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Core Assets Corp
Symbol CC
Shares Issued 55,709,701
Close 2021-09-10 C$ 0.245
Recent Sedar Documents

Core Assets completes sampling at Blue

2021-09-13 07:16 ET - News Release

Mr. Nicholas Rodway reports

CORE ASSETS COMPLETES PHASE TWO EXPLORATION AT THE BLUE PROPERTY, ATLIN, BRITISH COLUMBIA

Core Assets Corp. has completed its phase two channel sampling program at the Blue property located in the Atlin mining district of British Columbia.

Highlights

  • The phase two channel sampling program was designed to determine the grade and extent of massive sulphide carbonate replacement pods at surface. Both the phase one and phase two programs have identified early indications of a potentially large mineralized system. The phase two sampling will allow Core Assets to design subsequent programs to vector in on carbonate replacement mineralization and its porphyry source.
  • During the phase two program 15 channels were cut into heavily mineralized bedrock totalling 49.7 metres for a total of 105 samples. Additionally, eight grab samples were collected from newly discovered massive sulphide carbonate replacement pods.
  • Channel sampling intersected a wide range of massive and semi-massive sulphides including zinc, silver, lead and copper mineralization consisting of sphalerite, galena, pyrite, chalcopyrite and pyrrhotite.
  • Core Assets has now outlined a mineralized area of approximately 6.6 kilometres by 1.8 km with alteration assemblages indicating this is formed from a porphyry source (based upon visual observations).
  • Results from July's phase one geochemical sampling program are expected to be released by late September, 2021.
  • Core Assets plans to mobilize a field mapping team in mid-September to map geochemical zoning patterns and alteration seen at surface. The extent of this mapping program will be snowfall dependent.

Core Assets' president and chief executive officer, Nick Rodway, comments: "The mineralization we are seeing at surface is significant and extremely exciting. It has been over 30 years since the last exploration campaigns in the area, and since then the glaciers have retreated drastically, allowing our team the opportunity to explore previously unseen rocks. We will continue to expand upon our geological knowledge of the property to further delineate and build upon our exploration model for drill testing."

About the 2021 phase two field program

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

Fifteen channels totalling 49.7 metres were cut into mineralized outcrop with a diamond blade saw at varying lengths for a total of 105 samples. Samples were taken in 50-centimetre composites. Additionally, eight grab samples were taken from newly discovered massive sulphide carbonate replacement pods. 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. Core Assets has now outlined a mineralized and alteration area of approximately 6.6 km by 1.8 km. Following this channel sampling program, a drill program can be designed to target the carbonate replacement-porphyry source.

Quality assurance/quality control and sample preparation

All channel samples were collected in the field using a gas-powered diamond blade saw. Locations were marked with spray paint across presumed mineralized horizons and parallel lines were cut approximately five cm apart. Perpendicular lines were then cut at approximately 50 cm sample intervals. A hammer and chisel were then used to remove the rock from the channels and the samples were placed in prelabelled sample bags. Locations were obtained using a hand-held GPS and azimuth measurements were collected using a compass. 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-MS (inductively coupled plasma mass spectrometry) instrumentation (package ME-ICP61) and Au, palladium and platinum 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 over 1,000 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 laboratory's internal QA/QC in this regard.

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 (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, 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 2.20-metre vein system assayed 3.3 g/t gold, 2,641 g/t silver, 0.15 per cent copper, 2.5 per cent lead, 3.32 per cent zinc, 5.0 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 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 (Minfile 104M 031*).

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 regard to the source (see news release dated June 11, 2021).

National Instrument 43-101 disclosure

Nicholas Rodway, PGeo, is president, chief executive officer and 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.

* Historical technical numbers are not compliant with National Instrument 43-101 and are provided as an indication that mineralization is present. Historical information is relied on by the company only as encouraging further exploration and assessment of the properties. All references listed under Minfile and ARIS can be found on the British Columbia database.

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 title ownership in the Blue property, that covers a land area of about 26,100 hectares (about 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 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 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 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.

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