Mr. Nicholas Rodway reports
CORE ASSETS REPORTS HIGH GRADE CHANNEL SAMPLES OF UP TO 1.0M OF 175G/T AG, 0.28% CU, 0.31% PB, AND 10% ZN OVER AN AREA OF 600M BY 350M AT THE 2021 DISCOVERY ZONE
Core Assets Corp. has released channel sample results from 10 carbonate replacement and skarn, massive-to-semi-massive sulphide occurrences at the Sulphide City and Grizzly targets during phase 2 of the 2021 exploration program carried out at the Blue property, Atlin mining district of British Columbia.
- All channel samples were collected from zones of carbonate replacement massive sulphide and skarn mineralization. Unlike vein-hosted deposits, carbonate replacement deposits (CRDs) typically manifest as continuous sulphide bodies over multikilometre scales that broaden with depth and demonstrate continuity back to the source;
- 10 channels comprising a combined length of 39.25 metres were cut and sampled at average intervals of 0.5 metre at the Grizzly (Mantos) target and the adjacent Sulphide City target in 2021. High-grade mineralization in these combined areas spans 600 m by 350 m;
- Of the 80 channel samples collected, five samples assayed greater than 50 grams per tonne silver, 47 greater than 0.20 per cent copper and 33 channel samples assayed greater than 5 per cent zinc;
- Grizzly channel CH21-05 returned length-weighted average assay values of 175 g/t Ag, 0.28 per cent Cu, 0.31 per cent lead and 10 per cent Zn over one m; including 0.5 m of 222 g/t Ag, 0.28 per cent Cu, 0.38 per cent Pb and 7.2 per cent Zn;
- Sulphide City channel CH21-02 returned assay values of 5.3 m of 14 g/t Ag, 0.29 per cent Cu and 10.2 per cent Zn; including 0.5 m of 46 g/t Ag, 0.49 per cent Cu and 11.8 per cent Zn over 0.5 m;
- The 2021 Discovery zone (collectively the Grizzly, Sulphide City and Amp targets) defines a 1.8-kilometre-long by 1.2 km wide, high-grade carbonate replacement mineralization (CRM) target within the extensive 6.6 km by 1.8 km mineralized corridor that remains open in all directions;
- Drill targeting and planning are under way for the upcoming exploration program at the 2021 Discovery zone, the Silver Lime prospect and the Laverdiere prospect.
Core Assets' president and chief executive officer Nick Rodway comments: "The 2021 Discovery zone (a new extension of the Silver Lime prospect at the Blue property) contains extensive high-grade mineralization that can be seen at surface. Most notable is the Grizzly target, which consists of two massive, zinc-silver-rich mantos exposed at surface. They are composed of greater than 90 per cent sulphide and are visible at widths greater than five metres over a continuous length of greater than 500 metres. These mantos could be part of a series of high-grade orebodies that are stacked at depth, as typically seen in world class CRDs. The Sulphide City target represents a very high sulphide occurrence that is partially hosted in intrusive volcanic rocks, indicating that it could be located very proximal to the causative porphyry responsible for the massive 6.6 km by 1.8 km mineralized area at the Blue property."
Two thousand twenty-one channel sampling -- Grizzly and Sulphide City targets
The Grizzly and Sulphide City targets were discovered by the Core Assets team in 2021. The Grizzly target consists of two subparallel Ag-Zn-Cu-Bi (bismuth)-rich carbonate replacement mantos (that is, bedded massive sulphide orebodies) that are observable at surface across an open strike length of greater than 500 metres, and at widths of over five metres. CRM occurrences at the Sulphide City target are characterized by multiple, Zn-Cu-Ag semi-massive to massive sulphide occurrences measuring up to 40 metres along strike and eight metres wide. These occurrences contain significant amounts of sphalerite, pyrite, pyrrhotite and chalcopyrite. During 2021 phase 2 exploration efforts, 80 samples were collected across 10 channels ranging from 1.4 metres to 8.6 metres in length. Of the 80 channel samples collected, five samples assayed greater than 50 g/t Ag, 47 greater than 0.20 per cent Cu and 33 channel samples collected assayed greater than 5 per cent Zn. The best channel sampled at the Grizzly target (CH21-05) assayed 135 g/t Ag, 0.25 per cent Cu, 0.24 per cent Pb and 8.34 per cent Zn over its entire length of 1.4 metres and included 0.5 m of 222 g/t Ag, 0.28 per cent Cu, 0.38 per cent Pb and 7.2 per cent Zn. CH21-02, located at Sulphide City (Whaleback area) approximately 430 metres west-southwest of CH21-05, returned 5.3 metres of 14 g/t Ag, 0.29 per cent Cu and 10.2 per cent Zn; including 0.5 m of 46 g/t Ag, 0.49 per cent Cu and 11.8 per cent Zn over 0.5 m. CH21-10, located approximately 200 metres northeast of CH21-02 at the main Sulphide City target area, also returned values of 85 g/t Ag, 0.20 per cent Cu, 3.91 per cent Pb and 4 per cent Zn over 0.5 m.
All the 2021 phase 2 channel samples were collected from zones of carbonate replacement mineralization, skarn and massive sulphide. Following the hub-and-spoke model (that is, Bingham Canyon, Utah, United States), high-temperature, ore-bearing fluids are derived from proximal intrusive phases (the hub). The ore fluids migrate away from the heat source along structurally controlled networks of faults and fractures. During fluid propagation, ore fluids mix with other fluid sources (that is, meteoric/connate waters or basin brines). Sulphide bodies (spokes) are then precipitated through a neutralizing, dissolution replacement reaction between the ore fluid and carbonate-rich lithologies (that is, limestone).
Quality assurance/quality control 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. Location data was 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 overlimit for Ag, Cu, Pb and Zn were analyzed using the applicable assay package ME-OG62. No certified reference materials were submitted for analysis with the company relying on the laboratory's internal QA\QC in this regard.
National Instrument 43-101 disclosure
Mr. Rodway, PGeo (licence No. 46541) is president, CEO 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.
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 well-known gold mining camp located in the unceded territory of the Taku River Tlingit First Nation and the Carcross/Tagish First Nation. 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 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 has 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.
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