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Core Assets Corp
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Core Assets finds geophysical anomalies at Laverdiere

2022-04-22 10:29 ET - News Release

Mr. Nick Rodway reports

CORE ASSETS IDENTIFIES NUMEROUS LARGE-SCALE UNTESTED GEOPHYSICAL ANOMALIES AT THE LAVERDIERE PROJECT, BLUE PROPERTY

Core Assets Corp. has released results and interpretations from the 2021 versatile time domain electromagnetics (VTEM) geophysical survey completed at the Laverdiere iron-copper-gold skarn-porphyry project, eastern Blue property, Atlin mining district of northwestern British Columbia.

Highlights:

  • Core Assets' 2021 VTEM geophysical survey detects an extensive (five-kilometre-by-4.2-kilometre) magnetic and corresponding resistivity high, coinciding with a causative, potassically altered and copper-molybdenum-bearing granodiorite located adjacent to the Fe-Cu-Au skarn target.
  • A large-scale and untested conductivity anomaly is coincident with the Llewellyn fault zone (LFZ), traceable along the entire length of Hoboe Creek.
  • Strongest conductivity highs residing along the LFZ persist to depths of up to 500 metres.
  • Cu and Au values in surficial rock samples collected from the Laverdiere project, as well as the Cu content reported from historic drilling, show increases in overall grade with increasing proximity toward the North LFZ conductivity anomaly and the Llewellyn fault.
  • High-grade Fe-Cu-Au skarn mineralization delineated from prospecting and historic drilling between the South and North adits at Laverdiere is currently traceable for 800 m along surface, to 300 m at depth, and remains open in all directions.
  • The LFZ represents a regional, crustal-scale structure that remains untested by deep diamond drilling at Laverdiere, and is spatially and temporally related to porphyry, skarn and epithermal-type mineralization along its entire length in northwestern B.C. (over 170 km).
  • Interpretations of geophysical data from the Silver Lime skarn-carboate-replacement-deposit-porphyry project are currently under way and details will be presented prior to drill mobilization to high-priority targets there.

Core Assets' president and chief executive officer Nick Rodway comments: "The Laverdiere project is what initially attracted us to the Llewellyn fault area. We can see a clear correlation between geophysical data, historic drilling and surficial geochemical data, indicating the right geological ingredients are present for a major discovery at Laverdiere. We are very excited to begin drilling these large-scale geophysical anomalies along the Llewellyn fault as part of our aggressive 2022 summer drill campaign across the Blue property."

Geophysical interpretation

At the Laverdiere Fe-Cu-Au skarn-porphyry project, a causative, potassically altered and magnetite-chalcopyrite-molybdenite-bearing granodiorite intrusion resides in contact with a high-grade Fe-Cu-Au skarn body hosted in dolomitic limestone/marble. The mapped extent of this granodiorite intrusion correlates with an extensive magnetic high/resistive zone located along the western side of the Llewellyn fault that measures approximately five km in the north-south direction and 4.2 km in the east-west direction. The disseminated nature of Cu and potassic alteration assemblage (K-feldspar, biotite, hematite, magnetite) observed in the granodiorite unit is interpreted as the cause of the strong resistive signature associated with the increased magnetic response. Because the potassic alteration assemblage in the granodiorite is magnetite-bearing (plus Cu, Mo), the core of the target porphyry system could be associated with a strong magnetic response.

The related skarn body is defined as fine-to-coarse-grained and locally massive high-grade Fe-Cu-Au skarn (magnetite and/or magnetite-chalcopyrite-dominant plus or minus bornite-tetrahedrite-molybdenite-pyrite-pyrrhotite) and its surficial exposure corresponds to a moderate conductive zone straddling the margins of the resistive intrusion. An increase in Cu and Au content is observed in surficial rock samples toward the most conductive zone of the North LFZ conductivity anomaly, whereas Mo values increase with proximity to magnetic and resistive granodiorite intrusion (that is, toward a potential potassic core). This increase in Cu and Au values could indicate a gradational change from more magnetite-rich skarn with disseminated chalcopyrite, to more massive Cu-Au-bearing sulphide mineralization, including skarn, carbonate replacement or vein-hosted occurrences.

About the Laverdiere porphyry-skarn project

The Laverdiere project is characterized as a fine-to-coarse-grained and locally massive Fe-Cu-Au-rich skarn (magnetite and/or magnetite-chalcopyrite-dominant plus or minus bornite-tetrahedrite-molybdenite-pyrite-pyrrhotite) hosted in dolomitic limestone and marble of the Devonian Boundary Ranges metamorphic suite. Dolomitic limestone is overlain by thin-bedded calcareous siltstone, quartzite and schist -- all of which are locally folded, dip moderately to the west,] and are intruded by an Early Cretaceous postaccretionary granodiorite intrusion of batholith size (Coast plutonic complex). The granodiorite is locally foliated and exhibits potassic alteration in the form of secondary K-feldspar and shreddy biotite after hornblende along the Fe-Cu-Au skarn contact.

The highest-grade skarn occurrences observed at Laverdiere are hosted in dolomitic limestone, near the siltstone contact and along the margins of the potassically altered intrusion. Disseminated and quartz-vein/fracture-hosted chalcopyrite, molybdenite, magnetite and malachite have been observed in granodiorite outcropping along the Lewellyn fault zone (LFZ/Hoboe Creek) for up to 3.9 km south from the main Fe-Cu-Au skarn body (see news release dated April 6, 2022). An increase in disseminated and fracture-hosted chalcopyrite and molybdenite mineralization within the granodiorite unit at depth has also been reported in the deepest drill hole completed on the property to date (DDH2-73). Lateral increases in Cu, Fe and Au content of surficial rock samples are observed from the delineated skarn zone, located between the historic South and North adits, moving north-northeast toward the North LFZ conductivity anomaly.

The LFZ is a 170-plus km long, crustal-scale, northwest-trending structural corridor that exhibits evidence of early ductile deformation (120 million and 75 million years old), and late, brittle deformation that overprints early ductile fabrics. This late, brittle deformation event is constrained to 55 million to 50 million years -- coinciding with Cordillera-wide strike-slip faulting. The LFZ remains untested by deep diamond drilling at the Laverdiere project, and is spatially and temporally related to porphyry, skarn, mesothermal and epithermal-type mineralization along its entire length.

About the 2021 versatile time domain electromagnetic geophysical survey

The versatile time domain electro magnetic system was conducted in the summer of 2021 by Geotech Ltd. of Aurora, Ont. This state-of-the-art system has a proven record of locating conductive anomalies, as well as mapping lateral and vertical variations in resistivity. Full waveform recording is employed to achieve very clean early-time measurements that can resolve near-surface structures. It has a high-sensitivity cesium magnetometer for mapping geologic structure and lithology and a cesium magnetometer base station for diurnal correction. The radar altimeter has an accuracy of approximately one metre. The survey consisted of approximately 2,000 line km at 150 m spacing across the entirety of the Blue property.

National Instrument 43-101 disclosure

Mr. Rodway, PGeo (licence No. 46541) (permit to practice No. 100359), 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 109,994.4 hectares (approximately 1,010 square km). 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. This structure is approximately 140 km in length and runs from the Tally-Ho shear zone in 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 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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