VANCOUVER, BC / ACCESSWIRE / November 19, 2024 / Core Assets Corp., ("Core Assets" or the "Company") (CSE:CC)(FSE:5RJ)(OTCQB:CCOOF) is pleased to present assay results from the 2024 diamond drilling campaign at the Silver Lime Project (the "Silver Lime Project" or "Silver Lime"), central Blue Property (the "Blue Property"), Atlin Mining District of NW British Columbia.
On November 28th @ 10am PST Core Assets' Vice President of Exploration Monica Barrington is offering a live technical session where she will discuss the results of the 2024 diamond drilling program highlighted in this press release. Please send technical questions to info@coreassetscorp.com prior to the session. Link to live technical session is available here: https://us02web.zoom.us/j/82377544148
Eleven (11) diamond drill holes totalling 3,602.35m were completed across a 2.7km mineralized trend at the Silver Lime Project in 2024 (Tables 1-4). Drilling was successful in extending the footprint of Mo-Cu-Ag porphyry and Fe-Zn-Cu massive and semi-massive sulphide skarn mineralization in and around the Sulphide City Target (including the defined Whaleback Skarn, Grizzly and Gally targets).
HIGHLIGHTS
Three (3) drill holes were completed from one (1) pad at the Whaleback Fe-Zn-Cu Skarn Target in 2024 for a combined total of 304.15m (Figures 1 and 2; Table 1). All holes were oriented north-northwest and targeted the high-grade Fe-Zn-Cu massive sulphide skarn mineralization that was channel sampled at surface in 2021:
SLM24-060 returned 10.5m of 7.8% Zn, 0.25% Cu and 10g/t Ag within 39.9m of 2.5% Zn, 0.13% Cu and 5.1g/t Ag.
SLM24-061 returned 11.78m of 10.6% Zn, 0.36% Cu and 16g/t Ag from surface.
Skarn mineralization at Whaleback forms a 250m long trend with high-grade Zn-Cu-Ag-Pb carbonate replacement mineralization exposed at surface at the Gally Target, where shallow drilling in 2023 intersected 8m of 139g/t Ag, 3.5% Pb+Zn and 0.18% Cu from surface, including 1.3m of 845g/t Ag, 31.3% Pb+Zn and 1.10% Cu. (Figure 2a).
Drilling at Sulphide City in 2022 intersected the same mineralized marble horizon that hosts the mineralization at the Whaleback & Gally targets at a drilled depth of 241m in hole SLM22-013 (or 120m true depth). This intercept returned 0.53m of 9.0% Zn within 2.31m of 2.0% Zn and 644ppm Cu and indicates that high-grade Fe-Zn-(Cu) skarn mineralization extends from surface to a minimum true depth of 120m below the Whaleback Skarn (Figure 2b-d).
Core Assets' President & CEO Nick Rodway commented, "Our longest and highest-grade massive sulphide zinc intercepts were obtained during the 2024 drilling season. We've also successfully tapped quartz-sericite-pyrite zones and potassically altered porphyritic intrusions carrying Mo-Cu-Ag signatures at depth at Sulphide City. This impressive system remains open at depth and in multiple directions for exploration and is primed for additional discoveries. We look forward to presenting our surficial assay data in the coming weeks, as well as new structural interpretations for the Silver Lime Project."
Three (3) of the deepest drill holes at the Silver Lime Project were completed at Sulphide City in 2024 for a combined total of 1,959.25m (Figures 1 and 2; Table 1). All holes successfully intersected impressive endo/exoskarn mineralization and the top of the mineralized porphyry system. The transition into the top of the porphyry system at Sulphide City is marked by drastic increases in porphyry-style veining (A, B, D veins), multiphase porphyritic dykes, and intense quartz-sericite-pyrite (QSP) alteration:
SLM24-057 returned multiple mineralized intercepts including: 8.7m of 0.17% Cu, 1.2% Zn, 0.9% Pb and 10.4g/t Ag from 136m depth including 5.65m of 0.25% Cu, 14g/t Ag, 1.8% Zn and 1.4% Pb.
SLM24-063 returned multiple upper massive and semi massive sulphide skarn intercepts including 0.26m of 4.4% Cu, 204g/t Ag and 16.7% Zn within 3.87m of 0.53% Cu, 30g/t Ag and 4.0% Zn from 30.85m depth; and
A 4.10m zone of mixed contact Ag-Zn-Pb-Cu skarn and Cu-Ag bearing porphyry beginning at 411m returned 0.20% Cu, 33.6g/t Ag and 0.6% Zn which includes 0.96m of 0.54% Cu and 6.9g/t Ag and 0.64m of 189g/t Ag, 3.5% Zn, 0.9% Pb and 456ppm Cu.
SLM24-064 intersected widespread Mo mineralization from 108.33m depth that graded 0.006% Mo and 140ppm Cu over 318.12m that contain zones of Mo and Cu-Ag porphyry mineralization running up to 0.056% Mo over 2m (from 405.75m depth) and 0.44% Cu with 8.5g/t Ag over 1m (from 324m depth). These porphyritic intrusions carry anomalous Cu with Mo and Ag to end of hole.
Drilling at Sulphide City in 2024 intersected widespread QSP altered zones and potassically altered porphyritic intrusions at depth in holes SLM24-063 and SLM24-064. These intrusions are associated with anomalous porphyry molybdenum-copper-silver mineralization and increasing porphyry fertility at depth (Figures 2b-d).
Porphyritic dykes carrying anomalous and increasing copper and molybdenum grades with depth were intersected at Sulphide City. Oriented drilling and detailed structural mapping data obtained in 2024 suggests that the mineralizing system at Silver Lime is dipping westerly and that the surrounding high-grade Fe-Zn-Cu skarn mineralization shows continuity along strike and to depths >100m (Figures 2b-d).
Oriented drill core and detailed structural mapping data obtained during the 2023 and 2024 seasons indicate that the mineralizing porphyry system at Sulphide City is west dipping and crosscuts steeply dipping, folded stratigraphy. This new data has increased our confidence for targeting deeper porphyry copper mineralization at the Sulphide City Target and will aid in delineating high-grade massive sulphide trends hosted in additional receptive marble horizons across the Project.
Preliminary exploratory drilling at the Pike Valley Target (discovered in 2023) was designed to test the downdip extension and grade potential of quartz-carbonate-Ag-Zn-Pb-Au veins that are exposed at surface. Two (2) shallow drill holes totalling 420.95m were completed from one (1) drill pad and selectively sampled (Table 3; Figure 3). Both holes intersected quartz-carbonate sulphide veining over narrow widths and with low-to-moderate Ag-Pb-Zn-Au grades. Overall, grade appears to increase to the west and with depth:
SLM24-065 returned 0.25m of 82g/t Ag with 3.4% Zn, 2.3% Pb and 0.04g/t Au from 48.9m depth, and 48g/t Ag, 1.7% Pb, 1.4% Zn, and 0.02g/t Au over 0.3m from 210.5m depth.
SLM24-066 returned 0.65m of 21g/t Ag with 1.6% Pb and 0.8% Zn from 127.35m depth, and 0.3m of 30g/t Ag, 0.11g/t Au, 1.2% Pb, and 0.4% Zn from 138.75m depth.
High sulphidation veining at Pike Valley is hosted in numerous stratigraphic units, as well as a recently mapped mafic sheet intrusion. It intermittently outcrops for 1.5km along strike between Pike Valley and the Jackie Target where it hosts coarse grained quartz-galena-pyrite veins.
This mafic sheet intrusion was intersected in drill core at Jackie in 2022 and returned 7.9m of 46.7g/t Ag, 0.4% Zn, 0.7% Pb and 0.19% Cu from 190.7m depth including 2m of 126g/t Ag, 0.8% Zn, 2.0% Pb and 0.60% Cu, and 0.62m of 338g/t Ag, 2.1% Zn, 5.8% Pb and 1.55% Cu. It is geochemically distinct from the Sulphide City Porphyry and responsible for at least one generation of massive sulphide Fe-Zn-Cu-Ag-Pb skarn mineralization at Jackie.
Drilling at Pete's North was designed to test the mineralization potential of an ultra-high chargeability anomaly (120mV/V) that extends from surface to >400m depth. In 2024, a series of sheeted sulphide veins and veinlets within zones of intense pyritization and silicification, and altered porphyritic dykes were observed at surface above the chargeability anomaly. Three (3) drill holes totalling 918m were completed from one (1) pad in 2024 (Table 4; Figure 4):
SLM24-058 returned 0.75m of 55g/t Ag, 2.2% Pb and 1.5% Zn near end of hole from 313.7m depth.
SLM24-059A returned 0.85m of 4g/t Ag and 0.4g/t Au from 186.5m depth.
Hole SLM24-059 failed in a fault zone at 9m depth and was not sampled. The following hole was steepened (SLM24-059A) to cut through the fault. An increase in Ag-Zn-Pb grade was obtained near the bottom of hole SLM24-058 in a silicified zone carrying thin sulphide veinlets like those targeted from surface, indicating that overall grade may increase to the west and with depth. Multiple porphyry dykes were intersected at Pete's North and are geochemically related to the Sulphide City Porphyry System.
TABLE 1: 2024 DRILL CORE ASSAY HIGHLIGHTS FROM SULPHIDE CITY & WHALEBACK
WHALEBACK FE-ZN-CU-AG SKARN
DDH ID
From (m)
To (m)
Length (m)
Zn %
Cu %
Cu ppm
Ag g/t
Mo %
Pb %
Au g/t
SLM24-060
0.00
39.90
39.90
2.5
0.13
1265
5.1
0.01
0.01
Including
0.00
10.50
10.50
7.8
0.25
2479
9.9
0.01
0.01
0.00
3.00
3.00
11.9
0.27
2660
10.0
0.01
0.01
7.25
10.50
3.25
10.6
0.48
4810
19.4
0.001
0.01
0.01
35.40
39.90
4.50
4.1
0.53
5325
20.0
0.001
0.02
0.01
35.40
36.85
1.45
9.6
0.26
2622
11.6
0.002
0.00
0.01
37.95
38.53
0.58
5.9
1.27
12714
51.2
0.001
0.01
SLM24-061
0.00
11.78
11.78
10.6
0.36
3574
15.6
0.001
0.04
0.01
Including
0.00
6.27
6.27
11.4
0.30
3021
13.0
0.002
0.01
0.00
3.00
3.00
12.9
0.33
3300
15.0
0.003
0.01
0.02
9.24
11.78
2.54
10.4
0.48
4784
22.1
0.19
0.01
SLM24-062
0.00
3.58
3.58
1.0
0.03
252
1.1
0.001
0.01
SULPHIDE CITY MO-CU-AG PORPHYRY
DDH ID
From (m)
To (m)
Length (m)
Mo %
Cu %
Cu ppm
Ag g/t
Zn %
Pb %
Au g/t
SLM24-057
268.00
343.00
75.00
0.006
0.01
87
2.0
0.0
0.0
0.004
Including
268.00
314.45
46.45
0.008
0.01
86
3.0
0.1
0.0
0.003
SLM24-057
8.00
9.15
1.15
0.059
0.01
100
0.7
0.0
0.0
0.005
SLM24-057
53.50
54.35
0.85
0.000
0.07
680
2.0
2.1
0.0
0.010
SLM24-057
65.80
66.30
0.50
0.005
0.04
394
16.1
0.5
0.8
0.004
SLM24-057
98.20
99.00
0.80
0.001
0.02
220
1.0
3.4
0.0
0.003
SLM24-057
110.25
130.60
20.35
0.010
0.02
246
1.4
0.1
0.0
0.003
Including
117.50
124.40
6.90
0.022
0.04
370
1.8
0.1
0.0
0.002
117.50
120.25
2.75
0.030
0.08
792
3.2
0.1
0.1
0.004
118.10
118.70
0.60
0.038
0.23
2330
7.5
0.3
0.1
0.006
119.05
119.45
0.40
0.059
0.13
1347
8.4
0.5
0.3
0.003
123.90
124.40
0.50
0.092
0.01
142
1.5
0.2
0.0
0.001
129.40
130.60
1.20
0.001
0.03
285
1.0
1.3
0.0
0.020
130.20
130.60
0.40
0.001
0.05
470
1.0
2.2
0.0
0.004
SLM24-057
136.00
144.70
8.70
0.006
0.17
1673
10.4
1.2
0.9
0.006
Including
136.00
141.65
5.65
0.007
0.25
2475
14.0
1.8
1.4
0.008
136.30
138.35
2.05
0.006
0.45
4455
22.5
3.4
2.1
0.007
136.30
136.70
0.40
0.012
0.47
4710
30.0
6.5
0.8
0.011
SLM24-057
182.00
188.00
6.00
0.023
0.15
1513
2.0
0.1
0.0
0.024
SLM24-057
295.00
302.00
7.00
0.009
0.00
38
17.9
0.3
0.1
0.003
Including
296.00
300.00
4.00
0.007
0.00
46
25.9
0.5
0.2
0.003
297.70
298.46
0.76
0.008
0.01
63
58.8
0.8
0.4
0.004
SLM24-057
527.00
527.50
0.50
0.000
0.01
60
17.1
1.5
0.0
0.014
SLM24-057
597.70
598.15
0.45
0.000
0.02
218
45.1
0.8
0.3
0.067
SLM24-063
30.85
34.72
3.87
0.53
5289
34.9
4.0
0.3
0.01
Including
30.85
31.11
0.26
4.22
42240
204.0
16.7
0.01
34.00
34.72
0.72
1.09
10900
64.0
11.3
0.6
0.01
SLM24-063
370.15
374.05
3.90
0.005
0.05
520
14.0
0.2
0.1
Including
370.15
371.58
1.43
0.002
0.09
914
20.8
0.4
0.1
SLM24-063
403.16
423.37
20.21
0.002
0.07
667
7.5
0.2
0.01
Including
411.00
415.10
4.10
0.002
0.20
2003
33.6
0.6
0.1
0.02
411.50
413.60
2.10
0.002
0.34
3396
61.9
1.1
0.3
0.03
412.00
412.96
0.96
0.001
0.54
5421
6.9
0.03
412.96
413.60
0.64
0.002
0.05
456
189.0
3.5
0.9
0.01
422.20
423.37
1.17
0.21
2090
6.3
0.6
SLM24-063
544.20
546.85
2.65
0.09
882
2.4
0.01
Including
544.20
545.05
0.85
0.24
2399
6.3
0.01
SLM24-064
23.73
24.00
0.27
0.78
7820
38.0
5.38
0.01
0.007
SLM24-064
108.33
426.45
318.12
0.006
0.014
140
0.9
0.04
0.004
Including
301.48
407.75
106.27
0.009
0.02
198
1.7
0.05
0.01
0.004
377.10
417.75
40.65
0.013
0.02
208
0.4
0.06
0.004
380.10
407.75
27.65
0.016
0.03
270
0.6
0.08
0.004
380.10
391.75
11.65
0.019
0.03
337
0.6
0.08
0.005
SLM24-064
209.50
213.00
3.50
0.009
0.08
768
1.5
0.03
0.014
SLM24-064
319.00
322.00
3.00
0.032
0.01
81
1.3
0.01
0.01
0.003
Including
319.00
320.00
1.00
0.046
0.01
137
2.5
0.02
0.01
0.004
SLM24-064
324.00
351.19
27.19
0.004
0.04
370
5.2
0.10
0.03
0.004
Including
334.00
343.10
9.10
0.004
0.01
76
9.8
0.17
0.06
0.003
339.20
343.10
3.90
0.005
0.00
42
11.7
0.23
0.07
0.003
324.00
328.00
4.00
0.004
0.17
1681
7.1
0.09
0.02
0.009
327.00
328.00
1.00
0.007
0.44
4355
8.5
0.03
0.01
0.012
SLM24-064
385.75
391.75
6.00
0.019
0.06
605
1.1
0.15
0.006
SLM24-064
405.75
407.75
2.00
0.056
0.02
203
0.4
0.05
0.006
SLM24-064
424.45
426.45
2.00
0.015
0.05
541
1.1
1.03
0.008
*Assay results are presented in this Table as uncut weighted averages. Interval widths represent drilled HQ or NQ core lengths and true width is unknown currently.
Figure 1: Plan view geology map showing pre-2024 and 2024 diamond drilling locations at the Silver Lime Project.
Figure 2a: Plan view geologic map of the Sulphide City Target area illustrating drill core assay highlights at the Sulphide City, Gally, Grizzly and Whaleback targets. Two cross-sections are indicated by the grey lines.
Figure 2b: Cross Section view looking northwest through the Sulphide City Target. Drill core assays for Copper and Molybdenum are illustrated downhole.
Figure 2c: Cross Section view looking south through the Sulphide City Target. Drill core assays for Copper and Zinc are illustrated downhole.
Figure 2d: Cross Section view looking south through the Sulphide City Target. Porphyry fertility plotted downhole based on the Modified Porphyry Index Calculation (Halley, 2005).
Figure 3: Plan view map of the Pike Valley and Jackie Targets illustrating drill core assay highlights for 2024 and 2022 in both areas related to a newly identified mafic sheet intrusion that host's widespread epithermal base metal veins.
Figure 4: Plan view map of the Pete's and Pete's North targets illustrating drill core assay highlights for 2024 and 2023 in both areas.
SAMPLING, PREPARATION & QA/QC
All recovered drill core was transported by helicopter to the core logging facility in Atlin, BC for processing. Sample intervals were chosen to capture homogenous lithology, alteration, mineralization, and veining. In areas of poor recovery, sample sizes were modified to exceed the maximum sample interval. Drill core is typically sampled over 2-metre intervals; however, sample intervals are reduced in zones of higher visual sulphide mineralization.
All core samples were submitted to Bureau Veritas (BV) Labs in Whitehorse, YT. Each sample was crushed to 70% passing 2mm, then pulverized to 85% passing 200-micron mesh. All samples then underwent a 4-Acid digestion with an ICP-MS finish for a 59-element ultra trace package (Method Code MA-250), as well as fire assay by Pb collection with ICP-ES finish for Au, Pt, and Pd (Method code FA-330). Samples that hit upper detection limits for elements of interest on the primary multi-element method were then analyzed via a secondary 4-Acid digest with an ICP-OES finish (Method Code MA-370).
NATIONAL INSTRUMENT 43-101 DISCLOSURE
Nicholas Rodway, P.Geo, (Licence# 46541) (Permit to Practice# 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 Corp. is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in British Columbia, Canada. The Company currently holds 100% ownership in the Blue Property, which covers a land area of114,074 hectares (~1,140 km²). 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 140km 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 has been neglected since the last major exploration campaigns in the 1980's. 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.
On Behalf of the Board of Directors
CORE ASSETS CORP.
"Nicholas Rodway" President & CEO Tel: 604.681.1568
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward looking statements in this news release include, but are not limited to, expectations regarding the pending core assays, including speculative inferences about potential copper, molybdenum, gold, silver, zinc, and lead grades based on preliminary visual observations from results of diamond drilling at the Silver Lime Project and the Laverdiere Project, as applicable; the Company's plans to further investigate the geometry and extent of the skarn and carbonate replacement type mineralization continuum at the Silver Lime Project through additional field work and diamond drilling and any planned or proposed program related thereto; and any other general statement regarding the Company's planned or future exploration efforts at the Blue Property. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include that expectations regarding pending core assays based on preliminary visual observations from diamond drilling results at the Silver Lime Project and the Laverdiere Project, as applicable, may be found to be inaccurate; that results may indicate further exploration efforts at the Silver Lime Project and the Laverdiere Project, as applicable, as not warranted; that the Company may be unable to implement its plans to further explore at the Silver Lime Project and the Laverdiere Project, as applicable; that certain exploration methods, including the Company's proposed exploration model for the Blue Property, may be ineffective or inadequate in the circumstances; that economic, competitive, governmental, geopolitical, environmental and technological factors may affect the Company's operations, markets, products and prices; our specific plans and timing drilling, field work and other plans may change; that the Company may not have access to or be able to develop any minerals because of cost factors, type of terrain, or availability of equipment and technology; and we may also not raise sufficient funds to carry out or complete our plans. The ongoing COVID-19 pandemic, labour shortages, inflationary pressures, rising interest rates, the global financial climate and the conflict in Ukraine and surrounding regions are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company's operating performance, financial position, and prospects. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. Additional risk factors are discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for its recently completed fiscal period, which is available under the Company's SEDAR profile at www.sedar.com. Except as required by law, the Company will not update or revise these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.
