Core Assets Provides Drilling Update At The Silver Lime Project

Rhea-AI Summary

Core Assets Corp. (CSE:CC, FSE:5RJ, OTCQB:CCOOF) has provided an update on its 2024 exploration season at the Silver Lime CRD-Skarn-Porphyry Project in British Columbia. The company has completed 3,600 meters of diamond drilling across 10 drill holes in four target areas. Key highlights include:

1. Drilling at the Sulphide City Mo-Cu Porphyry Target intersected widespread quartz-sericite-pyrite alteration with increasing porphyry vein density and Mo-Cu mineralization at depth.

2. New epithermal-style vein occurrences were identified at Pike Valley and Pete's North.

3. Geological mapping revealed four main phases of the Sulphide City Mo-Cu Porphyry and extended the footprint of a unique mafic-to-intermediate intrusion.

4. A new zone of interest with multiple quartz-arsenopyrite veins was discovered 6 km north of the main Sulphide City system.

Assay results from drill core and surface samples are pending.

Positive

• Completed 3,600 meters of diamond drilling across 10 drill holes in four target areas
• Intersected widespread quartz-sericite-pyrite alteration with increasing porphyry vein density and Mo-Cu mineralization at depth
• Discovered new epithermal-style vein occurrences at Pike Valley and Pete's North
• Identified four main phases of the Sulphide City Mo-Cu Porphyry through geological mapping
• Extended the footprint of a unique mafic-to-intermediate intrusion to a 2.0 km strike length

Negative

• Drill holes SLM24-063 and SLM24-064 were cut short due to significant deviation
• Assay results from drill core and surface samples are still pending

VANCOUVER, BC / ACCESSWIRE / September 10, 2024 / Core Assets Corp., ("Core Assets" or the "Company") (CSE:CC)(FSE:5RJ)(OTCQB:CCOOF) is pleased to provide an update for the 2024 exploration season that includes visual results from diamond drill core collected from the Silver Lime CRD-Skarn-Porphyry Project (the "Silver Lime Project" or "Silver Lime"), central Blue Property (the "Blue Property"), Atlin Mining District of NW British Columbia.

DIAMOND DRILLING

• 3,600 metres of diamond drilling (HQ/NQ) has been completed over 10 drill holes, across four (4) target areas at the Silver Lime Project in 2024 (Table 1). The 2024 drilling campaign was designed to test the mineralized extent of the Sulphide City Mo-Cu Porphyry and associated skarn mineralization at depths greater than 500 meters, and to test the high chargeability anomalies identified during the 2023 3D-DCIP survey.

• Targets drill-tested in 2024 included the Sulphide City Mo-Cu Porphyry Target, the Sulphide City - Whaleback Zn-Cu-Ag Skarn Target and two (2) newly identified epithermal-style vein occurrences located outboard of the Sulphide City Porphyry at Pike Valley and Pete's North - which overlies the high chargeability anomaly (120mV/V) identified in 2023 (Figure 1). Together these targets form a 2.6-kilometre trend of Porphyry-Skarn-Epithermal mineralization at Silver Lime.

• Pike Valley (originally Gally South) represents a newly defined zone of sheeted to stockwork-style quartz-carbonate base metal sulphide veining and is located approximately 1 km south of the Sulphide City Porphyry (Figure 2a/b). In 2023, base metal sulphide veins hosted in an intermediate intrusion, unrelated geochemically to the Sulphide City Porphyry, returned up to 260g/t Ag with 6.5% Pb, 3.8% Zn, 0.10% Cu, and 0.75g/t Au (F421207).

• Four (4) additional diamond drill holes were completed at the Sulphide City Porphyry Target and Pike Valley. At Sulphide City both drill holes completed intersected the top of the main porphyry system:

  • SLM24-063 and SLM24-064 intersected widespread quartz-sericite-pyrite alteration associated with an increase in porphyry vein density, sulphidation and Mo-Cu mineralization with depth. Molybdenite and chalcopyrite bearing potassic zones were observed in both holes and are marked by increases in biotite and k-feldspar that affects the Sulphide City Porphyry and the surrounding country rock.

  • These holes drilled into zones of intense faulting and veining and were cut short after significant deviation.

• At Pike Valley, two shallow holes were completed that were designed to test the grade potential of the high sulphidation base metal sulphide veining discovered at surface in 2023:

  • SLM24-065 and SLM24-066 intersected numerous centimetre-scale, high sulphidation epithermal base metal sulphide veins containing coarse grained sphalerite with pyrite, feathery galena and local chalcopyrite. High-sulphidation veining is associated with increased silicification of the surrounding country rock, and de-magnetization of the unique intermediate intrusive host.

• Diamond drilling combined with downhole orientation and surficial mapping data collected in 2024 indicates that the Sulphide City Porphyry System, including all potassically altered and prospective zones, porphyry veining, and distal high-sulphidation base metal veins, dips steeply to the west along a 2.6-kilometre NNE-SSW trend. This provides a strong, confident vector towards the mineralized core at depth and suggests that this system is multiphase, long-lived and remains open for exploration.

• All drilling core has been processed and shipped to the laboratory where it is pending analysis. Drill hole assays will be released as they become available.

Core Assets' President & CEO Nick Rodway commented, "We have made significant strides in understanding and uncovering the mineralizing system at Silver Lime. The data collected thus far has greatly enhanced our confidence in the presence of a deeply buried and extensive mineralized system. Moreover, regional prospecting has uncovered exciting new prospects for future exploration. All assays from drill core and surface samples are pending, and we look forward to presenting the data as it becomes available."

GEOLOGICAL & STRUCTURAL MAPPING

• Detailed geological and structural mapping (Figure 3) was carried out contemporaneously with diamond drilling across a 9.0 km² area of the Silver Lime Project and identified:

  • Four (4) main phases of the Sulphide City Mo-Cu Porphyry (Figure 3) including two mineralized diatreme breccia zones;

  • A zone of very strong skarn alteration and massive sulphide skarn mineralization surrounding the known perimeter of the Sulphide City Porphyry;

  • Zones of strong silicification and argillic alteration with low grade gold mineralization located outboard of the skarn alteration halo. These silica and argillic zones are interpreted to represent a silica cap above the mineralized, westerly dipping Sulphide City Porphyry System;

  • Numerous moderate-to-high-grade base metal sulphide-bearing epithermal-style vein occurrences that surround the Sulphide City Porphyry Hub, and;

  • Variably mineralized pebble dykes/breccias containing rounded to subrounded centimetre-scale clasts of Mo and Cu porphyry, subrounded to subangular clasts of massive sulphides and porphyry-style veins and disseminated sulphides throughout the groundmass.

• A new zone of interest containing multiple quartz-arsenopyrite veins up to 50 cm thick, apparently related to large-scale north-south striking structures, was identified by regional prospecting over the 2024 exploration season. This zone is located approximately 6 km to the north of the main Sulphide City mineralizing system. Preliminary mapping at this target has identified intrusive rocks analogous to those at the Sulphide City Target.

• Mapping in newly identified zones at the Jackie and Pike Valley targets in 2024 extended the footprint of a unique mafic-to-intermediate intrusion first identified in 2023. This intrusion outcrops across a mapped strike length of 2.0 km between the two targets. This large intrusion is locally magnetic, and hosts sheeted and stockwork-style high-grade/high-sulphidation base metal sulphide veins in de-magnetized zones at both target areas. These high-grade veins also extend into the surrounding schist and garnet-amphibolite country rock at both locations.

• The intrusion dips steeply west-southwest and is causative to high-grade carbonate replacement mineralization hosted in receptive marble units at Jackie and Pike Valley. It has been preliminarily dated as Cretaceous in age, whereas the Sulphide City Porphyry is Eocene - suggesting that at least two distinct generations of carbonate replacement mineralization and their prospective/causative porphyry systems exist at the Silver Lime Project and were formed ~50 million years apart.

Figure 1: (Left) Plan View map illustrating diamond drilling progress at the Silver Lime Project; (Right) Cross-Section looking west through the 2.6 km
mineralized trend at Silver Lime - both images in reference to the chargeability voxel model (mV/V) obtained from the 2023 3D DCIP survey.

Figure 2a: Photomicrographs of prospective porphyry-skarn mineralization and alteration textures observed in drill core collected from the Sulphide City Porphyry Target in 2024.

Figure 2b: Photomicrographs of prospective high sulphidation epithermal base metal sulphide veins observed in drill core collected from the Pike Valley Target in 2024.

Figure 3: Plan View Map illustrating detailed geologic mapping progress and 2024 diamond drilling at the Sulphide City Skarn-Porphyry Target - including the proximal Whaleback Zn-Skarn Zone.

SAMPLING, PREPARATION & QA/QC

All recovered drill core is transported by helicopter to the core logging facility in Atlin, BC for processing. Sample intervals are chosen to capture homogenous lithology, alteration, mineralization, and veining. In areas of poor recovery, sample sizes are 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 are submitted to Bureau Veritas (BV) Labs in Whitehorse, YT. Each sample is crushed to 70% passing 2mm, then pulverized to 85% passing 200-micron mesh. All samples then undergo a 4-Acid digestion with an ICP-MS finish for a 59-element ultra trace package (Method Code MA-250), as well as a 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 are 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.

SOURCE: Core Assets Corp.

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FAQ

What is the ticker symbol for Core Assets Corp?

Core Assets Corp. trades under the ticker symbol CCOOF on the OTCQB market.

How many meters of diamond drilling did Core Assets complete in 2024 at the Silver Lime Project?

Core Assets completed 3,600 meters of diamond drilling over 10 drill holes at the Silver Lime Project in 2024.

What new discoveries were made at the Pike Valley target in 2024?

At Pike Valley, Core Assets discovered numerous centimetre-scale, high sulphidation epithermal base metal sulphide veins containing coarse grained sphalerite with pyrite, feathery galena and local chalcopyrite.

What is the size of the area covered by the detailed geological and structural mapping at Silver Lime in 2024?

Detailed geological and structural mapping was carried out across a 9.0 km2 area of the Silver Lime Project in 2024.