VANCOUVER, BC / ACCESSWIRE / April 25, 2024 / Core Assets Corp., ("Core Assets" or the "Company") (CSE:CC)(FSE:5RJ)(OTCQB:CCOOF) is pleased to provide a summary of results from the 2023 exploration program 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.
In 2023, Core Assets completed 4,245m of shallow, exploratory diamond drilling over 21 HQ-sized drill holes; 14.4 line-kilometers of a high-resolution 3D-DCIP geophysical survey over the high-grade Pete's-Sulphide City-Gally Trend; and the collection of 89 surficial rock samples across the Silver Lime CRD-Porphyry Project footprint. A brief overview of exploration work and results from the Silver Lime CRD-Porphyry Project follows the 2023 highlights section below.
2023 SILVER LIME CRD-PORPHYRY PROJECT HIGHLIGHTS
Diamond drilling at the Pete's and Gally CRD Targets confirmed the presence of two new, near surface carbonate replacement (CRM) discoveries consisting of multiple high- and extremely high-grade Ag-Pb-Zn-Cu massive sulphide zones. These targets are located 1.4km apart, within a 2.5km-long high-grade corridor at Silver Lime that includes the Mo-Cu-bearing Sulphide City Porphyry.
The best and longest intercepts drilled to-date were obtained in 2023 from the Pete's and Gally targets (Table 1, 2):
- SLM23-028 (Pete's) 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; and
- SLM23-048 (Gally) intersected 8.00m of 139g/t Ag, 3.5% Pb+Zn, and 0.18% Cu from surface, including 1.30m of 845g/t Ag, 31.3% Pb+Zn, and 1.10% Cu, including 0.50m of 1,030g/t Ag, 32.4% Pb+Zn, and 1.16% Cu.
In 2023, 7 out of 8 diamond drillholes completed at Jackie intersected numerous zones of high-grade Zn-Pb-Ag-Cu massive sulphide mineralization. SLM23-038 returned 2.20m of CRM from 17.05m depth that graded 187g/t Ag, 23.9% Pb+Zn, and 0.53% Cu, including 1.15m of 201g/t Ag, 25.7% Pb+Zn, and 0.52% Cu.
Some drill holes completed at Jackie intersected steep gold-bearing fugitive calcite veins that graded up to 2m of 3.10g/t Au within 10m of 0.32g/t Au between 40m and 80m drilled depths. Similar, near surface gold-bearing veins were also intersected at the Pete's and Grizzly targets in 2023, significantly adding to the precious metal endowment of the Silver Lime Project.
The 2023 project-wide surface sampling program extended high-grade, Ag-Pb-Zn mineralization at both the Gally and Jackie Targets (Table 4). CRM and sulphide-bearing veins grading up to 680g/t Ag, >20% Pb, 14% Zn, 0.55% Cu, 0.75g/t Au, 0.14% Bi and 155ppm Te were collected south of the Gally Target, increasing the extent of the high-grade corridor by 850m to 2.5km in length. At the Jackie Target, 6 out of the top 10 surface samples were collected at Jackie in 2023 and returned up to 1,130g/t Ag with 13.5% Zn, 7.3% Pb, 0.25% Bi and 240ppm Te.
A three-dimensional direct current induced polarization (3D-DCIP) geophysical survey identified a 1.5km by 0.5km chargeability (80mV/V) anomaly. The top of this anomaly was intersected by drilling in 2022, and was accompanied by an increase in Cu grade, and continues past the drilled extents of the Sulphide City Mo-Cu Porphyry (>471m). Several highly conductive and chargeable linear bodies were identified in the survey area and range from 320 to 900 metres in length. They coincide with surficial occurrences of massive sulphide and high-grade CRM intersected at the Pete's and Gally targets in 2023. These interpreted "feeder structures" appear to extend from surface and connect to the margins of the deep-seated chargeability anomaly below Sulphide City.
Fifty-six (56) diamond drillholes totalling 9,808.7m have been completed at the Silver Lime Project to-date. Forty-eight (48) drill holes, or 85.7% of drilling to-date, has intersected mineralization styles that span the full Porphyry-CRD continuum. In 2023, 83% of holes intersected high-grade CRM or gold-bearing veins.
Core Assets' President & CEO Nick Rodway commented, "We have recently acquired new remote sensing data and structural deliverables from a 3D magnetics inversion currently being completed on our 2021 VTEM data. The team is busy planning and preparing to mobilize to site in Atlin to kick off our fully funded 2024 exploration season within the next few weeks. We look forward to presenting our 2024 exploration plans and new interpretations for Silver Lime in conjunction with our evolving 3D geologic model.
*Assay results are presented as uncut weighted averages. Interval widths represent drilled HQ core lengths and true width is unknown currently.
*Assay results are presented as uncut weighted averages. Interval widths represent drilled HQ core lengths and true width is unknown currently.
| Table 4: 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 |
SILVER LIME CRD-PORPHYRY PROJECT - 2023 OVERVIEW
Early in the 2023 season at the Silver Lime Project, structural consultants from Terrane Geosciences Ltd. ("Terrane") were contracted to complete detailed mapping and sampling across the project area. Field work completed by Terrane personnel was successful in delineating structural controls and orientations of mineralization observed at surface. Generally, massive sulphide CRD and skarn mineralization is influenced by pre-existing ductile structures, concentrating in large fold hinges. At Jackie however, sulphide mineralization concentrates along the contacts of intermediate dykes and brittle fault splays.
A total of 4244.7m of exploration-focused (HQ-sized) diamond drilling was completed at Core Asset's Silver Lime CRD-Porphyry Project during the 2023 exploration season. The Pete's and Gally targets received a first pass of diamond drilling, which was successful in confirming the presence of outcropping massive sulphide CRD mineralization at depth, as well as local gold-bearing veins. The Jackie Target received a second pass of drilling following the 2022 season, successfully expanding mineralization along strike and below surface.
Drill core assay results from Pete's CRD Target confirmed the discovery of a new high-grade Pb-Ag-Zn-Cu±Au CRD (carbonate replacement) zone at shallow depths (Figures 1, 2). A total of 1,669 meters of diamond drilling (15 holes) were completed in 2023 across three drill pad locations, and within a 100-meter step-out. Drilling was designed to test the down-dip extension of marble-hosted carbonate replacement and skarn mineralization associated with multiple generations of intrusions. Low to moderate Au grades were also observed at depth in fugitive calcite veins at Pete's. Project-wide Au mineralization is discussed in more detail below.
Figure 1: Simplified Plan Map of Pete's CRD Target showing highlighting 2023 preliminary drilling assay results.
In 2023, 697.7m of shallow diamond drilling was completed at the Gally CRD Target. The drill was positioned approximately 325 meters south-southwest of 2022 Sulphide City drilling above an exposed, 35-meter-long high-grade Ag-Zn-Pb-Cu carbonate replacement bleeder hosted in coarse-grained marble. Drilling at Gally successfully intersected extremely high-grade near surface Ag-Pb-Zn-Cu mineralization over appreciable widths in 11 of 12 holes (Figure 2). Ag-Pb-Zn-Cu massive and semi-massive sulphide mineralization has been intersected near surface (Gally, Pete's) and at drilled depths of up to 453 meters (Sulphide City) along the Pete's-Sulphide City-Gally Trend.
Figure 2: Representative photos of coarse-grained, high-grade mineralization styles intersected in drill core at the Gally, Grizzly (2022), and Pete's CRD Targets and observed at surface at the Jackie CRD Target.
In 2023, 8 shallow diamond drill holes totalling 965m were completed at the Jackie CRD Target (Figure 3), located 3.5km southeast of Pete's CRD Target. Drilling at Jackie intersected several occurrences of high-grade massive-to-disseminated zones of Zn-Pb-Cu-Ag (±Au, Te, Bi) carbonate replacement sulphide mineralization (Table 1, Figure 1) and multiple zones of low-to-moderate grade gold-bearing fugitive calcite veins. CRM mineralization intersected at Jackie is associated with faults and splays located proximal to mineralized (causative) intermediate dykes.
Figure 3: 2023 Drill Highlights Map of the Jackie CRD Target showing the downhole locations of carbonate replacement mineralization intercepts, Au-bearing skarn intercepts, and other high-grade intervals observed during the 2022 and 2023 diamond drilling campaigns at the Silver Lime CRD-Porphyry Target. This trend remains open in multiple directions and at depth. CRM = carbonate replacement mineralization.
A potentially causative, intermediate intrusion with a brecciated contact was discovered in outcrop at Jackie in 2023. A probable 7.90m section of this intrusive body, bound by brecciated contact and crosscut by a narrow pebble dyke, is believed to have been intersected at 190.70m depth in 2022 in hole SLM22-004. This intersection graded 46.7g/t Ag, 0.4% Zn, 0.7% Pb, and 0.19% Cu from 190.70m depth, including 2.00m of 126g/t Ag, 0.8% Zn, 2.0% Pb, and 0.60% Cu, and 0.62m of 338g/t Ag, 2.1% Zn, 5.8% Pb, and 1.55% Cu (contact breccia at 196.38m depth).
Prospecting and surface sampling in 2023 resulted in the collection of 89 rock samples, which successfully extended the Gally-Sulphide City-Pete's high-grade corridor by 850m to the south to a total length of 2.5km. A mineralized structure at the Jackie Target demonstrates continuous mineralization for 575m along strike and continues for an additional 420m to the north where it remains untested. Fault splays and dyke offshoots from this structure are also variably mineralized. 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.
Figure 4: 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.
Exploration work completed outboard of the Sulphide City Porphyry in 2022 and 2023 uncovered late-stage gold mineralization at Silver Lime. Significant gold grades have already been observed at the Pete's, Amp, Falcon, and Jackie targets in areas with massive sulphide mineralization - adding to the endowment of our high-grade skarn and carbonate replacement targets. Gold mineralization at Silver Lime appears to be hosted in late fugitive calcite veins stemming from steeply dipping fault splays that affect schist, marble, local porphyritic dykes, and zones of massive sulphide.
Gold in quartz-carbonate veinlets with sulphides at the Amp Target, located almost a kilometer southeast of Pete's Target, grade up to 6.75g/t Au and 931g/t Ag. High-grade gold occurrences at Pete's and Amp appear localized along NW-SE trending faults stemming from a larger, >1.2-kilometer-long, gold-bearing fault zone located between the two targets (Figure 5). The two best gold-bearing surface samples collected to-date were discovered at the Falcon and Jackie targets. Historic Sample 89868 (Carmac, 1990) at Jackie graded 21g/t Au, 12g/t Ag, and 15% Zn (+As-Cu-Sb), whereas sample D935063 collected by Core Assets at Falcon in 2022 returned 19.5g/t Au and 33g/t Ag from coarse quartz-carbonate veins measuring up to 2m wide (Figure 6).
High-grade gold occurrences at Jackie and Falcon are also observed along multiple NW-SE trending faults stemming from a larger, >1.5-kilometer-long fault zone located immediately to the east. Porphyritic dykes proximal to these prospective structures appear closely associated with late gold mineralization, as well as earlier massive sulphide carbonate replacement mineralization. These intrusions locally carry a similar metal (As-Sb-Ba-Tl) signature to other gold-bearing zones sampled at Silver Lime. Gold zones outcrop in clusters over 3.5-kilometer area, and for up to 7.7 kilometers outboard of the Sulphide City Mo-Cu Porphyry and remain open for exploration in all directions.
Figure 5: Simplified Plan Map of the Pete's & Amp targets highlighting 2023 drilling assay results at Pete's (CRM Intercepts and gold-bearing intercepts), the distribution of gold in surface samples, and their correlation to mapped mineralized structures outboard and North of the Sulphide City Porphyry.
Figure 6: Simplified Plan Map of the Jackie and Falcon targets highlighting the distribution of gold in surface samples and their correlation to mapped mineralized structures outboard of the Sulphide City Porphyry at the Jackie & Falcon targets.
In 2023, hydrothermal breccias/pebble dykes were identified across the Silver Lime Project, both in outcrop and in drill core, and located up to 3.5km apart (Figure 7). Pebble Dykes are variably mineralized with sphalerite, galena, and pyrite present in the breccia cement, massive sulphide clasts, and propylitic to sericite-altered, rounded mineralized porphyry clasts.
Figure 7: 2023 Drilling Highlights Plan Map of the Silver Lime CRD-Porphyry Project highlighting the locations of outcropping pebble dykes at the Silver Lime Project.
DIAS Geophysical completed a 14.4 line-km (2.3km2) 3D-DCIP survey over the Pete's-Sulphide City-Gally mineralized trend (Figure 8). The 3D IP survey was designed with a wider station and line spacing over the entire survey grid (100 m Rx and 200m Tx) and a tighter spacing (50 m Rx and 100m Tx) over the Gally and Pete's CRD targets. This varied spacing was designed specifically so the survey would pick up deeper structures over the entire mineralized trend as well as shallow and small features over the near surface CRD targets.
The 2023 3D IP survey was successful in:
- Identifying near-surface overlapping chargeability and conductivity anomalies that overlap with mapped massive sulphides and are continuous for up to 1 km along trend.
- Identifying a deep-rooted chargeability anomaly coincident with increasing Cu grades downhole where drilling exists, interpreted to represent the pyrite halo surrounding the Hub of the Silver Lime Porphyry-Skarn system.
- Identifying interpreted high chargeability/conductivity feeder structures extending from the interpreted pyrite shell to known CRM occurrences at surface (i.e. Gally), and
- Identifying major faults and prospective zones for future follow up and target generation.
Figure 8: Plan Map (Chargeability Depth Slice cut to 1100m Elevation/500m Depth, overlain on CVG Magnetics - 2021 VTEM Survey, high magnetics = hot colours) and Cross-Section Looking East illustrating the results of the deep, 2023 3D-DCIP Geophysical Survey at Silver Lime. Deep, strong chargeability anomalies are shown within and below the 2.3km survey area that includes the Sulphide City Porphyry-Skarn Target, and Gally and Pete's CRD targets (the Pete's - Gally Trend). Chargeable and conductive zones extend to surface from the margins of the strong chargeability/resistivity anomalies and are interpreted as potential massive to semi-massive skarn and CRD feeder structures; CRD = carbonate replacement; MS = massive sulphide; mV/V = millivolts/Volt (units of Chargeability - high = hot colors).
The Silver Lime CRD-Porphyry Project contains ore styles that cover the entire Porphyry-Skarn-CRM-Distal Au mineralization spectrum. Moving outboard of the Sulphide City Cu-Mo porphyry hub and associated massive sulphide Zn-Fe-Cu-dominant exoskarn skin, metal signatures evolve into Ag-Pb dominant CRM, Ag-Au-Cu-Pb-Zn quartz stringer veins, and distal Ag-Au-As-Sb calcite veins. This high-grade mineralization continuum resides within the impressive 9.5x10km project footprint and remains open in many 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.
Stock Option Plan
The Company has granted (the "Grant") an aggregate of 6,000,000 incentive stock options (each, an "Option") to purchase up to 6,000,000 common shares of the Company (each, a "Share") to certain directors, officers, and consultants under its stock option plan. The Options are exercisable for a period of 5 years from the date of Grant, expiring on April 25, 2029, at a price of $0.135 per Share. The Options shall vest 12.5% on date of grant, then an additional 12.5% every six months until fully vested.
All 6,000,000 Options and the Shares underlying such Options are subject to a hold period of four months and one day from the date of issuance.
None of the securities acquired in the Grant will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
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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