Vancouver, April 26th, 2021 – Core Assets Corp., (“Core Assets” or the “Company”) (CSE:CC) (Frankfurt: 5RJ WKN:A2QCCU) announces that it has demobilized the Geotech Ltd. VTEM™ survey team due to weather constraints at the Blue Property (the “Property”) located in the Atlin Mining District of northwestern British Columbia, Canada.
- The VTEM survey has been postponed due to low ceilings in the southwest Atlin Lake area.
- The VTEM™ survey team at Geotech Ltd. Is set to remobilize late May-early June.
- Meanwhile, the Core Assets technical team will continue to plan for its fully permitted maiden exploratory drilling campaign, to take place in late summer/early fall 2021.
Core Assets’ President and CEO Scott Rose comments, "When Geotech notified us that they could execute our VTEM survey early, we jumped at the opportunity. However, weather has a mind of its own which is impossible to predict. The change in plans doesn’t put us further behind, rather it gives us more time to plan for our groundwork that will lead up to our aggressive drill program”.
Map of VTEM Survey Plan at The Blue Property
The Llewelyn Fault Zone (LFZ) is approximately 140 km in length, and it runs from Yukon border down through the 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 1970's. The LFZ plays an important role in mineralization of near surface metal occurrences across the property. 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 leveraged this information at the Blue Property to develop an exploration model and believes this could facilitate a major discovery. Core Assets is excited to become one of the Atlin Mining District’s premier explorers where its team believes there are substantial opportunities for new discoveries and development.
About the VTEM™ Survey
The Versatile Time Domain Electro Magnetics (VTEM™) system will be conducted by Geotech Ltd. of Aurora, Ontario. This state of the-art-system has a proven record of locating conductive anomalies, as well as mapping lateral and vertical variations in resistivity. Full waveform recording is employed to achieve very clean early-time measurements that can resolve near surface structures. It has a high-sensitivity cesium magnetometer for mapping geologic structure and lithology and a cesium magnetometer base station for diurnal correction. The Radar altimeter has an accuracy of approximately 1 meter. The survey will consist of a total of 907 line kilometres at 200m spacing across the entirety of the Blue Property.
About the Blue and Silver Lime prospects
In 2018, the Company sent a geological team to the Blue Property for preliminary surface sampling. Three areas of skarn exposure with massive and disseminated sulfide were observed along the western side of the Llewellyn Fault Zone. A total of 28 grab samples were collected and sent for analysis with values of up to 8.46% copper, 1.57 g/t gold and 46.5 g/t silver reported.
In 2019, Core Assets contracted Aurora Geosciences Ltd. for the execution of an induced polarization geophysical survey over the areas of high priority mineralization identified areas of elevated chargeability response over visible skarns and identified multiple chargeable porphyry style targets. Elevated chargeability is indicative of increased sulfides, an important mineralization vector.
Nick Rodway, P. Geo. (Director of Core Assets Corp.) and Matthew Carter (Qualified Person of Dahrouge Geological Consulting Ltd.) visited the property to reanalyze some of the high priority areas identified by the 2018 and 2019 programs. The program successfully confirmed elevated gold, silver and copper values.
The amalgamation of Core Assets’ newly obtained geological information, and the historical exploration data, including the 1973 exploration program undertaken by Rio Plata Silver Mines Ltd., where a single diamond drill hole assayed 173.2 metres of 0.27% Cu from surface, and includes 1.60% Cu from 173.2-179.2 metres and 1.40% Cu from 186.2–194.0 metres (ARIS 4996*), will inform future drill targeting.
Silver Lime Prospect
The Silver Lime Prospect is located just 10 km southwest of the Laverdier Prospect.
The Silver Lime Prospect encompasses two significant mineral occurrences, the Falcon and Jackie showings. The Falcon showing was discovered by Carmac Resources in 1990 and consists of two northwest trending quartz veins. Mineralization comprises of galena, sphalerite, pyrite, chalcopyrite, arsenopyrite and stibnite. The vein system is exposed for 25 metres and the strike extensions are covered by talus. Individual veins are up to 2.2 metres wide. To the northwest, a quartz-feldspar porphyry breccia contains smaller quartz veins with semi-massive arsenopyrite and stibnite. Sample 88339 taken from a 2.20 metre vein system assayed 3.3 g/t gold, 2,641 g/t silver, 0.15% copper, 2.5% lead and 3.32% zinc, 5.0% arsenic and 2.56% antimony (ARIS 21162*).
In 2018, Zimtu Capital Corp., as part of a helicopter reconnaissance program, prospected the property and collected eight samples. The results confirmed the historic work of Carmac (1990), having returned values of 1.16 g/t gold, 913 g/t silver, 12.45% zinc and >20.0% lead.
The Silver Lime Prospect may represent a carbonate replacement deposit model (CRD). Massive sulphide pods occur in limestone and biotite-muscovite-sericite schists near the contacts between the units. Large zones of limonite alteration, cut by alaskite and hornblende porphyry dikes, surround these pods. The lenses appear to be widest near the porphyry dikes. Several faults follow the general direction of the dikes, suggesting structural control on the mineralization. Sulphides comprise galena, sphalerite, chalcopyrite, pyrrhotite and pyrite. The pods are up to 30 metres long and 6 metres wide. The smaller pods host sphalerite and galena mineralization and the larger pods vary mineralogically along length. Galena, quartz and calcite dominate the northwest changing to pyrrhotite, chalcopyrite and pyrite in the centre and border areas (Minfile 104M 031*).
NI 43-101 Disclosure
Nicholas Rodway, P.Geo, is a 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.
*Historical technical numbers are not compliant with NI 43-101 and are provided as an indication that mineralization is present., Historical information is relied on by the Company only as encouraging further exploration and assessment of the properties. All references listed under Minfile and ARIS can be found at the following British Columbia database links:
About Core Assets Corp.
Core Assets Corp. is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in B.C., Canada. The company currently holds the Blue property, that covers a land area of 16,115 Ha (161.15 km²). The project lies within the Atlin Mining District, that is a well-known gold camp. The Atlin Mining District has been the focus of Core Assets’ exploration efforts since 2018, with increased exploration activities forecasted in the area moving into 2021.
On Behalf of the Board of Directors
CORE ASSETS CORP.
President & CEO
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 the goals, scope and timing of the VTEM survey; that Core Assets will immediately begin drilling in summer 2021 following the spring magnetic and electromagnet geophysical survey; 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.