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Core Assets samples up to 406 g/t Ag at Blue

2022-02-28 13:16 ET - News Release

Mr. Nick Rodway reports

CORE ASSETS REPORTS ROCK SAMPLES CONTAINING 406G/T AG, 11.8% CU, >20% PB AND 15.45% ZN, AND AWARDS THE 2022 DIAMOND DRILLING CONTRACT FOR THE BLUE PROPERTY

Core Assets Corp. has released assay results from the remaining rock samples collected during phase 2 of 2021 and has awarded Dorado Drilling the 2022 diamond drilling contract for the Blue property, Atlin mining district of British Columbia.

Highlights:

  • Four massive pyrite-galena-sphalerite plus pyrrhotite occurrences sampled from the Jackie target (Silver Lime prospect) returned assay values ranging from 55.2 to 406 grams per tonne (g/t) silver (Ag), 0.20 to 4.55 per cent copper (Cu), 0.91 to over 20 per cent lead (Pb) and 3.0 to 15.4 per cent zinc (Zn).
  • One chalcopyrite-bearing, banded quartz vein with significant malachite staining collected from the Sulphide City target yielded values of 15.4 g/t Ag, 11.8 per cent Cu and 9.3 per cent Zn.
  • One pyrite-rich semi-massive sulphide occurrence sampled at the Sulphide City target assayed 34.9 g/t Ag, 0.71 per cent Cu, 0.72 per cent Pb and 0.90 per cent Zn.
  • One sample of oxidized, pyrite-bearing quartz-sericite breccia assayed 8.2 g/t Ag and 0.24 g/t Au from the Sulphide City target.
  • The 2021 Discovery zone (Grizzly, Sulphide City and Amp targets), combined with the Silver Lime prospect (Jackie target), defines a 3.7-kilometre-by-1.8-kilometre area of tight, high-grade carbonate replacement (CRM) and skarn mineralization within the broad 6.6-kilometre mineralized corridor that remains open. To date, over 150 individual CRM occurrences have been observed within the 6.6-kilometre-by-1.8-kilometre mineralized corridor at the Blue property.
  • Dorado Drilling is an Okanagan-based diamond drilling company with over 16 years of industry experience in British Columbia, Manitoba, Ontario and Yukon. Five thousand metres of HQ-sized diamond drilling are planned for the upcoming 2022 exploration program. Drill targeting is currently under way for the 2021 Discovery zone (Grizzly, Sulphide City and Amp targets), the Silver Lime prospect and the Laverdiere prospect.

Core Assets president and chief executive officer Nick Rodway comments: "The Blue property continues to produce exceptional results that indicate the presence of a large and well-endowed carbonate replacement system. The Core Assets team is excited to execute the first diamond drilling program at the newest CRD discovery in B.C. If our thesis that these kilometre-scale carbonate-replacement-style occurrences broaden with depth and display continuity back to the source is correct, the 2022 maiden drill program at the Blue property could lead Core Assets to making a world-class discovery."

2021 geochemical sampling at the Jackie and Sulphide City targets

Two thousand twenty-one surficial samples were collected from zones of carbonate replacement mineralization, massive to semi-massive sulphide mineralized host rocks and mineralized veins of varying composition. The Jackie target, part of the Silver Lime prospect, consists of numerous massive to semi-massive sulphide occurrences that measure up to 30 metres long and six metres wide. Many massive sulphide occurrences sampled at Jackie are clustered and hosted within mapped northeast-southwest-trending faults and fault splays. These fault-hosted sulphide bodies are interpreted as spokes that typically broaden at depth and express continuity back toward a causative intrusion. 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. Additionally, the presence of high-grade Cu-bearing quartz veining hosted in mafic-to-intermediate volcanic lithologies and silver-gold-bearing (Ag-Au) pyritized quartz-sericite breccia observed in metasediments are probable first-order indications of an endowed porphyry-epithermal link to the widespread, high-grade carbonate replacement and skarn mineralization observed throughout the central Blue property.

Following the hub and spoke model (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 (meteoric/connate waters or basin brines). Sulphide bodies are then precipitated through a neutralizing, dissolution replacement reaction between the ore fluid and carbonate-rich lithologies (limestone).

QA/QC (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 Geochemistry 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 (Pd) and platinum (Pt) by fire assay (package PGM-ICP27). Any overlimit for Ag, Cu, Pb and Zn will be analyzed using the applicable assay package ME-OG62. Ag values reporting over 1,000 parts per million (ppm) 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 laboratory's internal QA/QC in this regard.

National Instrument 43-101 disclosure

Mr. Rodway, PGeo (licence No. 46541), is president, chief executive officer and a director of the company and 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, which covers a land area of approximately 108,337 hectares (ha). 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 kilometres (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 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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