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Core Assets Corp
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Core Assets drills 2.5 m of 12.41 g/t Ag at Blue

2022-03-14 09:29 ET - News Release

Mr. Nicholas Rodway reports


Core Assets Corp. has released the results from six backpack (25-millimetre diameter) drill holes completed during 2021 phase 2 exploration efforts at the Sulphide City (Whaleback) and Jackie targets on the company's Blue property, located in the Atlin mining district of British Columbia.


  • The 2021 backpack drilling campaign at the Blue property was designed to test the extent of exposed massive-to-semi-massive sulphide mineralization. Six 25-millimetre-diameter drill holes were collared with a Shaw hand-held backpack drill (max depth limitation of three metres) within zones of skarn (Sulphide City -- Whaleback) or carbonate replacement mineralization (CRM; Jackie target) that were originally tested by channel sampling during the phase 2 exploration program.
  • All drill core samples submitted (one-metre to three-metre intervals) assayed greater than seven grams per tonne silver, greater than 0.16 per cent copper and greater than 7 per cent zinc, and all holes intercepted medium-to-coarse-grained, calc silicate-hosted, semi-massive sulphide or massive CRM over their entire lengths and ended in mineralization, indicating that these occurrences exhibit grade consistency and continuity over shallow depths as well as along surface.
  • BDH21-02 targeted semi-massive skarn mineralization previously tested in CH21-02 and returned 12.41 g/t Ag, 0.32 per cent Cu and 8.56 per cent Zn over 2.5 m, including 1.05 m of 18.5 g/t Ag, 0.46 per cent Cu and 10.15 per cent Zn.
  • BDH21-03 intercepted one metre of skarn mineralization grading 13.6 g/t Ag, 0.29 per cent Cu and 9.35 per cent Zn.
  • BDH21-05 targeted calc-silicate-hosted semi-massive skarn mineralization and assayed 9.2 g/t Ag, 0.17 per cent Cu and 11 per cent Zn over three metres.
  • One backpack drill hole, collared to test CRM at the Jackie target, intercepted three metres of soft, massive galena with lesser sphalerite (ZnS), pyrite and pyrrhotite (75 per cent visual mineralization), and was unrecoverable. Recovery will be improved using large diameter core size during 2022 drilling program. Samples collected from CH21-11 previously returned 1.25 m of 336 g/t Ag, 0.26 per cent Cu, 7.9 per cent lead and 9.6 per cent Zn, including 0.35 m of 851 g/t Ag, 0.29 per cent Cu, greater than 20 per cent Pb and 9.7 per cent Zn (see news release Jan. 31, 2022).
  • The 2021 discovery zone (Grizzly, Sulphide City and Amp targets) combined with the Silver Lime prospect (Jackie target) currently defines a 3.7-kilometre-by-1.8-kilometre area of tight, high-grade carbonate replacement and skarn mineralization within the broad 6.6-kilometre mineralized corridor that remains open. 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.

Core Assets' president and chief executive officer Nick Rodway comments: "Despite the backpack-style drilling depth limitations, the results from the low-hanging skarn and carbonate replacement occurrences at the 2021 discovery zone demonstrate that grade is consistently elevated along surface and at shallow depths. Our next steps will focus on incorporating property-wide, reprocessed geophysical data, and interpreting this information with respect to historic drilling, recent surficial geochemistry and geological mapping."

2021 Shaw hand-held backpack drilling at the Sulphide City and Jackie targets

The 2021 Shaw hand-held backpack drilling campaign was designed to test the depth extent of target mineralization within the central Blue property. Six shallow backpack drill holes (25 mm core diameter) were collared proximal to phase 2 channel locations that previously tested the grade continuity of massive-to-semi-massive carbonate replacement or skarn mineralization along surface. 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 sulphide occurrences 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. Backpack drilling efforts at Jackie, although unrecoverable, proved that massive, galena-rich CRM extends to depths of at least three metres. Skarn and CRM showings at the Sulphide City target are characterized by multiple, zinc-copper-silver semi-massive to massive sulphide occurrences measuring up to 40 metres along strike and eight metres wide. All shallow backpack drill holes completed at Sulphide City (Whaleback) in 2021 intersected calc silicate skarn-hosted semi-massive sulphide over their full lengths ranging from one to three metres depth. Over all, phase 2 backpack drilling and channel sampling efforts at the central Blue property prove that numerous carbonate replacement and skarn-hosted sulphide occurrences exhibit consistent grade and continuity along surface and for up to three metres at depth.

Following the hub and spoke model (Bingham Canyon, Utah, United States), high-temperature, ore-bearing fluids are derived from proximal intrusive phases. 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 (spokes) are then precipitated through a neutralizing, dissolution replacement reaction between the ore fluid and carbonate-rich lithologies (limestone).

Quality assurance/quality control, sample preparation and drill limitations

A Shaw backpack drill was utilized to drill the 25-millimetre core holes. The backpack drill has a depth limitation of approximately three metres which was reached on drill hole BDH21-05 and BDH21-06. The drill was also limited when harder material was intersected with drill hole BDH21-01 hitting refusal at 1.45 metres depth when a quartz vein was encountered. The backpack drill samples were logged and placed in prelabelled sample bags. Collar locations were collected using a hand-held GPS. All drill holes were vertical, apart from BDH21-06 which was drilled at 270/45 degrees, and from which no core was recovered. The core was not recovered likely due to surficial oxidation and the small diameter of the core which resulted in the soft oxidized massive sulphide material pulverizing. Core recovery in drill holes BDH21-01 to BDH21-05 was 100 per cent. Samples were stored in five-gallon pails in a secure location until ready for shipment. Two quartz blanks were submitted as part of internal quality assurance and quality control procedures. All full-core samples and quartz blanks were shipped by ground to ALS Geochemistry in Whitehorse, Yukon, for crushing and sample preparation. Samples were then shipped to ALS Geochemistry in North Vancouver, B.C., for multielement analysis (including Ag) by four-acid digestion with ICP-AES (inductively coupled plasma-atomic emission spectrometry) instrumentation (package ME-ICP61) and gold, palladium, platinum by fire assay (package PGM-ICP27). Any overlimit for Ag, Cu, Pb and Zn was analyzed using the applicable assay package ME-OG62.

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 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 109,994.4 hectares (approximately 1,010 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 Blue 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 the Yukon, south through the Blue 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 Blue 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 the 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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