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Core Assets Corp
Symbol CC
Shares Issued 55,709,701
Close 2021-09-27 C$ 0.305
Recent Sedar Documents

Core Assets samples up to 9.92% Cu, 2,020g/t Ag at Blue

2021-09-27 07:08 ET - News Release

Mr. Nicholas Rodway reports

CORE ASSETS CONFIRMS NEW DISCOVERY AT THE BLUE PROPERTY ATLIN, BRITISH COLUMBIA

Core Assets Corp. has received geochemical confirmation that its phase 1 sampling program identified multiple new zones of intense carbonate replacement sulphide mineralization and an extensive zinc-lead-silver-rich manto at the Blue property located in the Atlin mining district of British Columbia.

Highlights:

  • The phase 1 sampling program was designed to determine the extent of visually interpreted massive sulphide carbonate replacement mineralization seen at surface.
  • The program consisted of the collection of 247 grab samples.

Highlights include:

  • Ninety-one samples returned assay values from 0.20 per cent to 9.92 per cent copper with 10 samples returning greater than 1.04 per cent Cu.
  • Fifty-eight samples returned assay values from 110 grams per tonne to 2,020 g/t silver with 17 samples returning greater than 417 g/t Ag.
  • One hundred fifteen samples returned assay values from 1.04 per cent to greater than 30 per cent zinc, with 41 of those samples returning greater than 10.15 per cent Zn.
  • Fifty-three samples returned assay values from 1.01 per cent to greater than 20 per cent lead with 33 samples returning greater than 5.59 per cent Pb.
  • Nine samples returned assay values from 1.03 to 6.75 g/t gold.
  • Select assays from 43 samples are provided in a table on the company's website.
  • A channel sampling program has been conducted to further determine mineralization dimensions and concentrations at surface.
  • Confirmation and extension of the historically identified Jackie showing carbonate replacement mineralization with 57 outcrop samples collected returning average values of 0.26 per cent Cu, 170.4 g/t Ag, 3.96 per cent Pb and 5.02 per cent Zn. One sample assayed 2.0 per cent Cu, 1,090 g/t Ag, 5.73 per cent Zn and greater than 20 per cent Pb.
  • Discovery of three new heavily mineralized zones two to 2.5 kilometres northwest of the Jackie showing:
    • Grizzly showing: Two subparallel Zn-Pb-Ag-Cu-rich interpreted carbonate replacement manto zones were discovered and sampled over a strike length of 500 m, with widths up to five m. Assay values from 44 samples returned averages of 8.2 per cent Zn, 1.8 per cent Pb, 0.40 per cent Cu and 110 g/t Ag. Mineralization remains open in both directions along strike and at depth.
    • Sulphide City showing: Zn-Cu mineralization with multiple semi-massive to massive sulphide exposures containing significant sphalerite, pyrite, pyrrhotite and chalcopyrite. Assay values from 44 samples returned average values of 0.29 per cent Cu, 3.03 per cent Zn and 14.97 g/t Ag.
    • Amp showing: Carbonate replacement semi-massive to massive sulphide mineralization and numerous float samples with 20 samples collected returning averages of 218 g/t Ag, 4.1 per cent Pb, 3.8 per cent Zn and 0.63 g/t Au.
  • Discovery of massive sulphide mineralization in outcrop during reconnaissance prospecting on western side of Willison glacier significantly expanding mineralization extent at the Blue property. Core Assets has now confirmed a mineralized and altered area of approximately 6.6 km by 1.8 km with alteration assemblages indicating this is formed from a porphyry source.
  • Core Assets has mobilized a drone imagery team to provide high resolution imagery of the newly defined area.
  • VTEM and phase 2 channel sampling program results are expected to be released by late 2021.

Core Assets' president and chief executive officer, Nick Rodway, commented: "The abundance of newly discovered mineralized showings at the Blue property is beyond exciting. We staked the Blue property because it is one of few underexplored areas within the Stikine terrane and has the geological characteristics to potentially produce a world-class discovery. Our work during the 2021 field season has identified significant manto-, CRD- and skarn-type mineralization within a large alteration footprint that exceeded our initial expectations. We are excited to continue to gather more information over the winter and continue to pave our road to discovery."

Jackie showing

The historically sampled Ag-Pb-Zn-Cu Jackie showing was revisited by Core Assets and mineralization was confirmed at surface over a 400 m by 450 m area with mineralization open in all directions. Multiple new carbonate replacement massive sulphide occurrences were located and sampled in addition to verification sampling of mineralization noted by Carmac Resources in 1990. A total of 57 outcrop samples were collected from the Jackie showing and select assay results are displayed in a table on the company's website.

Grizzly showing

The Grizzly showing was discovered by Core Assets during the 2021 phase 1 exploration program. The showing consists of two subparallel zones interpreted to be surface expressions of carbonate replacement mantos. Mineralization was sampled at surface from the westernmost exposure for a total of approximately 500 m along strike, with widths up to five m and open under heavy scree. The eastern zone was tracked for approximately 150 m. Mineralization within each zone remains open in both directions along strike. A total of 43 outcrop samples and one float sample were collected at the Grizzly showing. Select assay results are displayed in a table on the company's website and an annotated photo of the area can also be found on the company's website.

Sulphide City showing

The Sulphide City showing was discovered during Core Assets' phase 1 exploration program. Multiple Zn-Cu-iron-rich massive sulphide exposures were identified within the showing with the largest mineralized outcrop measuring about 16 m in length with widths up to 4.5 m. The showing displays characteristics of both carbonate replacement and skarn mineralization at multiple locations and is proximal to a granodiorite intrusive body. A total of 43 outcrop samples and one float sample was collected from Sulphide City with select assay results displayed in a table on the company's website.

Amp showing

Semi-massive to massive sulphide carbonate replacement mineralization at the Amp showing was identified within several outcrops less than one m in size and multiple bleeder veins. Additionally several highly mineralized float samples were collected in the area. A total of 12 outcrop and eight float samples were collected and select assays are displayed in a table on the company's website.

Property-wide sampling

Results for property-wide reconnaissance sampling executed by Core Assets during phase 1 of its exploration program revealed the district-scale potential of the Blue property. Strong mineralization was identified in numerous locations across the property and Core Assets has now confirmed carbonate replacement mineralization at surface over an area 6.6 km by 1.8 km. A total of 71 outcrop and 11 float samples were collected as part of the property-wide reconnaissance sampling and select assay results are displayed in a table on the company's website. These results prompted the recent staking expansion of the Blue property.

About the 2021 phase 1 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 (see select samples in a table on the company's website) were collected from the property over the duration of the program. The historically mapped and sampled massive sulphide carbonate replacement occurrences 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 mineralization. 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 occurrences at the Silver Lime prospect and searching for typical porphyry-style alterations.

Quality assurance/quality control and sample preparation

All rock samples were collected in the field using a hammer and chisel. Locations were obtained using a GPS (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 in Whitehorse, Yukon, for multielement analysis (including Ag) by four-acid digestion with ICP-AES (inductively coupled plasma atomic emission spectroscopy) 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 greater than 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 laboratories 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 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, Core Assets 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.

Announcement of presentation

Core Assets is pleased to announce that Mr. Rodway will be participating in an exclusive Zoom with Zimtu investor presentation on Wednesday, Oct. 6, 2021, starting at 10 a.m. Pacific Daylight Time/1 p.m. Eastern Daylight Time/7 p.m. Central European Summer Time.

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.

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