VANCOUVER, BC / ACCESSWIRE / June 11 2021 / Core Assets Corp., ("Core Assets" or the "Company") (CSE:CC)(Frankfurt:5RJ WKN:A2QCCU) is pleased to announce that it has entered into an agreement to acquire 100% interest in the Blue Extension Property (the "Extension"); increased its VTEM™ survey area, resolution and re-mobilized Geotech Ltd. to complete its VTEM™ geophysical survey at the Blue Property (the "Property") located in the Atlin Mining District of northwestern British Columbia, Canada.
- Core Assets has increased its land position by 100 km², for a total contiguous district scale land package of 261 km² (See Map Below).
- The Geotech Ltd. VTEM™ geophysical survey has been increased to cover ~2000 line km's representing a ~1000 line km increase and is set to remobilize in mid June.
- The VTEM Survey resolution is being increased by decreasing line spacing from 200m to 150m line spacing to better define massive sulfide carbonate replacement chimneys visible at surface.
- The VTEM™ survey will target the magnetic and electromagnetic susceptibility of a porphyry/carbonate replacement type (CRD) system and the structures associated with the Llewelyn Fault Zone (LFZ). This regional feature feeds the high-grade polymetallic skarns and mantos chimneys seen at surface at the Laverdiere and the Silver Lime Prospects that are ~10 km apart.
- The style of alteration and highly anomalous copper (>8.0 % Cu) and silver (85.0 oz/t Ag) content at the Property suggest proximity to a porphyry centre and potential for district scale high grade polymetallic CRD type mineralization.
- A ground geological team is set to commence a gridded CRD pod sampling program following the VTEM™ survey, which will lead up to Core Assets' fully permitted maiden exploratory drilling campaign, to take place in Fall 2021.
Core Assets' President and CEO Nick Rodway comments, "The first attempt at the VTEM survey was unsuccessful due to weather, but it has given our technical team more time to learn more about CRD type deposits. As a result of this, we have decided to increase our land holdings and tighten the resolution of the VTEM survey to better understand the system before drill testing our thesis."
Map of Newly Extended VTEM Survey Plan & Acquired Claims at The Blue Property
The LFZ is approximately 140km 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 it's team believes there are substantial opportunities for new discoveries and development.
About The VTEM™ Survey
The Versatile Time Domain Electro Magnetic (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 one meter. The survey will consist of a total of ~2,000 line kilometres at 150m spacing across the entirety of the Blue Property.
About the Blue Property
The Blue Property consists of two main high grade mineral prospects (Laverdiere and Silver Lime) in a total contiguous land package of approximately 26,119.61 Ha (261.2 Km²). The project is located 48 km southwest of the town of Atlin, British Columbia. 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, known as the Laverdiere Prospect. 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.
The Silver Lime Prospect is located just 10 km southwest of the Laverdiere 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 limestone beds. Mineralization consists of galena, sphalerite, pyrite, chalcopyrite, arsenopyrite and stibnite. The system is exposed in multiple areas on the property with one more significant outcrop that is visible for 25 metres with strike extensions covered by talus. Individual pods 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 Silver Lime Prospect 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 has the potential to 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*).
Concluding Purchase Agreements
Core Assets will issue the third and final installment for the original acquisition of 100% of the Blue Property for one million shares and has amended the agreement to reflect the changed timing of issuance. With that issuance, the Company will have issued the total required share consideration of three million shares for the Blue Property as per the purchase agreement terms.
The Blue Extension Property was staked using funds supplied by Zimtu Capital Corp., which will be reimbursed for a consideration of $26,095.00 plus 20% interest for a total of $31,314.00.
Bonus in Shares
The Company is pleased to announce unanimous approval by the independent directors of a share bonus program for certain company personnel. The bonus shares will be subject to the standard four month plus one day hold period. The shares are in recognition of the extensive work performed in completing the Company's recent financing as well as increasing the Company's land position. The bonus shares will be issued as follows: Michael Hodge (80,000 shares), Nicholas Rodway (911,000 shares), and Scott Rose (1,009,000 shares).
The Company also announces that it has granted incentive stock options (each, an "Option") to acquire an aggregate of 1,700,000 common shares of the Company (each, a "Share") to its directors, officers and consultants under its stock option plan. Each Option is exercisable for a period of two years expiring on June 11, 2023, at a price of $0.14 per Share. All the Options vested on the date of grant. The Options and the Shares issuable upon the exercise of the Options held by the optionees are subject to a hold period of four months from the date of grant of the Options.
National Instrument 43-101 Disclosure
Nicholas Rodway, P.Geo, 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.
*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 of26,100 Ha (261 km²). The project lies within the Atlin Mining District, a well-known gold mining 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 fall 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.
SOURCE: Core Assets Corp.