21:07:43 EDT Wed 29 Jun 2022
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Core Assets Corp
Symbol CC
Shares Issued 21,216,000
Close 2021-06-11 C$ 0.155
Recent Sedar Documents

Core Assets acquires Blue extension property

2021-06-11 12:36 ET - News Release

Mr. Nick Rodway reports

CORE ASSETS INCREASES LAND POSITION & REMOBILIZES VTEM(TM) SURVEY AT THE BLUE PROPERTY, ATLIN, B.C.

Core Assets Corp. has entered into an agreement to acquire a 100-per-cent interest in the Blue extension property, increased its VTEM (versatile time domain electro magnetic) survey area, resolution and remobilized Geotech Ltd. to complete its VTEM geophysical survey at the Blue property located in the Atlin mining district of northwestern British Columbia, Canada.

Highlights

  • Core Assets has increased its land position by 100 square kilometres, for a total contiguous district scale land package of 261 square kilometres.
  • The Geotech VTEM geophysical survey has been increased to cover approximately 2,000 line kilometres representing an approximately 1,000-line-kilometre increase and is set to remobilize in mid-June.
  • The VTEM survey resolution is being increased by decreasing line spacing from 200-metre to 150-metre line spacing to better define massive sulphide carbonate replacement chimneys visible at surface.
  • The VTEM survey will target the magnetic and electromagnetic susceptibility of a porphyry/carbonate replacement type (CRD) system and the structures associated with the Llewelyn fault zone (LFZ). This regional feature feeds the high-grade polymetallic skarns and mantos chimneys seen at surface at the Laverdiere and the Silver Lime prospects that are approximately 10 kilometres apart.
  • The style of alteration and highly anomalous copper (greater than 8 per cent Cu) and silver (85 ounces per tonne Ag) content at the property suggest proximity to a porphyry centre and potential for district-scale high-grade polymetallic CRD-type mineralization.
  • A ground geological team is set to commence a gridded CRD pod sampling program following the VTEM survey, which will lead up to Core Assets' fully permitted maiden exploratory drilling campaign, to take place in fall 2021.

Core Assets' president and chief executive officer Nick Rodway comments: "The first attempt at the VTEM survey was unsuccessful due to weather, but it has given our technical team more time to learn more about CRD-type deposits. As a result of this, we have decided to increase our land holdings and tighten the resolution of the VTEM survey to better understand the system before drill testing our thesis."

The LFZ is approximately 140 km in length, and it runs from Yukon border down through the 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 1970s. The LFZ plays an important role in mineralization of near-surface metal occurrences across the 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 develop an exploration model and believes this could facilitate a major discovery. Core Assets is excited to become one of the Atlin mining district's premier explorers where its team believes there are substantial opportunities for new discoveries and development.

About the VTEM survey

The versatile time domain electro magnetic system will be conducted by Geotech of Aurora, Ont. This state-of-the-art-system has a proven record of locating conductive anomalies, as well as mapping lateral and vertical variations in resistivity. Full waveform recording is employed to achieve very clean early time measurements that can resolve near-surface structures. It has a high-sensitivity cesium magnetometer for mapping geologic structure and lithology, and a cesium magnetometer base station for diurnal correction. The radar altimeter has an accuracy of approximately one metre. The survey will consist of a total of approximately 2,000 line kilometres at 150 m spacing across the entirety of the Blue property.

About the Blue property

The Blue property consists of two main high-grade mineral prospects (Laverdiere and Silver Lime) in a total contiguous land package of approximately 26,119.61 hectares (261.2 square kilometres). The project is located 48 km southwest of the town of Atlin, B.C. In 2018, the company sent a geological team to the Blue property for preliminary surface sampling. Three areas of skarn exposure with massive and disseminated sulphide were observed along the western side of the Llewellyn fault zone, known as the Laverdiere prospect. A total of 28 grab samples were collected and sent for analysis with values of up to 8.46 per cent copper, 1.57 grams per tonne gold and 46.5 g/t silver reported.

The Silver Lime prospect is located just 10 km southwest of the Laverdiere prospect. The Silver Lime prospect encompasses two significant mineral occurrences, the Falcon and Jackie showings. The Falcon showing was discovered by Carmac Resources in 1990 and consists of two northwest-trending limestone beds. Mineralization consists of galena, sphalerite, pyrite, chalcopyrite, arsenopyrite and stibnite. The system is exposed in multiple areas on the property with one more significant outcrop that is visible for 25 metres with strike extensions covered by talus. Individual pods are up to 2.2 metres wide. To the northwest, a quartz-feldspar porphyry breccia contains smaller quartz veins with semi-massive arsenopyrite and stibnite. Sample 88339 taken from a 2.20-metre vein system assayed 3.3 g/t gold, 2,641 g/t silver, 0.15 per cent copper, 2.5 per cent lead and 3.32 per cent zinc, 5 per cent arsenic and 2.56 per cent antimony (ARIS 21162).

In 2018, Zimtu Capital Corp., as part of a helicopter reconnaissance program, prospected the Silver Lime prospect and collected eight samples. The results confirmed the historic work of Carmac (1990), having returned values of 1.16 g/t gold, 913 g/t silver, 12.45 per cent zinc and greater than 20 per cent lead.

The Silver Lime prospect has the potential to represent a carbonate replacement deposit model (CRD). Massive sulphide pods occur in limestone and biotite-muscovite-sericite schists near the contacts between the units. Large zones of limonite alteration, cut by alaskite and hornblende porphyry dikes, surround these pods. The lenses appear to be widest near the porphyry dikes. Several faults follow the general direction of the dikes, suggesting structural control on the mineralization. Sulphides comprise galena, sphalerite, chalcopyrite, pyrrhotite and pyrite. The pods are up to 30 metres long and six metres wide. The smaller pods host sphalerite and galena mineralization and the larger pods vary mineralogically along length. Galena, quartz and calcite dominate the northwest changing to pyrrhotite, chalcopyrite and pyrite in the centre and border areas.

Concluding purchase agreements

Core Assets will issue the third and final instalment for the original acquisition of 100 per cent of the Blue property for one million shares and has amended the agreement to reflect the changed timing of issuance. With that issuance, the company will have issued the total required share consideration of three million shares for the Blue property as per the purchase agreement terms.

Transaction details

The Blue extension property was staked using funds supplied by Zimtu Capital Corp., which will be reimbursed for a consideration of $26,095 plus 20-per-cent interest for a total of $31,314.

Bonus in shares

The company has received unanimous approval by the independent directors of a share bonus program for certain company personnel. The bonus shares will be subject to the standard four-month-plus-one-day hold period. The shares are in recognition of the extensive work performed in completing the company's recent financing as well as increasing the company's land position. The bonus shares will be issued as follows: Michael Hodge (80,000 shares), Nicholas Rodway (911,000 shares) and Scott Rose (1,009,000 shares).

Stock options

The company also has granted incentive stock options to acquire an aggregate of 1.7 million common shares of the company to its directors, officers and consultants under its stock option plan. Each option is exercisable for a period of two years expiring on June 11, 2023, at a price of 14 cents per share. All the options vested on the date of grant. The options and the shares issuable upon the exercise of the options held by the optionees are subject to a hold period of four months from the date of grant of the options.

National Instrument 43-101 disclosure

Mr. Rodway, PGeo, is president, chief executive officer and director of the company, and a qualified person as defined by National Instrument 43-101. Mr. Rodway supervised the preparation of the technical information in this news release.

About Core Assets Corp.

Core Assets is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in B.C., Canada. The company currently holds the Blue property that covers a land area of 26,100 hectares (261 square kilometres). The project lies within the Atlin mining district, a well-known gold mining camp. The Atlin mining district has been the focus of Core Assets' exploration efforts since 2018, with increased exploration activities forecasted in the area moving into 2021.

We seek Safe Harbor.

© 2022 Canjex Publishing Ltd. All rights reserved.