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Core Assets Corp
Symbol CC
Shares Issued 21,216,000
Close 2021-08-05 C$ 0.08
Recent Sedar Documents

Core Assets completes fieldwork program at Blue

2021-08-06 11:21 ET - News Release

Mr. Nicholas Rodway reports

CORE ASSETS PROVIDES UPDATE ON EXPLORATION ACTIVITIES AT THE BLUE PROPERTY, ATLIN, BC

Core Assets Corp. has released an update on exploration activities at the Blue property located in the Atlin mining district of British Columbia.

Highlights:

  • Core Assets has successfully completed its 2021 ground fieldwork program that consisted of the collection of 247 grab samples from mineralized carbonate replacement pods, gossanous outcrop and quartz veins with 13 samples collected for petrographic analysis to help vector toward a potential porphyry feeder stock;
  • The Geotech Ltd. Versatile Time Domain Electromagnetic (VTEM) geophysical survey has been slowed due to poor weather conditions at high elevations and is currently at 90 per cent completion;
  • Drilling has been postponed until summer 2022 due to a lack of diamond drills and personnel available. This will give the Core Assets technical team time to compile newly acquired data and amend potential new drill locations to the drill permit;
  • Preliminary VTEM results and grab sample assays from the 2021 field program are expected by late September, 2021, and will be instrumental in moving forward.

Core Assets' president and chief executive officer Nick Rodway comments: "Project excitement remains high, we are very happy with our technical teams' efforts in the 2021 field program. We are eager to receive assays back to further solidify our carbonate replacement-porphyry geological model and begin to plan for the 2022 drill program."

About the 2021 field program

The helicopter-supported ground program was executed during the last two weeks of July, 2021. A crew of four geologists was based in Atlin, B.C., and utilized Discovery Helicopters for daily access to the property. The program focused on verification sampling of historically documented mineralization at the Silver Lime prospect as well as reconnaissance prospecting of the company's newly staked ground to the west of the prospect (see company news release dated June 11, 2021).

A total of 247 grab samples were collected from the property over the duration of the program. The historically mapped and sampled massive sulphide carbonate replacement pods were located and resampled at the Silver Lime prospect. Multiple days were also spent traversing locations to the north and west of the Silver Lime prospect in an attempt to locate additional massive sulphide carbonate replacement pods. Based on the carbonate replacement-porphyry model, mineralization should be continuous and zoned from a central porphyry source. Therefore, crews focused on extending mineralization of the carbonate replacement pods at the Silver Lime prospect and searching for typical porphyry style alterations. Over all, the program was successful based on initial visual results and field interpretations and the company eagerly awaits the impending assay and petrographic results.

2021 Ground program sampling summary

Quality assurance/quality control and sampling procedures

All rock samples were collected in the field using a hammer and chisel. Locations were obtained using a global positioning system and samples were placed in prelabelled sample bags. Metal tags with the sample numbers scribed into them and flagging tape were left at each sample location. Samples were stored in five-gallon pails in a secure location until ready for shipment. Quartz blanks were inserted approximately every 25 samples as part of QA/QC procedures. All rock samples and quartz blanks were shipped by ground to ALS Geochemistry in Whitehorse, Yukon, for multielement analysis (including Ag) by four-acid digestion with ICP-AES instrumentation (package ME-ICP61) and Au, Pd, Pt by fire assay (package PGM-ICP27). Any overlimits for Ag, Cu, Pb and Zn will be analyzed using the applicable assay package ME-OG62. Ag values reporting greater than 100 parts per million after additional analysis will be resubmitted for gravimetric fire assay (package Ag-GRA21). No certified reference materials were submitted for analysis with the company relying on the laboratories internal QA/QC in this regard.

About the VTEM survey

The VTEM system is currently being conducted by Geotech Ltd. 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 meter. The survey will consist of a total of approximately 2,000-line-kilometres at 150-metre 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-hectare (261.2 square kilometres). The project is located 48 kilometres 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 grams per tonne silver reported.

The Silver Lime prospect is located just 10 kilometres southwest of the Laverdiere prospect. The Silver Lime prospect encompasses two significant historical mineral occurrences, the Falcon and Jackie showings. The Falcon showing was discovered by Carmac Resources in 1990 and consists of several northwest trending limestone beds and the Jackie consists of a series of altered quartz veins. Mineralization often 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 grams per tonne gold, 2,641 grams per tonne 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 grams per tonne gold, 913 grams per tonne 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 at the Jackie showing often comprise galena, sphalerite, chalcopyrite, pyrrhotite and pyrite. The pods can be 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 (Minfile 104M 031*).

The 2021 prospecting and sampling program focused on resampling the Silver Lime prospect and evaluating the newly staked ground by Core Assets Corp. to the west of the prospect (See news release dated June 11, 2021).

About Core Assets Corp.

Core Assets Corp. 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 property hosts a major structural feature known as the Llewellyn fault zone (LFZ). This structure is approximately 140 kilometres in length and runs from the 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 has 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 B.C.'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 Atlin mining district's premier explorers where its team believes there are substantial opportunities for new discoveries and development.

We seek Safe Harbor.

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