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Core Assets Corp
Symbol CC
Shares Issued 84,789,432
Close 2023-05-31 C$ 0.245
Market Cap C$ 20,773,411
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Core Assets summarizes exploration work at Silver Lime

2023-06-01 14:25 ET - News Release

Mr. Nicholas Rodway reports

CORE ASSETS SUMMARIZES 2022 EXPLORATION WORK COMPLETED AT THE SILVER LIME PROJECT

Core Assets Corp. has summarized work completed during the 2022 exploration program at the Silver Lime CRD porphyry project, central Blue property, Atlin mining district of northwest British Columbia. The company also announces the extension of the expiry date of certain warrants.

A total of 5,565 metres of exploratory diamond drilling was completed at the Silver Lime CRD-porphyry project during the company's inaugural drilling campaign in 2022. First-pass drilling successfully confirmed the presence of high-grade Ag-Pb-Zn-Cu plus or minus (silver-lead-zinc-copper) Au (gold) carbonate replacement (CRD) mineralization at depth, as well as widespread porphyry Mo (molybdenum) mineralization and associated mineralized skarn. All surficial mineralized structures targeted in 2022 were confirmed at depth through drilling.

Silver Lime CRD porphyry project 2022 diamond drilling highlights:

  • Grizzly CRD target: SLM22-011 intersected 5.64 metres of 254 grams per tonne Ag, 5.1 per cent Pb, 4.8 per cent Zn, 0.11 per cent Cu and 0.12 g/t Au from 57.36 m core depth including 3.15 m of 424 g/t Ag, 9.1 per cent Pb, 8.3 per cent Zn, 0.20 per cent Cu and 0.14 g/t Au, extending the previously rushed carbonate replacement massive sulphide intercept which included 1.16 m of 1,145 g/t Ag, 23.2 per cent Pb, 23.5 per cent Zn, 0.52 per cent Cu and 0.37 g/t Ag from 58.54 m depth.
  • Jackie CRD target: SLM22-001 intersected 21.65 m of 23 g/t Ag, 1.0 per cent Zn, 1.2 per cent Pb and 0.08 per cent Cu from surface, including 1.25 m of 215 g/t Ag, 9.9 per cent Zn, 8.9 per cent Pb and 0.36 per cent Cu.
  • Sulphide City porphyry-Skarn target: SLM22-015 returned 147.45 m of 0.012 per cent Mo from 190.05 m depth, within 350 m grading 0.008 per cent.

Prospecting and surface sampling in 2022 more than doubled the number of exposed, high-grade carbonate replacement massive sulphide targets at the Silver Lime CRD-porphyry project. The Gally, Pete's, Jackie and Grizzly CRD targets represent zones of considerable massive sulphide carbonate replacement mineralization, whereas the more distal Falcon and Amp targets (further explored in 2022) contain carbonate replacement style mineralization, as well as sediment-hosted Ag-Au vein occurrences. Currently, the project consists of seven highly prospective targets that span the complete mineralization spectrum from porphyry Mo-Cu to Fe-Zn-Cu-Ag massive sulphide skarn and Ag-Pb-Zn-Cu plus or minus Au carbonate replacement mineralization, to distal, sediment-hosted Ag-Au bearing quartz veining and Ag-Au-bearing base metal sulphide vein occurrences.

To date, 700 surface samples (rocks, channels, historic) have been collected across the project area. The explored extent of the Silver Lime CRD porphyry project currently measures 10 kilometres by 9.5 kilometres and boasts an average surficial grade of 83 g/t Ag, 0.22 per cent Cu, 1.8 per cent Pb, 3.4 per cent Zn and 0.16 g/t Au. However, high-grade massive sulphide skarn and carbonate replacement mineralization hosted in carbonate rocks of the Florence Range have been observed outcropping intermittently along trend at the Blue property for more than 24 km. This trend extends northwest from the Jackie CRD target at the Silver Lime project to the newly designated Kim Skarn project in the north-central Blue property. The 25 most significant surface samples collected at the Silver Lime CRD-porphyry project are listed in the first attached table.

Core Assets' president and chief executive officer, Nick Rodway, commented: "During the winter of 2023, the company contracted Terrane Geoscience Ltd. to complete a desk-based structural analysis of the Blue property. New insights into the complex geometry of the carbonate host rocks at Silver Lime, in combination with the prospecting and drilling data acquired in 2022, have allowed us to generate an exciting phase 1 program for 2023 over three high-grade CRD targets at Silver Lime. A site visit was carried out recently and drilling is scheduled to begin within two weeks. We look forward to providing an update on our plans for the 2023 diamond drilling campaign at the Silver Lime CRD-porphyry project very soon."

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. Down hole 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 was typically 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 AA finish, over limits for Ag, Pb Cu and Zn and additional elements were analyzed using four acid digestion with an ICP-AES or ICP-MS finish.

Blank rock (siliceous river rock), duplicate, and certified reference materials were inserted into the sample stream for at least every 20 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.

The company also wishes to announce that it intends to amend the expiry date of 5,506,000 warrants issued in connection with the company's private placement on Aug. 25, 2021. The company proposes to extend the expiry date of the warrants from Aug. 25, 2023, to Aug. 25, 2025. All other terms of the warrants will remain the same.

Two of the directors of the company are beneficial owners of warrants and each is considered to be a related party within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions and the amendment to the warrants is considered to be a related party transaction within the meaning of MI 61-101 but the amendment will be exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) as the company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(a) of MI 61-101 in that the fair market value of the consideration of amendment to the warrants does not exceed 25 per cent of the company's market capitalization.

About the Silver Lime CRD-porphyry project

The Silver Lime project is predominantly hosted in carbonate rocks of the Florence Range metamorphic suite (ca. 1,150 ma). target limestone and marble host rocks are intercalated with upper amphibolite grade metapeltic rocks, quartzite and amphibole-bearing gneiss. The protoliths to the metasedimentary units include continentally derived clastic strata and platform carbonate, whereas the amphibole-bearing gneiss is interpreted as probable basaltic flows, sills, dikes and tuffaceous units related to early rifting of the ancestral North America continental margin (in example, Mihalynuk, 1999). Younger felsic to intermediate intrusive rocks are also widespread within the project area and range from Triassic to Eocene in age. Widespread Eocene magmatic activity was associated with Cordillera-wide, brittle strike-slip faulting. Eocene volcano-plutonic centres in the western Cordillera are known to host porphyry, skarn and epithermal-type mineralization extending from the Golden Triangle in northwest British Columbia to the Tally-Ho shear zone in the Yukon (greater than 100 kilometres).

A total of 5,565 metres of exploratory diamond drilling was completed at the Silver Lime CRD porphyry project during the company's inaugural drilling campaign in 2022. First-pass drilling successfully confirmed the presence of high-grade Ag-Pb-Zn-Cu carbonate replacement (CRD) mineralization at depth, as well as widespread porphyry Mo mineralization and associated mineralized skarn.

Currently, the Silver Lime project consists of seven highly prospective targets that span the complete mineralization spectrum from porphyry Mo-Cu to Fe-Zn-Cu-Ag massive sulphide skarn (sulphide city) and Ag-Pb-Zn-Cu-Au carbonate replacement mineralization (Gally, Pete's, Grizzly, Jackie), to distal, sediment-hosted Ag-Au bearing quartz veining and Au-bearing base metal sulphide vein occurrences (Amp, Falcon). Prospecting and surface sampling in 2022 more than doubled the number of exposed, high-grade carbonate replacement massive sulphide targets at Silver Lime that remain open in all directions and at depth.

National Instrument 43-101 disclosure

Nicholas 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 -- Standards of Disclosure for Mineral Projects. Mr. Rodway has reviewed and approved the technical content in this 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 114,073.93 hectares (approximately 1,140 square kilometres). The property 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 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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