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Core Assets Corp
Symbol CC
Shares Issued 74,112,523
Close 2022-06-16 C$ 0.47
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Core Assets hits Fe-Cu mineralization at Laverdiere

2022-06-17 14:42 ET - News Release

Mr. Nicholas Rodway reports

CORE ASSETS DIAMOND DRILLING INTERSECTS EXTENSIVE FE-CU SKARN AND CU-PORPHYRY MINERALIZATION AT THE LAVERDIERE PROJECT

Core Assets Corp. has completed two diamond drill holes totalling 671 metres at the Laverdiere skarn-porphyry project on the eastern Blue property in the Atlin mining district of northwestern British Columbia.

Highlights:

  • The first two drill holes of the 2022 exploration campaign have successfully confirmed massive to semi-massive iron-copper skarn mineralization and extended porphyry-style copper mineralization to just over 400 metres depth and remains open for exploration.
  • To date, 671 metres of HQ-size diamond drilling has been completed at the French adit area of the Laverdiere project.
  • LAV22-001 was drilled steeply to the east for a 268-metre core depth and intersected:
    • Alternating intervals of marble-hosted and locally massive magnetite iron-chalcopyrite copper-dominant skarn -- containing up to 10 per cent visual coarse-grained chalcopyrite; and zones of deformed, chlorite altered felsic intrusive that extended from surface to 78 metres depth;
    • The Llewellyn fault zone (LFZ) was intersected near 180 metres depth in LAV22-001 and consisted of fault-bound, marble, intrusive and intensely sheared mafic volcanics hosting finely disseminated and locally pervasive magnetite-pyrite-pyrrhotite mineralization that persisted to end of hole (EOH).
  • LAV22-002, the deepest drill hole completed on the property to date, was collared from the same location as LAV22-001 and oriented southwest, intersecting:
    • Alternating intervals of marble-hosted magnetite (iron) plus or minus chalcopyrite (copper) skarn, garnet-chalcopyrite endoskarn (greater than 10 per cent visual chalcopyrite locally), and intensely altered felsic intrusive to 224 metres depth;
    • An upper molybdenite (molybdenum) zone characterized by patchy to finely disseminated molybdenite hosted in chlorite-epidote-garnet-plus-or-minus-potassium-feldspar altered felsic intrusive was intersected at 63 metres depth and was observed intermittently to 189 metres depth;
    • A 179-metre interval that remains open at depth of chalcopyrite-plus-or-minus-bornite porphyry mineralization and potassic alteration from 224 metres to 403 metres (EOH). The porphyry is granodiorite in composition and contains disseminated magnetite and chalcopyrite with locally abundant magnetite-biotite-chlorite-chalcopyrite-plus-or-minus-bornite veinlets, and minor intervals of quartz-potassium-feldspar-biotite-plus-or-minus-carbonate-plus-or-minus-chalcopyrite-plus-or-minus-magnetite veining.
  • All drill core assays are still pending, and, until assay results are completed and received, any inference of potential copper, gold, silver and molybdenum grades from the geological descriptions provided in this release are speculative in nature and based on preliminary visual observations only.

Core Assets' vice-president of exploration, Monica Barrington, commented: "Drilling at the French adit has confirmed the presence of skarn mineralization and intersected mineralized porphyry earlier than anticipated. Preliminary observations from the first two holes indicate that we are situated within the potassic zone of a mineralized copper-bearing porphyry core. We are eagerly awaiting assay results and are excited to further investigate the geometry and extent of porphyry-skarn mineralization at Laverdiere through additional fieldwork and diamond drilling."

2022 diamond drilling at the Laverdiere project

One thousand five hundred metres of exploratory HQ-sized diamond drilling are planned for the Laverdiere project in June. Drilling efforts in 2022 are designed to confirm and extend high-grade iron-copper-gold skarn and associated copper-molybdenum porphyry-style mineralization exposed for 800 metres along the western flank of Hoboe Creek and up to 400 metres depth, situated between the historic North and South adits.

The Laverdiere project is located proximal to the Llewellyn fault zone, coincident with Hoboe Creek in the eastern Blue property. Laverdiere is characterized as a fine-grained to coarse-grained and locally massive iron-copper-gold-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. Along the western side of Hoboe Creek, 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, copper and molybdenum bearing, and exhibits potassic alteration in the form of secondary potassium-feldspar and shreddy biotite after hornblende along the iron-copper-gold 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 granodiorite 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 kilometres south from the main iron-copper-gold skarn body (see news release dated April 6, 2022).

National Instrument 43-101 disclosure

Nicholas Rodway, PGeo (licence No. 46541) (permit to practice No. 100359) is president, chief executive officer and a director of the company as well as qualified person as defined by NI 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 ownership in the Blue property, which covers a land area of 111,648.8 hectares (approximately 1,116 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 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-type, skarn-type 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 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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