Mr. Nick Rodway reports

CORE ASSETS IP SURVEY IDENTIFIES LARGE-SCALE UNTESTED GEOPHYSICAL ANOMALIES AT SILVER LIME

Core Assets Corp. has released results from the 3-D direct current induced polarization geophysical survey completed across the 2.4-kilometre-long Pete's-Sulphide City-Gally trend, at the Silver Lime carbonate replacement deposit-porphyry project in 2023, central Blue property, Atlin mining district of northwestern British Columbia.

In August, 2023, a modern 3-D DCIP geophysical survey was completed over a 2.3 square km area of the Silver Lime project, connecting the Sulphide City skarn-porphyry target, and the Pete's and Gally CRD targets.

• The survey identified two large/significant deep-seated porphyry targets.
• The anomaly at Sulphide City (anomaly 1) is coincident with the mineralized molybdenum-copper porphyry (confirmed by drilling in 2022) and shows continuation of a highly chargeable and resistive body at depth. This strong chargeability anomaly resides below the current depth of drilling at the Sulphide City porphyry-skarn target and appears to extend to the east.
• In 2022, SLM22-006 intersected the interpreted top of the chargeability anomaly at the eastern most edge of the 2023 IP survey. Drill core assays show an increase in Cu with depth at Sulphide City. The bottom of hole SLM22-006 returned 22.25 metres of 46 grams per tonne silver equivalent with 0.35 per cent copper equivalent from 447.75 m depth, including 0.67 m of 323g/t AgEq with 2.5 per cent CuEq.
• The chargeability anomaly below Sulphide City measures greater than 1.5 kilometres in the northeast-southwest direction, greater than 500 metres in the east-west direction and extends to depths of greater than 650 metres (the depth limit of 3-D DCIP survey).
• Overlapping magnetics/chargeability anomalies suggests that the Sulphide City chargeability anomaly may connect to a very chargeable, untested body north of Pete's CRD target (common voltage reference magnetics, 2021, versatile time-domain electromagnetic).
• Chargeability values increase to 80 millivolts/volt around the limit of the depth of investigation below Sulphide City, and up to 120 mV/V at the core of the anomaly (anomaly 2) located north of Pete's CRD target.
• The anomalies remain open for exploration at depth and in multiple directions, including possible extensions to the northeast and east below Grizzly Ridge.
• A follow-up survey is planned for 2024, in conjunction with deeper exploratory drilling, to expand and test these significant geophysical anomalies.
• Drilling results for the Jackie and Grizzly CRD targets will be released in the coming weeks.

Core Assets' president and chief executive officer, Nick Rodway, commented: "Our new IP geophysical data indicates that the drilling completed at Sulphide City in 2022, which intersected anomalous copper at the bottom of hole SLM22-006, was not deep enough to properly test the core of this large and hot chargeability anomaly below Sulphide City. The shallow CRD drilling completed in 2023, which intersected greater than one kilogram/tonne silver values at Pete's and Gally, were drilled along the margins of several highly conductive and chargeable bodies within the survey area that show continuity along trend and increased thickness to depths of more than 100 m. Now that we are fully funded, we can test these exciting features with deeper drilling and continue to connect the dots of this robust and high-grade CRD-porphyry system at Silver Lime."

The survey was also successful in delineating several highly conductive and chargeable, northwest-southeast-trending, linear bodies that range from 320 to 900 metres in length and extend from surface to depths of approximately 120 metres.

• These prospective, near-surface linear anomalies correspond with known surficial and drilled massive sulphide skarn and carbonate replacement (CRD) occurrences and provide evidence of their continuity along strike.
• 2023 drilling at the Pete's and Gally CRD targets tested the margins of these features:
  • SLM23-028 (Pete's CRD target) intersected 6.40 m of 159 grams per tonne Ag, 16.4 per cent lead plus zinc and 0.23 per cent Cu from 27.43 m depth, including 0.57 m of 301 g/t Ag, 22.2 per cent Pb plus Zn and 0.31 per cent Cu;
  • SLM23-048 (drilled 1.4 km south-southeast at the Gally CRD target) returned eight m of 139 g/t Ag, 3.5 per cent Pb plus Zn and 0.18 per cent Cu from surface, including 1.30 m of 845 g/t Ag, 31.3 per cent Pb plus Zn and 1.10 per cent Cu, and 0.50 m of 1,030 g/t Ag, 32.4 per cent Pb plus Zn and 1.16 per cent Cu.
• These conductive, mineralized features connect to the strong chargeable porphyry anomalies at depth via steeply dipping geophysical features -- interpreted as massive sulphide carbonate replacement feeder structures.
• All prospective conductive anomalies remain open for exploration along trend and at depth.

About the 2023 deep 3-D DCIP geophysical survey

In August of 2023, Core Assets contracted Dias Geophysical Corp. based out of Vancouver, B.C., for the acquisition and processing of a modern 3-D DCIP/resistivity survey over a 2.3 square km area of the Silver Lime CRD-porphyry project (the Pete's-Gally trend), connecting the Sulphide City porphyry-skarn target and the Pete's and Gally CRD targets.

Thirteen lines of 3-D rolling distributed pole-dipole array in common voltage reference (CVR) mode were collected. The survey comprised seven receiver lines and six current injection lines, oriented north-northeast-south-southwest with an azimuth of 10.5 degrees and varied from 400 to 3,200 metres in length. Station and line station spacing was designed in two geometries; 100 metres and 200 metres apart, respectively, and 50 metres and 100 metres apart over areas where higher resolution was desired. A total of 91 injections were completed, resulting in 97,595 pole-dipole data points, much higher than traditional 2-D DCIP survey methods. This increase in data density increases the confidence of the inversion products.

The survey was designed with two primary purposes in mind:

1. Imaging deep, project-scale structures and potential sources of CRD mineralization, including porphyry-skarn deposits;
2. Imaging of shallow, target-scale, massive sulphide zones through strategic, higher-density receiver and transmitter arrays.

The survey was successful in delineating several prospective near-surface carbonate replacement mineralization trends and an interpreted deep-seated mineralized porphyry intrusion and related skarn anomalies.

Background values were determined and used to define anomalous values of conductivity as those greater than 0.005 siemens or, conversely, resistivity values below 200-ohm metres, and chargeability values greater than 35 mV/V. Background geology has a significant impact on what is regarded as an anomalous or high value of the output inversion. Sulphides in host rocks that typically have very low conductivity/chargeability values (such as limestone) will have a relatively lower background cut-off than sulphides hosted in more conductive and chargeable units such as mafic volcanic rocks or shales. Intrusions often show relatively low conductivity values due to the silica-rich nature of their mineralogy (quartz, feldspars etc.). However, the concentration of disseminated sulphides within an intrusive body has a positive correlation with the chargeability of an intrusion. Porphyry targets are typically characterized as poorly conductive but moderately to high chargeability values. CRD and skarn mineralization present as highly conductive and chargeable features, due to the predominance of massive sulphides and their continuous and connected nature.

The depth limits of investigation is approximately 650 metres for this survey. This is based on the offsets achieved between sources and receivers. Beyond this depth the data become less reliable, and the decreased signal can cause apparent weakening of anomalies. This survey has been clipped to the geometry of receivers, removing some edge effects; however, sampling density inherently decreases toward the edge of the survey.

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 km). 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 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 have 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.