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Core Assets Corp
Symbol CC
Shares Issued 21,216,000
Close 2021-09-01 C$ 0.14
Recent Sedar Documents

Core Assets begins phase 2 exploration at Blue

2021-09-01 12:40 ET - News Release

Mr. Nicholas Rodway reports

CORE ASSETS COMPLETES VTEM SURVEY AND MOBILIZES PHASE TWO EXPLORATION AT THE BLUE PROPERTY, ATLIN, BC

Core Assets Corp. has completed its VTEM (versatile time domain electromagnetic) airborne geophysical survey and has mobilized a channel sampling team to follow up on preliminary visual results at the Blue property located in the Atlin mining district of British Columbia.

Highlights:

  • Core Assets has successfully completed its airborne VTEM geophysical survey and expects to have the final interpretations by mid-fall 2021.
  • A geological team has been mobilized to complete channel sampling over mineralized outcrop to determine grade and size at surface.
  • Results from the phase 1 geochemical sampling program are expected by late September, 2021.
  • The company is excited to piece together all the new valuable information collected from the 2021 field season to continue to build the potential for the Blue property to be British Columbia's newest carbonate replacement porphyry-style discovery.

Core Assets president and chief executive officer Nick Rodway comments: "Based upon encouraging visual results from our initial geochemical program, we have decided to channel sample some of the larger mineralized outcrop to determine the grade and size at surface. Our carbonate replacement porphyry exploration model indicates we could expect the lowest grades to be at surface and the mineralization could increase in volume and grade as we attempt to track it back to the source."

About the 2021 phase 2 field program

The phase 2 helicopter-supported ground program will be conducted during the first two weeks of September, 2021. A crew of geologists will be based in Atlin, B.C., and will utilize Discovery Helicopters for daily access to the property. The program will focus on channel sampling of recently discovered mineralization seen at the Silver Lime prospect, as well as of the company's newly staked ground to the west of the prospect (see company news release dated June 11, 2021).

Approximately five to 10 channels are expected to be cut into mineralized outcrop with a diamond blade at varying lengths. Based on the carbonate replacement porphyry model, mineralization is expected to be continuous and geochemically zoned from a central porphyry source, with visual expressions estimated to be smaller in volume and lower grade at surface. Following this sampling program, a drill program can be designed to target the carbonate replacement porphyry source.

About the VTEM survey

The VTEM system was 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 metre. The survey consisted 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 historical high-grade mineral prospects (Laverdiere and Silver Lime) in a total contiguous land package of approximately 26,119.61 hectares (ha) (261.2 square kilometres). The project is located 48 kilometres (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 g/t gold and 46.5 g/t silver reported.

The Silver Lime prospect is located just 10 km southwest of the Laverdiere prospect and 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 showing 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 2.2-metre vein system assayed 3.3 grams per tonne (g/t) gold, 2,641 g/t silver, 0.15 per cent copper, 2.5 per cent lead, 3.32 per cent zinc, 5.0 per cent arsenic and 2.56 per cent antimony.

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 over 20.0 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.

The 2021 prospecting and sampling programs have focused on resampling the Silver Lime prospect and evaluating the newly staked ground by Core Assets to the west of the prospect to better understand how the mineralization is zoned with regards to the source.

National Instrument 43-101 disclosure

Mr. Rodway, PGeo, is president, CEO and a director of the company and 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 British Columbia, Canada. The company currently holds the Blue property that covers a land area of 26,100 ha (261 square km). 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 km 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 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.

We seek Safe Harbor.

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