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CORE ASSETS CORP. (:CC) Core Assets Extends Pete’s-Sulphide City-Gally Mineralized Trend to 2.5km With Massive Sulphide at Surface Grading Up To 680g/t Ag, >36.4% Pb+Zn & 0.55% Cu

Transparency directive : regulatory news

04/04/2024 15:00

VANCOUVER, BC / ACCESSWIRE / April 4, 2024 / Core Assets Corp., ("Core Assets" or the "Company") (CSE:CC)(FSE:5RJ)(OTC.QB:CCOOF) is pleased to announce assay results from the 2023 surface sampling campaign at the Silver Lime CRD-Porphyry Project (the "Silver Lime Project" or "Silver Lime"), central Blue Property (the "Blue Property"), Atlin Mining District of NW British Columbia.

HIGHLIGHTS

In 2023, 89 surficial rock samples were collected within the 9.5km x 10km mineralized footprint at the Silver Lime Project. The highest-grade rock samples collected last season are listed below in Table 1.

Table 1: 2023 Surface Sample Assay Highlights for the Silver Lime Project

Sample ID

Target

Ag g/t

Cu %

Pb %

Zn %

Au g/t

Bi ppm

Te ppm

F422059

Jackie CRD Target

1130

0.10

7.3

13.5

0.02

2540

240

F422076

Gally CRD Target

680

0.55

6.9

9.5

0.04

1315

155

F422068

Jackie CRD Target

646

0.18

10.7

13.3

0.01

1285

163

F422095

Grizzly CRD Target

545

0.03

1.3

4.9

1.32

330

260

F422070

Jackie CRD Target

480

0.58

20.0

11.6

0.02

433

190

F422071

Jackie CRD Target

409

2.99

17.8

14.2

0.02

237

140

F421232

Jackie CRD Target

347

0.19

9.3

5.5

0.23

179

110

F422075

Gally CRD Target

281

0.26

20.0

14.2

0.02

26

269

F421207

Gally CRD Target

260

0.10

6.5

3.8

0.75

2

76

F421213

Jackie CRD Target

257

0.36

3.2

5.8

0.54

213

53

F422062

Jackie CRD Target

257

0.23

7.6

6.2

0.03

423

80

F421164

Jackie CRD Target

92

0.06

6.7

5.6

0.02

4

56

F421154

Jackie CRD Target

16.9

0.22

0.1

15.8

0.01

13

30

F421156

Jackie CRD Target

11.4

0.21

0.1

13.6

0.02

-

20

F421203

Gally CRD Target

11.9

0.05

0.1

13.4

0.36

-

2

Core Assets' President & CEO Nick Rodway commented, "The Team continues to discover significant, high-grade mineralization at surface at Silver Lime enhancing the surficial footprint and metal endowment of the Project. We are currently preparing for another exciting and fully funded exploration season at Silver Lime which will continue to prove how significant this polymetallic deposit is."

At the Gally Target, located immediately southwest of the Sulphide City Porphyry, high-grade, Ag-Pb-Zn mineralization was extended by 850m along trend to the south (Figures 1, 2) increasing the Pete's-Sulphide City-Gally trend to 2.5km in length. Samples of marble hosted massive sulphide carbonate replacement and sulphide-bearing veins in schist were collected along this trend extension in 2023 and graded up to 680g/t Ag, >20% Pb, 14% Zn, 0.55% Cu, 0.75g/t Au, 0.14% Bi and 155ppm Te.

The Company's longest and best drilling intercepts to-date were obtained from the Pete's and Gally targets in 2023. SLM23-028 intersected 6.40m grading 159g/t Ag, 8.7% Pb, 7.7% Zn and 0.23% Cu from 27.43m depth, including 0.57m of 301g/t Ag, 11.5% Pb, 10.7% Zn, and 0.31% Cu, whereas SLM23-048 returned 8m of 139g/t Ag, 3.5% Pb+Zn and 0.18% Cu, including 0.50m of 1,030g/t Ag, 32.4% Pb+Zn, 1.16% Cu, 0.19% Bi and 270ppm Te from surface.

This year's surface sampling program also extended mineralization at the Jackie CRD Target, where 6 out of the top 10 samples were collected, returning up to 1,130g/t Ag with 13.5% Zn, 7.3% Pb, 0.25% Bi and 240ppm Te.

High grade carbonate replacement mineralization was extended for 35m along trend to the northwest at Jackie in 2023, where semi-massive sulphide veins grading up to 347g/t Ag, 9.3% Pb, 5.5% Zn, 0.41g/t Au, 0.36% Cu and 110ppm Te were found crosscutting an intermediate dyke.

We look forward to presenting our 2023 Exploration Summary and announcing our plans for the 2024 Program in the coming weeks.

Figure 1: Photographs of high-grade mineralization styles at the Gally CRD Target - 850m south of the 2023 drilling area.

In 2023, 12 samples returned over 200g/t Ag, 14 greater than 2% Pb, 26 greater than 2% Zn and 14 samples graded over 0.20% Cu.

Superimposed high-grade mineralization styles spanning the full Porphyry-CRD continuum are widespread at the Silver Lime CRD-Porphyry Project.

Steep, district-scale (>1 kilometer) and long-lived structures affect all country rocks surrounding the younger mineralized intrusions at Silver Lime including marble, limestone, and variable schist. These structures served as ore fluid pathways for recurring mineralizing events - meaning that significant base and precious metal occurrences reside together along these deep structures and manifest as massive-to-semi massive replacement style or semi-massive and disseminated vein-hosted styles of mineralization.

The Company has recently obtained ASTER and Sentinel-2 remote sensing data for the entirety of the 1,140 km2 Blue Property Mineral Tenure. Spaceborne multispectral datasets are used to identify mineralogical assemblages from prospective host rocks, alteration halos and target mineralization styles on a regional scale.

Other works in progress include the development of dynamic 3D structural models for our target areas at the Silver Lime CRD-Porphyry Project with SRK Consulting prior to the start of the 2024 field season, and comprehensive geochronological studies in conjunction with academics at the University of Portsmouth, Portsmouth, United Kingdom focusing primarily on U-Pb age dating of carbonate and prospective porphyries and dykes at the Laverdiere and Silver Lime Projects.

Figure 2: Simplified Plan Map of the Silver Lime CRD-Porphyry Project highlighting 2023 surface sampling assay (Ag) results. Target structures or "spokes" (highlighted in yellow) acted as pathways for repeated mineralizing events in which ore fluids evolved from Zn to Ag to Au-bearing while utilizing the same pathways.

About the Silver Lime CRD-Porphyry Project

The Silver Lime Project is predominantly hosted in carbonate rocks of the Florence Range Metamorphic Suite (ca. 1150Ma). Target limestone and marble host rocks are intercalated with upper amphibolite grade metapeltic rocks, quartzite, and amphibole-bearing gneiss. The protoliths to the metasedimentary units include continentally derived clastic strata and platform carbonate, whereas the amphibole-bearing gneiss is interpreted as probable basaltic flows, sills, dykes, and tuffaceous units related to early rifting of the ancestral North America continental margin (i.e., Mihalynuk, 1999). Younger felsic to intermediate intrusive rocks are also widespread within the project area and range from Triassic to Eocene in age. Widespread Eocene magmatic activity was associated with Cordillera-wide, brittle strike-slip faulting. Eocene volcano-plutonic centres in the western Cordillera are known to host porphyry, skarn, and epithermal-type mineralization extending from the Golden Triangle in NW British Columbia to the Tally-Ho Shear Zone in the Yukon (>100 kilometers).

To-date, A total of 9,809.70 metres of exploratory diamond drilling has been completed at the Silver Lime CRD-Porphyry Project. First-pass drilling successfully confirmed the presence of high-grade Ag-Pb-Zn-Cu carbonate replacement (CRD) mineralization at depth, as well as widespread porphyry Mo mineralization and associated mineralized skarn.

The explored extent of the Silver Lime CRD-Porphyry Project currently measures 10KM by 9.5KM. High-grade carbonate replacement mineralization has been observed in folded marble host rocks ranging up to 250-meters-thick. In 2022, Ag-Zn-Pb-Cu-bearing mineralization was intersected near the bottom of Sulphide City hole SLM22-006 near 453 meters depth.

Currently, the Silver Lime Project consists of 7 highly prospective targets that span the complete mineralization spectrum from Porphyry Mo-Cu to Fe-Zn-Cu-Ag massive sulphide skarn (Sulphide City) and Ag-Pb-Zn-Cu-Au carbonate replacement mineralization (Gally, Pete's, Grizzly, Jackie), to distal, sediment-hosted Ag-Au bearing quartz veining and Au-bearing base metal sulphide vein occurrences (Amp, Falcon). Prospecting and surface sampling in 2022 and 2023 more than doubled the number of exposed, high-grade carbonate replacement massive sulphide targets at Silver Lime that remain open in all directions and at depth.

Sampling Protocol, Quality Assurance & Quality Control

All recovered drill core and rock samples were transported by helicopter to the core logging facility in Atlin, British Columbia for processing. Down hole surveys were conducted on all drill holes upon termination, using a Reflex Gyro Sprint downhole survey tool equipped with an azimuth positioning capability. Drill core was typically sampled over two-meter intervals and occasionally reduced in areas of higher visual sulphide mineralization. Core samples were cut in half with an electric core saw, bagged, labelled, sealed, and submitted to ALS Minerals preparation facility in Whitehorse, YT with the remaining core stored in Atlin, BC. Surficial rock samples were bagged, labelled, and sealed prior to submittal to ALS Minerals as well, however no further processing was completed for surface samples in Atlin, BC. Half core samples and rock samples submitted to ALS, were finely crushed, and sieved to <75 microns. Samples were then shipped to ALS Geochemistry in North Vancouver, British Columbia where they were analysed for Au by fire assay with an AA finish, over limits for Ag, Pb Cu, and Zn and additional elements were analysed using four acid digestion with an ICP-AES or ICP-MS finish, In some cases, gravimetric separation was used to determine and compare Ag overlimit assays.

Blank rock (siliceous river rock), duplicate, and certified reference materials were inserted into the sample stream for at least every 20 samples. For surficial rock samples, certified reference materials and blanks were inserted in the sample stream for every 20 samples, on average. Certified reference materials were acquired from OREAS North America Inc. of Sudbury, Ontario and CDN Resource Laboratories Ltd. of Langley, British Columbia for the 2023 diamond drilling campaign.

National Instrument 43-101 Disclosure

Nicholas Rodway, P.Geo, (Licence# 46541) (Permit to Practice# 100359) is President, CEO and Director of the Company, and qualified person as defined by National Instrument 43-101- Standards of Disclosure for Mineral Projects. Mr. Rodway has reviewed and approved the technical content in this release.

About Core Assets Corp.

Core Assets Corp. is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in British Columbia, Canada. The Company currently holds 100% ownership in the Blue Property, which covers a land area of114,074 hectares (~1,140 km²). The project lies within the Atlin Mining District, a well-known gold mining camp located in the unceded territory of the Taku River Tlingit First Nation and the Carcross/Tagish First Nation. The Blue Property hosts a major structural feature known as The Llewellyn Fault Zone ("LFZ"). This structure is approximately 140km in length and runs from the Tally-Ho Shear Zone in the Yukon, south through the Blue Property to the Alaskan Panhandle Juneau Ice Sheet in the United States. Core Assets believes that the south Atlin Lake area and the LFZ has been neglected since the last major exploration campaigns in the 1980's. The LFZ plays an important role in mineralization of near surface metal occurrences across the Blue Property. The past 50 years have seen substantial advancements in the understanding of porphyry, skarn, and carbonate replacement type deposits both globally and in British Columbia's Golden Triangle. The Company has leveraged this information at the Blue Property to tailor an already proven exploration model and believes this could facilitate a major discovery. Core Assets is excited to become one of Atlin Mining District's premier explorers where its team believes there are substantial opportunities for new discoveries and development in the area.

On Behalf of the Board of Directors
CORE ASSETS CORP.

"Nicholas Rodway"

President & CEO
Tel: 604.681.1568

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

FORWARD LOOKING STATEMENTS

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward looking statements in this news release include, but are not limited to, expectations regarding the pending core assays, including speculative inferences about potential copper, molybdenum, gold, silver, zinc, and lead grades based on preliminary visual observations from results of diamond drilling at the Silver Lime Project and the Laverdiere Project, as applicable; the Company's plans to further investigate the geometry and extent of the skarn and carbonate replacement type mineralization continuum at the Silver Lime Project through additional field work and diamond drilling and any planned or proposed program related thereto; and any other general statement regarding the Company's planned or future exploration efforts at the Blue Property. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include that expectations regarding pending core assays based on preliminary visual observations from diamond drilling results at the Silver Lime Project and the Laverdiere Project, as applicable, may be found to be inaccurate; that results may indicate further exploration efforts at the Silver Lime Project and the Laverdiere Project, as applicable, as not warranted; that the Company may be unable to implement its plans to further explore at the Silver Lime Project and the Laverdiere Project, as applicable; that certain exploration methods, including the Company's proposed exploration model for the Blue Property, may be ineffective or inadequate in the circumstances; that economic, competitive, governmental, geopolitical, environmental and technological factors may affect the Company's operations, markets, products and prices; our specific plans and timing drilling, field work and other plans may change; that the Company may not have access to or be able to develop any minerals because of cost factors, type of terrain, or availability of equipment and technology; and we may also not raise sufficient funds to carry out or complete our plans. The ongoing COVID-19 pandemic, labour shortages, inflationary pressures, rising interest rates, the global financial climate and the conflict in Ukraine and surrounding regions are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company's operating performance, financial position, and prospects. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. Additional risk factors are discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for its recently completed fiscal period, which is available under the Company's SEDAR profile at www.sedar.com. Except as required by law, the Company will not update or revise these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.

SOURCE: Core Assets Corp.



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