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Core Assets submits Blue permit amendment application

2021-11-29 11:07 ET - News Release

Mr. Nicholas Rodway reports

CORE ASSETS SUBMITS AMENDMENTS TO EXPLORATION PERMIT ATLIN MINING DISTRICT, BRITISH COLUMBIA

Core Assets Corp. has submitted a permit amendment application to the British Columbia Ministry of Energy, Mines and Low Carbon Innovation for the Blue property, located in the Atlin mining district of northwestern British Columbia. This amendment requests for additional helicopter-supported drill sites and the option to complete induced polarization (IP) geophysical surveys within a broader area totalling 29,460 hectares. The newly proposed permit area will include the new silver-zinc-lead-copper Grizzly manto discovery zone as well as the Amp and Sulphide City showings, all of which are located immediately to the northwest of the Jackie showing (see news release dated Sept. 27, 2021).

Highlights:

  • Core Assets is currently permitted for diamond drilling at the Laverdiere and Jackie showings.
  • If approved, the permit amendment will include 50 helicopter-supported diamond drill sites and up to 30 line kilometres of induced polarization geophysical surveys over the recently staked ground that includes silver, zinc, lead and copper massive sulphide showings within the Blue property.
  • The proposed permit amendments will allow for exploratory diamond drilling at Core Assets' Grizzly manto discovery zone, which was discovered in 2021 and extended massive sulphide mineralization at surface to 6.6 kilometres by 1.8 kilometres and remains open.
  • The average grade of 44 samples collected in 2021 at the Grizzly manto returned assay values of 8.2 per cent zinc, 1.8 per cent lead, 0.40 per cent copper and 110 grams per tonne silver over a 500-metre strike length.
  • Initial interpretations from the 2021 versatile time-domain electromagnetic survey (VTEM) and assay results from channel sampling campaigns are expected to be released in the coming months.

Core Assets' president and chief executive officer, Nick Rodway, commented: "The Grizzly manto represents a very significant high-grade mineralized zone that was discovered on ground we staked in 2021. This ground has proven to be extremely prospective and is contiguous with the original area of the Blue property. Making amendments to our pre-existing exploration permit will allow for the company to explore this newly discovered mineralized zone at depth through IP surveys and exploratory diamond drilling."

About the Grizzly showing

The Grizzly showing was discovered by Core Assets personnel during the 2021 phase 1 exploration program. The showing consists of two subparallel zones interpreted to be surface expressions of carbonate replacement mantos. High-grade massive sulphide mineralization was sampled at surface from the westernmost exposure for a total of approximately 500 metres along strike, with widths up to five metres and open under heavy scree. The eastern zone was tracked for approximately 150 metres. 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 manto discovery zone in 2021.

Propertywide sampling

Results for propertywide reconnaissance sampling executed by Core Assets during phase 1 of its 2021 exploration program revealed the district-scale potential of the Blue property. Abundant, high-grade base metal and precious metal mineralization was identified in numerous locations across the property, and Core Assets has now confirmed carbonate replacement mineralization at surface over an area of 6.6 kilometres by 1.8 kilometres.

National Instrument 43-101 disclosure

Nicholas Rodway, PGeo (licence No. 46541), is president, chief executive officer and a director of the company as well as 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 junior exploration company focused on the acquisition and development of mineral projects in British Columbia, Canada. The company currently holds 100-per-cent title ownership of the Blue property, which covers a land area of approximately 108,337 hectares (approximately 1,083 square kilometres). The project resides within the unceded territory of the Taku River Tlingit First Nation in the Atlin mining district, a known gold mining camp in northwest British Columbia. The property hosts a major structural feature known as the Llewellyn fault zone (LFZ). This structure is approximately 140 kilometres in length and extends from the Tally-Ho shear zone in Yukon, south through the eastern side of the Blue property to the Tulsequah area, where it crosses over into 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 and along its entire extent. 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 utilized the historic and current information gathered at the Blue property to tailor a proven exploration model to facilitate a major discovery. Core Assets technical team believes there are substantial opportunities for new discoveries, extending known mineralization and development. Core Assets is excited to become one of the premier explorers in the Atlin mining district.

We seek Safe Harbor.

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