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CORE ASSETS DRILLS MASSIVE SULPHIDE AT JACKIE & BEGINS DEEP 3D IP SURVEY AT SILVER LIME

Core Assets Corp. had strong visual drill results from its 2023 shallow drilling at the Jackie CRD (carbonate replacement deposit) target, part of the Silver Lime CRD-porphyry project, central Blue property, Atlin mining district of northwest British Columbia.

Highlights:

• Massive sulphide carbonate replacement mineralization at the Jackie target has been intersected at drilled depths of approximately 190 metres and remains open for exploration.
• SLM23-038 intersected 2.20 metres of very massive (Zn-Pb-Cu-Ag (zinc-lead-copper-silver)) sulphide carbonate replacement mineralization (visual) from 17.05 metres depth.
• SLM23-041 intersected 1.70 metres of massive-to-semi-massive (Fe (iron)-Zn-Cu-Pb-Ag) skarn and carbonate replacement mineralization from 14.80 metres depth.
• SLM23-042 intersected 3.35 m of massive sulphide (Zn-Pb-Cu-Ag) carbonate replacement from surface.
• SLM23-043 intersected 1.95 m of massive sulphide (Zn-Pb-Cu-Ag) carbonate replacement from surface.
• Strong fugitive calcite (BBQ rock) was identified intermittently over approximately 90 metres in hole SLM23-043, providing indications of a large, multistage system with potential of hosting larger bodies of CRD mineralization at depth.
• Core Assets has engaged DIAS Geophysical for the acquisition and processing of a modern 3-D DCIP (direct current-induced polarization)/resistivity survey over a 2.3-square-kilometre area of the Silver Lime project connecting the Gally, Sulphide City and Pete's targets. The survey is designed with two primary purposes in mind:
  1. Imaging deep, project-scale structures and potential sources of CRD mineralization, including the Mo (molybdenum)-Cu porphyry-skarn body at Sulphide City that was discovered in 2022.
  2. Imaging of shallow, target-scale massive sulphide CRD and skarn zones through strategic, higher-density receiver and transmitter arrays.
• Both objectives will enhance the rapidly evolving understanding of the geologic model and ore systems at work at Silver Lime, and will aid drill targeting for the 2024 season.

"We continue to demonstrate the extensive scale and grade of the CRD and skarn systems at the Silver Lime project," said Nick Rodway, chief executive officer. "The mineralized Mo-Cu porphyry and associated alteration footprint encountered by the Sulphide City 2022 drilling program prompted us to carry out a high-resolution IP survey. This survey will guide us in targeting this large system at depth and to better define the geometry of the CRD intersected this season.

"The team is eagerly awaiting assay results from the Jackie CRD target, and we will provide an update on the remainder of the 2023 drilling program in the coming weeks."

In 2023, 965 metres of exploratory diamond drilling was completed at the Jackie CRD target. The drill was positioned approximately 125 m southeast of the 2022 drilling location and intersected a combined total of 19.15 metres of visual massive-to-semi-massive Zn-Pb-Cu-Ag-rich carbonate replacement mineralization (see the table entitled "2023 mineralized intercepts from the Jackie CRD target"). CRD mineralization intersected at Jackie in 2023 is associated with faults and splays located proximal, and oriented subparallel, to mineralized (causative) alaskite dikes. In 2022, 21.65 m of 23 grams per tonne (g/t) Ag, 1 per cent Zn, 1.2 per cent Pb and 0.08 per cent Cu was intersected in hole SLM22-001, which included 1.25 m of 215 g/t Ag, 9.9 per cent Zn, 8.9 per cent Pb and 0.36 per cent Cu. At the Jackie target in 2023, six out of eight diamond drill holes intersected massive sulphide carbonate replacement mineralization.

About the Silver Lime CRD-porphyry project

The Silver Lime project is predominantly hosted in carbonate rocks of the Florence Range metamorphic suite (circa 1,150 Ma (million years)). 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 (greater 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 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 10 kilometres by 9.5 kilometres and boasts an average surficial grade of 83 g/t Ag, 0.22 per cent Cu, 1.8 per cent Pb, 3.4 per cent Zn and 0.16 g/t Au (700 samples). High-grade carbonate replacement mineralization has been observed in folded marble host rocks ranging up to 250-metres-thick. In 2022, Ag-Zn-Pb-Cu-bearing mineralization was intersected near the bottom of Sulphide City hole SLM22-006, near 453 metres depth.

Currently, the Silver Lime project consists of seven 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 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.

Sampling protocol and quality assurance/quality control

All recovered drill core was transported by helicopter to the core logging facility in Atlin, B.C., for processing. Downhole 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-metre 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, Yukon, with the remaining core stored in Atlin, B.C. Half-core samples were finely crushed and sieved to less than 75 microns. Samples were then shipped to ALS Geochemistry in North Vancouver, B.C., where they were analyzed for Au by fire assay with an AA (atomic absorption) finish, overlimits for Ag, Pb Cu, Zn and additional elements were analyzed using four-acid digestion with an ICP-AES (inductively coupled plasma atomic emission spectroscopy) or ICP-MS (inductively coupled plasma mass spectrometry) 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. Certified reference materials were acquired from OREAS North America Inc., of Sudbury, Ont., and CDN Resource Laboratories Ltd., of Langley, B.C., for the 2023 diamond drilling campaign.

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 a 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.