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Core Assets Corp
Symbol CC
Shares Issued 74,112,523
Close 2022-08-08 C$ 0.63
Recent Sedar Documents

Core Assets drills 48.5 m of 1.03% CuEq at Laverdiere

2022-08-08 10:15 ET - News Release

Mr. Nicholas Rodway reports

CORE ASSETS DRILLS 48.5M OF 1.03% CUEQ WITHIN 95M OF 0.54% CUEQ FROM SURFACE AT THE LAVERDIERE SKARN-PORPHYRY PROJECT AND INTERSECTS 1.5M OF 4.59G/T AU IN THE LEWELLYN FAULT ZONE

Core Assets Corp. has released assay results from the first two diamond drill holes completed at the Laverdiere iron-copper-gold skarn-porphyry project, eastern Blue property, Atlin mining district of northwest British Columbia.

Highlights:

  • Assay results from the first two diamond drill holes completed at the French adit have successfully confirmed massive to semi-massive Fe-Cu-Au skarn and local porphyry-style Cu mineralization and alteration that remains open at depth.
  • LAV22-001 was drilled to the east for 268 metres and intersected 48.5 m of 1.03 per cent copper equivalent (0.90 per cent Cu, 5.80 grams per tonne Ag (silver), 0.11 g/t Au) within 95.05 m of 0.54 per cent CuEq (0.47 per cent Cu, 3.24 g/t Ag, 0.06 g/t Au) from surface, confirming the presence of a significant, high-grade copper and associated gold skarn.
  • LAV22-001 also intersected 1.51 m of 4.59 g/t Au and 0.38 g/t Ag in sheared mafic volcanic from 163.49 m depth -- confirming the presence of high-grade gold hosted within the prolific Llewellyn fault zone.
  • LAV22-002, the deepest drill hole completed on the property to date, was oriented southwest and intersected 225.50 m of alternating marble, Fe-Cu-Au skarn and mineralized endoskarn. Potassically altered and locally Cu-bearing granodiorite persisted from 225.50 m to EOH (end of hole) (402.30 m).
  • LAV22-002 returned 210.50 m of 0.19 per cent CuEq (0.05 g/t Au, 1.76 g/t Ag, 0.11 per cent Cu) from 15 m depth, including 0.57 m of 3.33 per cent CuEq (0.20 g/t Au, 52.80 g/t Ag, 2.74 per cent Cu) from 20.35 m depth, and two m of 3.39 per cent CuEq (0.30 g/t Au, 18.80 g/t Ag, 3.01 per cent Cu) from 104 m depth.
  • Assays are still pending for holes LAV22-003 to LAV22-006, all of which intersected similar high-temperature skarn and porphyry-style mineralization, veining, and alteration spanning over an 850 m strike length.
  • Diamond drilling efforts continue at the Sulphide City target at the Silver Lime CRD (carbonate replacement deposit) project with plans to increase metreage to greater than 5,000 m for 2022.

Core Assets' president and chief executive officer Nick Rodway commented: "The goal of drilling in the French adit area was to determine the depth extent of historic copper and gold skarn mineralization from surface and to test the porphyry Cu-Mo potential of the Laverdiere intrusion. These results have confirmed and overexceeded our expectations -- especially when considering the shear-hosted gold hit within the LFZ. High-grade copper skarn and endoskarn occurrences extending from surface to over 200 metres depth reside in contact with a locally intensely potassic altered and mineralized causative intrusion at Laverdiere, that boasts a large resistive geophysical signature and remains open for exploration. Drilling completed to date has only begun to scratch the surface and indicates the presence of a potentially large porphyry system. We look forward to receiving the remaining assay results at Laverdiere and planning a more aggressive diamond drilling program for 2023."

2022 diamond drilling at the Laverdiere project

A total of 1,806 metres of exploratory HQ-sized diamond drilling has been completed at the Laverdiere skarn-porphyry project in June. Two thousand twenty-two drilling efforts successfully confirmed and extended high-grade Fe-Cu-Au skarn, Cu-Mo (molybdenum) endoskarn and associated Cu-Mo porphyry-style mineralization for 850 metres along the western flank of Hoboe Creek, between the historic North and South adits, and remains open at depth.

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-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. 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, Cu-Mo-bearing, 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 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 skarn body (see news release dated April 6, 2022).

Sampling protocol, quality assurance and quality control

All recovered drill core was transported by helicopter to the core logging facility in Atlin, B.C., for processing. Downhole surveys were conducted on all drill holes upon termination, using a Reflex Gyro Sprint downhole survey tool equipped with an azimuth positioning capability. Drill core typically was sampled over two-metre intervals and occasionally reduced in areas of higher visual sulphide mineralization. Core samples were cut in half with an electric core saw, bagged, labelled, sealed and submitted to ALS Minerals preparation facility in Whitehorse, Yukon, with the remaining core stored in Atlin, B.C. Half core samples were finely crushed and sieved to less than 75 microns. Samples were then shipped to ALS Geochemistry in North Vancouver, B.C., where they were analyzed for gold by fire assay with an atomic absorption finish, overlimits for Ag, Pb (lead), Cu and Zn (zinc) and additional elements were analyzed using four-acid digestion with an inductively coupled plasma atomic emission spectroscopy or inductively coupled plasma mass spectrometry finish.

Blank rock (siliceous river rock), duplicate and certified reference materials were inserted into the sample stream for at least every 20 half core samples. Certified reference materials were acquired from OREAS North America Inc. of Sudbury, Ont., and CDN Resource Laboratories Ltd. of Langley, B.C., for the 2022 diamond drill campaign.

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 ownership in the Blue property, which covers a land area of 111,648.8 hectares (approximately 1,116 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 (LFZ). 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.

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