Mr. Nicholas Rodway reports

CORE ASSETS BEGINS DRILLING AT SILVER LIME

Core Assets Corp. has started the fully financed phase 1 diamond drilling campaign at the Silver Lime CRD (carbonate replacement) porphyry project, central Blue property, Atlin mining district of northwest British Columbia. The company also announces that it has granted incentive stock options to acquire an aggregate of 3,515,000 common shares of the company to its directors, officers and consultants, under its stock option plan.

The phase 1 2023 exploration program at the Silver Lime project will consist of approximately 3,500 metres of oriented HQ-sized diamond drilling. The drilling will focus on extending the zones of high-grade massive sulphide carbonate replacement mineralization down-dip and along strike at the Grizzly, Pete's and Gally carbonate replacement targets.

Diamond drilling has commenced at Pete's CRD target and will test the down-dip extension of the eight-metre-long high-grade channel sample collected in 2022 (see the table entitled "2022 channel sample assay results from Pete's CRD target"). Targeted stepout drilling is planned for both the Pete's and Grizzly targets at the beginning of the season.

Prior to drill mobilization, a desk-based structural analysis was carried out over the mineralized extents of the Silver Lime project, and detailed structural mapping was completed over the main mineralized zones at the Pete's and Grizzly CRD targets. New preliminary structural interpretations suggest a tight, doubly plunging fold geometry of the limestone/marble host rocks and metasediment packages.

Massive sulphide mineralization appears to concentrate along the contacts between limestone/marble and iron-rich schist units. Mineralization extends from the hinge zones of folds and has replaced preferential beds along the limbs of folded limestone/marble. These favourable contacts may represent redox boundaries, necessary for the chemical reaction that precipitates large amounts of sulphide mineralization. Field relationships observed between marble and felsic dikes at Pete's CRD target indicate that widespread diking is a major source of massive sulphide carbonate replacement mineralization at the Silver Lime project.

Nick Rodway, president and chief executive officer of Core Assets, commented: "Combining the knowledge obtained from the 2022 diamond drilling campaign at Silver Lime with the newly interpreted geologic framework has allowed us to plan an exciting phase 1 program for 2023. Additional plans for 2023 include continued detailed mapping and prospecting in hopes of locating and drilling the thickened hinge zone that is theorized to reside between the Grizzly and Pete's CRD targets. We look forward to what this year has in store for the company, and plan to provide drilling updates as they become available."

About the Silver Lime CRD porphyry project

The Silver Lime project is predominantly hosted in carbonate rocks of the Florence range metamorphic suite (approximately 1,150 Ma (million years ago)). 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, dikes and tuffaceous units related to early rifting of the ancestral North America continental margin (that is, 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 northwest British Columbia to the Tally-Ho shear zone in the Yukon (more than 100 kilometres).

A total of 5,565 metres of exploratory diamond drilling was completed at the Silver Lime CRD porphyry project during the company's inaugural drilling campaign in 2022. First-pass drilling successfully confirmed the presence of high-grade Ag-Pb-Zn-Cu (silver-lead-zinc-copper) carbonate replacement mineralization at depth, as well as widespread porphyry Mo (molybdenum) mineralization and associated mineralized skarn.

Currently, the Silver Lime project consists of seven highly prospective targets that span the complete mineralization spectrum from porphyry Mo-Cu to Fe (iron)-Zn-Cu-Ag massive sulphide skarn (Sulphide City) and Ag-Pb-Zn-Cu-Au (gold) carbonate replacement mineralization (Gally, Pete's, Grizzly and Jackie), to distal, sediment-hosted Ag-Au-bearing quartz veining and Au-bearing base metal sulphide vein occurrences (Amp and Falcon). Prospecting and surface sampling in 2022 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.

The Silver Lime CRD porphyry project has the potential to host multiple, large-scale base and precious metal deposits. The defined target areas there cover the entire mineralization continuum from porphyry Mo-Cu mineralization, Cu- and Zn-rich, disseminated and massive sulphide skarn, to Ag-rich carbonate replacement massive sulphide and distal Ag-Au quartz-base metal sulphide veining.

Stock option plan

The company has granted an aggregate of 3,515,000 incentive stock options to purchase up to 3,515,000 common shares of the company to certain directors, officers and consultants under its stock option plan. The options are exercisable for a period of four years from the date of grant, expiring on June 19, 2027, at a price of 23 cents per share, and will vest over four years in increments of 12.5 per cent every six months.

All 3,515,000 options and the shares underlying such options are subject to a hold period of four months and one day from the date of issuance.

National Instrument 43-101 disclosure

Mr. Rodway, PGeo, (licence No. 46541) (permit to practice No. 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 is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in British Columbia, Canada. The company currently holds 100-per-cent ownership in the Blue property, which covers a land area of 114,074 hectares (approximately 1,140 square kilometres). 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 140 km 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 1980s. 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.

We seek Safe Harbor.