21:17:03 EDT Tue 28 Jun 2022
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Core Assets Corp
Symbol CC
Shares Issued 55,709,701
Close 2021-09-17 C$ 0.28
Recent Sedar Documents

Core Assets increases Blue property to 108,337 ha

2021-09-20 06:31 ET - News Release

Mr. Nicholas Rodway reports

CORE ASSETS EXPANDS BLUE PROPERTY TO DISTRICT SCALE LAND PACKAGE

Core Assets Corp. has increased its mineral claim holdings by staking at the Blue property located in the Atlin mining district of British Columbia.

Highlights:

  • As a result of encouraging visual observations (see an image on the company's website of classic carbonate replacement mineralization seen at the property) during phase 1 and 2 exploration programs, Core Assets decided to increase its land package substantially from 26,080 hectares (about 260.8 square kilometres) to 108,337 ha (about 1,083 square kilometres) making it one of the largest mineral claim holders in the Atlin mining camp.
  • Core Assets' technical team has determined that much of the newly receded glaciated terrain of southwest Atlin Lake is virtually unexplored, and government-mapped limestone bodies (the favourable host for carbonate replacement mineralization) are far more extensive in the area than mapped in the 1950s.
  • Field observations have determined that the permeability and porosity of the limestone bodies in the area are favourable for allowing transportation of mineralized carbonate replacement fluids.
  • The CRD (carbonate replacement deposit) porphyry exploration model that is guiding Core Assets' exploration plan has seen incremental advancements in understanding globally since the last exploration campaigns of the 1980s. Core's technical team has leveraged its knowledge of this in an area of newly deglaciated terrain where there is no documented historical exploration.
  • Results from the phase 1 sampling program are expected by late September, 2021. Samples from the phase 1 program of presumed altered granitic rocks surrounding the carbonate replacement mineralization have been submitted to a lab for petrographic analysis and are expected to be returned later this year.

Core Assets' president and chief executive officer, Nick Rodway, commented: "It's very common for multiple carbonate-replacement-style deposits to form along vast amounts of land straddling the Pacific Western margins of North, Central and South America. Based upon preliminary visual observations of mineralization at the property, we decided to consolidate the areas of newly exposed bedrock and turn Core Assets into a district-scale explorer of the prolific Atlin mining district."

About the expansion of the Blue property

As a result of encouraging visual field observations (see photo of classic example of CRD mineralization at the property on the company's website) during phase 1 and 2 exploration programs, Core Assets decided to increase its land package substantially from 26,080 ha (about 260.8 square kilometres) to 108,337 ha (about 1,083 square kilometres) making it one of the largest mineral claim holders in the Atlin mining camp. Core Assets technical team has determined that much of the newly receded glaciers of southwest Atlin Lake are virtually unexplored and the Geological Society of Canada-mapped limestone bodies (the favourable host for carbonate replacement mineralization) are determined to be far more extensive in the area then mapped in the 1950s. Observations made by Core Assets' technical team have determined that the permeability and porosity of the limestone bodies in the area are favourable for allowing transportation of mineralized carbonate replacement fluids to surface.

The CRD porphyry exploration model that is guiding Core Assets' exploration plan was not developed until after the last exploration campaigns on the east side of the property, and this model has seen incremental advancements and success since the last exploration campaigns of the 1980s. Core's technical team has leveraged its boots-on-the-ground interpretations in areas of newly exposed bedrock where there is no documented historical exploration to increase its potential for multiple discoveries.

Core Assets expects to have results from its phase 1 sampling program in late September, 2021. During the phase 1 program, the Core Assets team also collected 18 samples of altered granitic rock units to prepare for petrography. The samples will be cut into thin sections and analyzed at a lab under a petrographic microscope to determine alteration assemblages. This will help Core Assets vector toward a potential porphyry source, which may be responsible for the significant surficial mineralization seen at surface. The analysis results are expected to be returned later this year.

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 108,337 ha (about 1,083 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 mineralization can be seen 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, 5.0 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 greater than 20.0 per cent lead.

The Silver Lime prospect has the potential to represent a carbonate replacement deposit model. Massive sulphide mineralization occurs 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 occurrences. 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 mineralization can be up to 30 metres long and six metres wide. The smaller occurrences host sphalerite and galena mineralization and the larger occurrences 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 regard to the source (see news release dated June 11, 2021).

National Instrument 43-101 disclosure

Mr. Rodway, PGeo (licence No. 46541), is 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 British Columbia, Canada. The company currently holds 100-per-cent title ownership in the Blue property that covers a land area of about 108,337 ha (about 1,083 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.

We seek Safe Harbor.

© 2022 Canjex Publishing Ltd. All rights reserved.