Core Assets Submits Amendments to Exploration Permit Atlin Mining District, British Columbia

Rhea-AI Summary

Core Assets Corp. has submitted a permit amendment application to the British Columbia Ministry of Energy for its Blue Property in the Atlin Mining District. The amendment seeks to add helicopter-supported drill sites and geophysical surveys across 29,460 hectares, including the newly discovered Grizzly Manto Discovery Zone. The zone has shown promising results, with samples revealing 8.2% Zn, 1.8% Pb, 0.40% Cu, and 110 g/t Ag. The amendment would facilitate further exploration, enhancing the potential for significant mineral discoveries.

Positive

• Permit amendment application submitted for additional drill sites and surveys.
• Discovery of Grizzly Manto showing promising high-grade mineralization.
• Potential for substantial exploration opportunities over a 6.6km x 1.8km area.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 29, 2021 / Core Assets Corp., ("Core Assets" or the "Company") (CSE:CC)(FSE:RJ)(WKN:A2QCCU)(OTCQB:CCOOF) is pleased to announce that it has submitted a permit amendment application to the British Columbia Ministry of Energy, Mines and Low Carbon Innovation for the Blue Property (the "Property"), located in the Atlin Mining District of northwest British Columbia. This amendment requests for additional helicopter-supported drill sites and the option to complete induced polarization geophysical surveys within a broader area totalling 29,460 ha (Figure 1). The newly proposed permit area will include the new Ag-Zn-Pb-Cu Grizzly Manto Discovery Zone, as well as the Amp and Sulphide City showings, all of which are located immediately to the northwest of the Jackie Showing (see News Release dated: September 27, 2021).

Highlights

• Core Assets is currently permitted for diamond drilling at the Laverdiere and Jackie showings (see Figure 1)
• If approved, the permit amendment will include 50 helicopter-supported diamond drill sites and up to 30-line kilometers of induced polarization geophysical surveys over the recently staked ground that includes Ag, Zn, Pb, Cu massive sulphide showings within the Blue Property.
• The proposed permit amendments will allow for exploratory diamond drilling at Core Assets' Grizzly Manto Discovery Zone, which was discovered in 2021 and extended massive sulphide mineralization at surface to 6.6km x 1.8km and remains open.
• The average grade of 44 samples collected in 2021 at the Grizzly Manto returned assay values of 8.2% Zn, 1.8% Pb, 0.40% Cu and 110 g/t Ag over a 500m strike length.
• Initial interpretations from the 2021 Versatile Time Domain Electromagnetic Survey (VTEM) and assay results from channel sampling campaigns are expected to be released in the coming months.

Core Assets' President and CEO Nick Rodway comments: "The Grizzly Manto represents a very significant high-grade mineralized zone that was discovered on ground we staked in 2021. This ground has proven to be extremely prospective and is contiguous with the original area of the Blue Property. Making amendments to our pre-existing exploration permit will allow for the Company to explore this newly discovered mineralized zone at depth, through IP surveys and exploratory diamond drilling".

About The Grizzly Showing
The Grizzly Showing was discovered by Core Assets personnel during the 2021 Phase 1 exploration program. The Showing consists of two subparallel zones interpreted to be surface expressions of carbonate replacement mantos. High-grade massive sulphide mineralization was sampled at surface from the westernmost exposure for a total of approximately 500 meters along strike, with widths up to 5 metres and open under heavy scree. The eastern zone was tracked for approximately 150 meters. Mineralization within each zone remains open in both directions along strike. A total of 43 outcrop samples and 1 float sample was collected at the Grizzly Manto Discovery Zone in 2021. An annotated photo of the area can be found in Figure 2.

Property Wide Sampling
Results for property wide reconnaissance sampling executed by Core Assets during Phase 1 of its 2021 exploration program revealed the district-scale potential of the Blue Property. Abundant, high-grade base and precious metal mineralization was identified in numerous locations across the Property and Core Assets has now confirmed carbonate replacement mineralization at surface over an area 6.6km x 1.8km.

Figure 1: Location map of Core Assets' Blue Property highlighting the currently active permit area, the proposed area requested in the amendment application and the locations of significant showings across the Property.

Figure 2: Photograph illustrating the extent of massive-sulphide carbonate replacement mineralization at the Grizzly Manto Discovery Zone in 2021. Mineralization was sampled at surface from the westernmost exposure for a total of approximately 500m along strike, with widths up to 5m and open under heavy scree. The eastern zone was tracked for approximately 150m to snow cover.

National Instrument 43-101 Disclosure
Nicholas Rodway, P.Geo, (Licence #46541) 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 Corp. is a Canadian junior exploration company focused on the acquisition and development of mineral projects in British Columbia., Canada. The Company currently holds 100% title ownership of the Blue Property, that covers a land area of ~108,337 ha (~1,083 km²). The project resides within the unceded territory of the Taku River Tlingit First Nation in the Atlin Mining District, a well-known gold mining camp in northwest British Columbia. The Property hosts a major structural feature known as The Llewellyn Fault Zone ("LFZ"). This structure is approximately 140km in length and extends from the Tally-Ho Shear Zone in the Yukon, south through the eastern-side of the Blue Property to the Tulsequah area where it crosses over into 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 property and along it's entire extent. The past 50 years have seen substantial advancements in the understanding of porphyry, skarn, and carbonate replacement type deposits both globally and in BC's Golden Triangle. The company has utilized the historic and current information gathered at the Blue Property to tailor a proven exploration model to facilitate a major discovery. Core Assets technical team believes there are substantial opportunities for new discoveries, extending known mineralization, and development. Core Assets is excited to become one of the premier explorers in the Atlin Mining District.

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 its goals and scope; that the limestone bodies in the area are favourable for allowing transportation of mineralized carbonate replacement fluids; that the Atlin property is prospective for Copper-Zinc-Lead-and Silver ; that we can become a district scale explorer; that Core Assets will drill in 2022; that the Blue Property has substantial opportunities for a discovery and development; that work on the Blue Property could potentially lead to a new porphyry/CRD style discovery; and that there may be a commercially viable gold or other mineral deposit on our claims. 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 further permits may not be granted timely or at all; the mineral claims may prove to be unworthy of further expenditure; there may not be an economic mineral resource; methods we thought would be effective may not prove to be in practice or on our claims; economic, competitive, governmental, 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; we 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 our plans. 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 Company's SEDAR profile at www.sedar.com. Except as required by law, we will not update these forward-looking statement risk factors.

SOURCE: Core Assets

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FAQ

What is Core Assets Corp. announcing in the November 2021 press release?

Core Assets Corp. announced the submission of a permit amendment application to explore its Blue Property in British Columbia.

What new exploration opportunities are being sought at the Blue Property?

The amendment requests additional helicopter-supported drill sites and induced polarization surveys over 29,460 hectares.

What are the assay results from the Grizzly Manto Discovery Zone?

The assay results indicate an average grade of 8.2% Zn, 1.8% Pb, 0.40% Cu, and 110 g/t Ag from samples collected in 2021.

What does the Grizzly Manto Discovery Zone represent for Core Assets?

It represents a significant high-grade mineralized zone discovered in 2021, with potential extensions for further exploration.

What is the significance of the permit amendment for shareholders of CCOOF?

If approved, the amendment will allow Core Assets to explore new mineralized zones, potentially increasing the company's value.