics of this target. Our current geological model assumes that this high-grade trench at Tolita may only be a fraction of the size of the larger system, but we do believe it hosts potential for generating higher grade intercepts close to surface and therefore potential to add high grade ounces, thereby demonstrating another facet to the Tolita asset." HART anticipates launching its RC drill campaign at this trench in the coming days.
Proposed Transaction - Rhyolite Shareholder Meeting, Fairness Opinion and Board Recommendation
Rhyolite has called an annual and special shareholders' meeting to be held on June 9, 2026 (the "Rhyolite Shareholder Meeting"). A management information circular detailing the Proposed Transaction, and the matters to be considered by Rhyolite shareholders, will be filed under Rhyolite's SEDAR+ profile and delivered to Rhyolite shareholders in advance of the meeting.
The Rhyolite board has unanimously approved the Proposed Transaction, determined that the Arrangement is in the best interests of Rhyolite, and recommends that Rhyolite shareholders vote FOR the Proposed Transaction. This recommendation is based on, among other things, the Rhyolite board having obtained an independent fairness opinion from Evans & Evans, Inc. (the "Fairness Opinion") to the effect that the Consideration under the Transaction is fair, from7 a financial point of view, to the Rhyolite shareholders.
In order to become effective, the Proposed Transaction must be approved at the Rhyolite Shareholder Meeting by: (i) at least two-thirds of the votes cast by Rhyolite shareholders on a resolution approving the Proposed Transaction; and (ii) a simple majority of the votes cast by Rhyolite shareholders on a resolution approving the Proposed Transaction, excluding for this purpose the votes attached to Rhyolite shares held by persons required to be excluded pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions.
Closing Conditions and Anticipated Timing
Completion of the Proposed Transaction is expected to occur in late Q2 2026, subject to the satisfaction or waiver (as applicable) of customary conditions, including (i) Rhyolite shareholder approval, (ii) applicable governmental and regulatory approvals, including the granting of interim and final orders by the Court of King's Bench of Alberta and the approval of the TSX Venture Exchange, and (iii) RYE meeting minimum working capital requirements.
Advisors
Bennett Jones LLP is acting as legal advisor to Gold Hart. Cassels Brock & Blackwell LLP is acting as legal advisor, and Evans & Evans, Inc. is acting as financial advisor, to Rhyolite.
About Gold Hart Copper's Nessa Gold-Copper-Silver Assets
Gold Hart's Nessa properties sit on the renowned Domeyko Fault of Chile, most famous for hosting the Escondida Copper Mine - now the largest copper mine in the world - which was first staked by Gold Hart co-founder Dr. Jose Frutos in the 1970s. Dr. Frutos recognized and personally staked some of the Nessa claims nearly two decades ago, due to the unique surface alteration - visible from satellite imagery - with high grades on surface and several historic mines which exploited gold, copper and silver at or near surface via pits and shallow tunnels. The historic mines coincide with a pervasive yet intense hydrothermal alteration (silicic-argillic to quartz-sericitic with abundant kaolin in the central part) with a halo of propilitic alteration in the periphery, with disseminated gold-copper-silver mineralization throughout.
Gold Hart recently expanded the Nessa property by 330% (3.3X) from an initial property size of 4,100Ha up to a current land position of 13,500Ha (135km2). The Nessa Complex is just south of the massive Codelco El Salvador - Portrerillos copper mining and smelting complex, one of the oldest copper smelting facilities in the country. Nessa is also surrounded by major miners Newmont, Solaris, JX Nippon, and Anglo American, and sits just northwest of Rio2's Fenix gold deposit and just west of Kinross' La Coipa gold mine.
The Nessa properties were known to host 13 historic artisanal high-grade gold & copper pits, which were mined using mules due to lack of access. Additionally, historic geochemical surveys discovered high grades on surface for gold, copper, and silver, with samples up to 25g/t gold, 3.25% copper, 958g/t silver. However, the Company has now discovered additional copper showings on surface and historic mining pits, and now believes there may be other unknown targets on these assets. Gold Hart recently completed a preliminary geochemical survey and obtained additional high grade samples, including up to 9.7g/t gold, 968g/t silver, and 4.7% copper on surface.
Please refer to the notes regarding quality assurance and quality control measures applied during the execution of the work being reported on, at the end of this disclosure. Please visit the Gold Hart Copper YouTube channel for footage of the road construction and copper oxides at Nessa: https://www.youtube.com/shorts/Ax6fOStX72c.
Tolita - Flagship Gold Copper Moly Silver Porphyry Target in Vicuña District - Diamond Drilling Program
Gold Hart geologists - including senior geologists Professor Dr. Jose Frutos, Enrique Viteri, Jonathan Warner, and Rodrigo Diaz Tillería - carefully designed a 10-hole drill plan in order to optimally test Tolita as a potential gold-copper-molybdenum-silver porphyry target. As prior announced, Gold Hart first attempted to drill target #1 known as DDHTOL01 in March of 2025, but after difficulties were encountered under tight time constraints, the team instead elected to drill DDHTOL02 and DDHTOL05. These holes were approximately 600m each and encountered approximately 360m and 230m of gold, copper, and moly porphyry mineralization, respectively. Most recently, Gold Hart returned to target #1 DDHTOL01 with a more powerful drill rig and completed a 1.053km drill hole.
Consequently, there await at least another seven highly attractive diamond drill targets identified across the asset area. These targets are supported by a combination of geophysical characteristics, including chargeability and conductivity, strong geological and structural controls as well as coincident geochemical anomalies.
Tolita is a very large target, with an original 2.5km2 geophysical anomaly recently expanded by 76% to 4.5km2.The Tolita gold soil sample geochemical surface halo (an approximation of gold on surface above 0.1g/t) alone is nearly 28Ha and the Tolita property is 3,476Ha equal to approximately 34.8km2.
Furthermore, as recently confirmed in a follow-up geophysical survey, the Tolita geophysical anomaly expands in both size and intensity at depth, which could translate into an enlarging system at depth. Per the third party geophysicist who conducted the survey, "The vertical extent of the steeply dipping conductor that is likely related to a fault is better defined on the two new deep lines (2600N and 452200E). This surprised me, as I had expected resolution similar to the first lines. This would indicate to me, that the probable structure extends very deeply and has a strong contrast in resistivity with the host rock. Because it is conductive, it should act as good conduit for hydrothermal water flow, which should be good news for mineralization. There is confirmation that the alteration system extends to greater depth and may increase in intensity at depth as it is more conductive. Hopefully, the copper and gold grades would increase correspondingly as well."
Porphyry systems in Chile, and in the Vicuña District specifically, can prove larger and richer as they progress deeper. For example, in Chile, Atex Resources announced one of their most significant drill holes ever (ATXD25C) which graded 2.72% copper equivalent, beginning at 1,558m and ending at a depth of 1,722m. In the Vicuña District, NGEX published "DPDH028, the best hole drilled to date as Lunahuasi, which was drilled deeper and to the west of all previous holes", which included multiple highly compelling intercept including the deepest 53.5m (1,219.5m - 1,273.0m) grading 7.79% copper equivalent.
About Gold Hart Copper's Tolita Gold-Copper-Molybdenum-Silver Target
The Tolita property is a historically significant gold-copper asset which was first recognized and staked in 1993 - by one of the pioneering geologists of the Maricunga-Vicuña district - for its uniquely high grades of gold and copper on surface3. Geochemical surveys revealed gold, copper, silver, and molybdenum anomalies, which led to trenching. Tolita has had significant trenching (5,600m / 5.6km) with the highest grade trench returning grades up to 52g/t gold equivalent including 4% copper. Tolita has undergone helicopter mag surveys which identified 4 unique anomalies as well3.
In 1996, a third party company optioned the property and drilled 3 short 200m RC holes, without any geophysics, and yet still hit gold and copper in all 3 holes, including long intercepts of gold and copper (150m and 164m, respectively) close to surface in 2 of the 3 holes. At the time, gold was approximately $300/oz and copper traded below $1.00/lb, and large scale sulphide porphyry deposits with both gold and copper were often considered less favorable than smaller scale gold-only oxide deposits. As a result, and due to general market sentiment for junior exploration companies in 1997-1998, Tolita was only drilled to a depth of 200m with 3 short RC holes (out of a planned 8 hole campaign)3.
When Gold Hart acquired the property, a full geophysical survey was conducted by a recognized geophysics firm, and a large high-chargeability and conductive anomaly was discovered that is near surface and almost 2.5km2 in size (recently expanded to 4.5km2) and "interpreted as a copper-gold or gold-copper porphyry system that certainly warrants additional exploration and drilling4". Gold Hart Copper has therefore launched diamond drilling and is fully funded for this planned campaign.
Most recently (April-May 2025), the Company completed two holes of approximately 600m each, confirming that Tolita indeed hosts a fertile porphyry system. Gold Hart geologists observed early stage veining near surface, providing the first clear evidence of a porphyry related system within zones of moderate chargeability. The mineral intercepts occur within a multi-generation stockwork vein system hosted by a series of multi-phase porphyry intrusions. Multiple alteration types have been identified, overprinting the original potassic alteration of the porphyry system. At greater depth, the potassic alteration becomes increasingly dominant, accompanied by more intense and continuous veining across locally moderate to stronger chargeability amplitudes. The newly acquired geophysical data indicates that the system may even extend several hundred meters further at depth. Effectively, the Company, and various visiting geologists have all concluded the presence of a porphyry, and Gold Hart is now focused on exploration to find the richer grades and potential limits of the system. Please visit the Gold Hart Copper YouTube channel for footage regarding the mobilization and drill pad expansion: https://www.youtube.com/shorts/M5ovBFOgQTU.
About Gold Hart Copper
Gold Hart Copper is one of the largest independent land owners surrounding major miners where the famous Maricunga Gold Belt meets the emerging Vicuña Copper Belt in Chile. HART is actively acquiring, exploring and developing its portfolio of gold, copper & silver properties adjacent to the largest gold and copper assets on the continent.
HART has rolled-up a portfolio of historically significant assets surrounding majors, in some cases personally staked by the very same geologists who made the adjacent mega-discoveries, since the early 1990s. Some of the Gold Hart properties have already undergone a first phase of drilling, with highly encouraging results of gold, copper, silver, and molybdenum. Gold Hart properties are controlled 100% and not subject to any royalties whatsoever.
HART believes it may be sitting on one of the only fully-preserved untested large-scale gold-copper-silver porphyry targets in the Vicuña District - an asset that was first recognized for its uniquely high grades of gold and copper on surface - and staked by one of the Maricunga-Vicuña district's pioneering geologists3 in 1993. Gold Hart Copper is fully funded for its planned drill campaign.
HART's team of geologists were personally involved in pioneering exploration in the region, leading to some of its greatest gold, copper, and silver deposits, and include the country's former Geological Survey National Deputy Manager Dr. Professor José Frutos. Specifically, senior Gold Hart geologists were personally involved in the Escondida copper discovery, now the largest copper mine in the world1 controlled by Rio Tinto and BHP, as well as Norte Abierto / Cerro Casale, the largest gold-copper discovery in Chile2 acquired by Barrick and Newmont (GoldCorp) with reserves and resources of 50.6-million ounces of gold (0.53g/t), 13.4-billion pounds of copper (0.20%) and 218-million ounces of silver (2.3g/t).
In addition to its large land position in the Vicuña District, Gold Hart recently acquired the Nessa properties just northwest on Chile's Paleocene-Eocene Belt on the famous Domeyko Fault System, which is home to some of Chile's largest gold, copper, and silver assets including Escondida, Chuquicamata and Collahuasi. The Nessa properties host several historic gold and copper artisanal mines with high grades of gold, copper, and silver on surface, with a large alteration and magnetic anomaly extending approximately 6km. Kinross' La Coipa Gold Mine sits just east of Nessa.
HART | Gold Hart Copper Corporation - Social Media Channels
Website: https://goldhartcopper.com
LinkedIn: https://www.linkedin.com/company/goldhartcopper
X / Twitter: https://x.com/goldhartcopper
YouTube: https://www.youtube.com/@goldhartcopper
Instagram: https://www.instagram.com/goldhartcopper
Qualified Person
The technical information contained in this news release related has been reviewed and approved by Mr. Jonathan A. Warner, Executive Vice President of Gold Hart Copper and a Qualified Person within the meaning of NI 43-101.
For further information please contact:
Gold Hart Copper Corp.
Isaac B. Maresky
Chief Executive Officer and Director
Email: im@goldhartmining.com
About RYE
RYE was incorporated under the Business Corporations Act (Alberta). RYE's principal business activities include the acquisition, exploration, and development of mineral properties. RYE is headquartered in Vancouver, British Columbia. On behalf of the Board of RYE, and for further information, please contact:
Richard Graham, CEO
Email: graham@earlston.ca
Tel: 604-488-5427
Notes on quality assurance and control regarding geochemical survey published
(i) Hermetic sealed individual bags for every sample (ii) Unique sample ID for tracking (iii) Coordinate location and picture of outcrop (iv) Basic geology notes on control points with samples (v) Consistent sample size between 2-3kg (vi) Certified lab conducting assays. Gold Hart utilized AAA Labs in Chile to conduct the assays, an independent laboratory with no relationship to Gold Hart.
References & Notes:
- Escondida is the largest copper mine globally, as defined by producing the greatest number of copper tonnes per annum. Numbers sourced directly from property owner's website and public filings.
- Norte Abierto is considered the largest undeveloped gold asset in Chile as defined by hosting the largest number of total gold ounces. Numbers sourced directly from property owner's website and public filings.
- Please refer to the Company's NI 43-101 Technical Report on Sedar for information pertaining to Gold Hart Copper's properties including historical exploration at Tolita, including but not limited to, the history of the asset and its original staking, geochemical surveys, trenching surveys, helicopter magnetic surveys, and historical RC drilling.
- Geophysical survey is summarized in the Company's NI 43-101 Technical report available on Sedar. Such geophysical surveys are not definitive, and the results are still at an early stage of interpretation, with no guarantee of a mineral discovery.
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about; the ability of exploration results, including drilling, to accurately predict mineralization; errors in geological modelling; insufficient data; equity and debt capital markets; future spot prices of copper and zinc; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects 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 are set out in the Company's listing statement dated March 14, 2025, a copy of which is available on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile. 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, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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