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Core Assets Corp
Symbol CC
Shares Issued 55,709,701
Close 2022-01-31 C$ 0.54
Recent Sedar Documents

Core Assets samples 1.4 m of 486 g/t Ag at Blue

2022-01-31 09:11 ET - News Release

Mr. Nicholas Rodway reports

CORE ASSETS' FIRST SURFACE CHANNEL ASSAYS FROM SILVER LIME CONFIRM HIGH-GRADE CARBONATE REPLACEMENT MINERALIZATION

Core Assets Corp. has released channel sample results from five outcropping carbonate replacement massive sulphide occurrences at the Jackie target, part of the 6.6-kilometre-long-by-1.8-kilometre-wide Silver Lime carbonate replacement deposit (CRD) prospect within the company's 100-per-cent-controlled Blue property in the Atlin mining district of British Columbia. Sawn channel samples were collected as part of Core Assets' 2021 maiden field campaign at Silver Lime. Additional 2021 channel sampling results from the nearby Grizzly Discovery zone and Sulphide City target are expected to return in February, 2022.

Highlights:

  • All channel samples were collected from zones of CRD massive sulphide mineralization. Unlike vein-hosted deposits, CRDs typically manifest as continuous deposits of interconnected bedding parallel sulphide replacement deposits called mantos and crosscutting structurally controlled sulphide pipes called chimneys. The scale of CRD systems can potentially extend for multikilometres around their source, typically a causative mineralized porphyry system. The Silver Lime prospect demonstrates such scale.
  • As a first-pass attempt to evaluate the grade of replacement sulphide mineralization at Jackie, five sulphide bodies, all outcropping within an area measuring 400 metres by 380 metres, were channel sampled at an average sample interval of 0.5 metre. All five sulphide bodies yielded high-grade base metal/silver results, including:
    • 486 grams per tonne silver, 0.36 per cent copper, 9.4 per cent lead and 13.0 per cent zinc over 1.4 metres, including 1,080 grams per tonne silver, 0.36 per cent copper, greater than 20 per cent lead and 13.2 per cent zinc over 0.5 metre, in channel CH21-14;
    • 336 grams per tonne silver, 0.26 per cent copper, 7.9 per cent lead and 9.5 per cent zinc over 1.25 metres, including 851 grams per tonne silver, 0.29 per cent copper, greater than 20 per cent lead and 9.7 per cent zinc over 0.35 metre, in channel CH21-11;
    • 284 grams per tonne silver, 0.57 per cent copper, 12.3 per cent lead and 11.1 per cent zinc over 2.5 metres, including 383 grams per tonne silver, 0.82 per cent copper, 16.6 per cent lead and 10.3 per cent zinc over 1.5 metres, in channel CH21-13;
    • 200 grams per tonne silver, 0.24 per cent copper, 6.6 per cent lead and 13.5 per cent zinc over 1.5 metres, including 516 grams per tonne silver, 0.10 per cent copper, 18.6 per cent lead and 17.0 per cent zinc over 0.5 metre, in channel CH21-12;
    • 29 grams per tonne silver, 0.20 per cent copper, 1.3 per cent lead and 11.4 per cent zinc over 3.8 metres in channel CH21-15.
  • Of the 22 channel samples collected, 12 samples assayed greater than 100 grams per tonne silver, 16 greater than 0.20 per cent copper and 14 greater than 1.0 per cent lead, and all channel samples collected assayed greater than 5.0 per cent zinc (see attached table).
  • Remaining 2021 channel sampling results from the Grizzly Discovery zone and Sulphide City, both CRD targets nearby Jackie, are expected to be released in February, 2022.

Nick Rodway, Core Assets' president and chief executive officer,commented: "The 2021 maiden channel sampling program at the Silver Lime prospect on Core Assets' Blue property was designed to assess the grade of massive sulphide occurrences discovered and mapped early in the field program. These sawn channel results confirm assays of early grab samples taken upon discovery of these remarkable outcropping sulphide bodies. All five sulphide bodies sampled at Jackie have confirmed high-grade mineralization within an area of 400 metres by 380 metres. Our working thesis is that these massive sulphide bodies are part of an interconnected network of sulphides occurring in the subsurface and likely linked with the nearby Grizzly Discovery zone and Sulphide City target. Once we see channel results from these other two areas, we should have a very good understanding of the grades that this large CRD system can yield, and we may also begin to see a geochemical vector that points towards the causative porphyry underlying this system. We are already planning an aggressive diamond drilling program for 2022 to test this CRD system and porphyry exploration model."

2021 channel sampling -- Jackie target

The Jackie target, part of the Silver Lime prospect within Core Assets' Blue property, consists of numerous massive to semi-massive sulphide occurrences, each measuring up to 30 metres long and six metres wide. These sulphide occurrences comprise an approximate area of 400 metres by 380 metres, within the extensive 6.6-kilometre-by-1.8-kilometre mineralized zone that remains open. During 2021, 22 samples were collected across five sawn channels ranging from 1.25 metres to 3.8 metres in length. Significant silver, copper, lead and zinc values returned from all five sulphide bodies that were channel sampled. These massive sulphide pipes appear to replace favourable limestone beds, where they are intersected by prominent northeast-southwest-trending faults. Of the 22 channel samples collected, 12 samples assayed greater than 100 grams per tonne silver, 16 greater than 0.20 per cent copper and 14 greater than 1.0 per cent lead, and all channel samples assayed greater than 5.0 per cent zinc.

The best silver results from a channel sampled at Jackie came from channel CH21-14, which assayed 486 grams per tonne silver, 0.36 per cent copper, 9.4 per cent lead and 13.0 per cent zinc over its entire length of 1.4 metres. The best combined lead-zinc result, 23.5 per cent, came from channel CH21-13, which assayed 284 grams per tonne silver, 0.57 per cent copper, 12.3 per cent lead and 11.1 per cent zinc over 2.5 metres. This channel also graded highest in copper -- 0.57 per cent. Channel CH21-11 returned 1.25 metres of 336 grams per tonne silver, 0.26 per cent copper, 7.9 per cent lead and 9.5 per cent zinc, including 0.35 metre of 851 grams per tonne silver, 0.29 per cent copper, greater than 20 per cent lead and 9.7 per cent zinc.

To date, 263 historic and modern surface samples have been collected at the Jackie target. In total, 52 samples have returned assay values greater than 100 grams per tonne silver, 58 greater than 0.20 per cent copper, 41 greater than 5.0 per cent lead and 76 greater than 5.0 per cent zinc. At this time, geologists from Core Assets speculated that this zone of high-grade channel and grab samples is located less than one kilometre east-northeast of a possible causative porphyry (hub).

Applying an exploration model in which the Jackie CRDs form spokes and the causative porphyry represents the hub, Core Assets' geologists speculate that ore fluids migrated away from the porphyry heat and metal source along structurally controlled networks of faults and fractures. During fluid propagation, ore fluids mixed with fluids from other sources (meteoric/connate waters or basin brines) resulting in precipitation of sulphide bodies that formed through fluid neutralization as ore fluids interacted with, and dissolved limestone. This resulted in a hub-and-spoke-like geometry with the porphyry in the centre and the CRDs forming spokes surrounding it. Such a hub and spoke model is the case at such systems as the world-class Bingham Canyon porphyry/skarn/CRD deposits in Utah, United States.

About the Jackie target

The Jackie target is part of an extensive zinc-lead-silver-copper-bismuth CRD system at Silver Lime. Favourable limestone beds host the majority of carbonate-replacement-style mineralization, and a wide range of intermediate-to-felsic volcanic and plutonic rocks and gneissic country rocks are also affected by massive to disseminated base metal sulphide mineralization. Massive sulphide composition and replacement textures observed in samples collected from Jackie are characteristic of significant, world-class CRDs. These consist of an early sphalerite-chalcopyrite assemblage overlapped with a later phase of galena and/or iron sulphides (pyrite and pyrrhotite). The presence of fugitive calcite and opaque sphalerite suggests that the Jackie target sits within close proximity to the source of ore-forming fluids. The presence of pyrite/marcasite replacing early pyrrhotite is indicative of a long-lived mineralizing CRD system. Core Assets' geologists noted that massive sulphide textural complexity at Silver Lime is most intense in areas closest to the inferred porphyry hub.

Quality assurance/quality control (QA/QC) and sample preparation

All channel samples were cut 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 centimetres apart. Perpendicular lines were then cut at approximately 50-centimetre sample intervals or less. 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 (Global Positioning System) 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 silver) by four-acid digestion with ICP-MS instrumentation (package ME-ICP61) and gold, palladium and platinum by fire assay (package PGM-ICP27). Any overlimit for silver, copper, lead and zinc were analyzed using the applicable assay package ME-OG62. No certified reference materials were submitted for analysis, with the company relying on the laboratories' internal QA/QC in this regard.

National Instrument 43-101 disclosure

Nicholas Rodway, PGeo (licence No. 46541), is president, chief executive officer and director of the company and a qualified person as defined by NI 43-101. Mr. Rodway supervised the preparation of the technical information in this news release.

Promotional activity

Core Assets has engaged Ahead of the Herd for advertising purposes. Ahead of the Herd will be paid a cash fee of $4,000 a month for its services for a six-month term. Ahead of the Herd is independent of Core Assets.

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, which covers a land area of approximately 108,337 hectares (approximately 1,083 square kilometres). The project lies within the Atlin mining district, a known gold mining camp located in the unceded territory of the Taku River Tlingit First Nation. The property hosts a major structural feature known as the Llewellyn fault zone (LFZ). This structure is approximately 140 kilometres in length and runs from the Tally-Ho shear zone in Yukon, south 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 British Columbia'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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