Core Assets intersects mineralization at Silver Lime project, British Columbia; shares up

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Core Assets Corp. [CC-CSE; CCOOF-OTCQB; 5R1-FSE] intersected significant CRD (carbonate replacement deposit) mineralization in every drill hole completed to date and has discovered an extensive molybdenum-copper-bearing porphyry at the Sulphide City target, part of the Silver Lime porphyry CRD project on the 100%-owned central Blue property in the Atlin mining district of northwestern British Columbia.

Every drill hole completed at the Silver Lime Project to-date has intersected multiple chimney-style, massive sulfide carbonate replacement deposit (CRD) feeders. Diamond drilling at the Sulphide City Target has also intersected a Mo-Cu-bearing porphyry believed to be the source feeding the >250 high-grade carbonate replacement mineralization (CRM) occurrences observed at surface throughout the Silver Lime Porphyry-CRD Project.

The mineralized porphyry is located within the 6.6 x 1.8-km surficial expression of CRM and has been drilled to vertical depths of 468 metres from surface and remains open for exploration.

The newly discovered porphyry has been affected by high temperature potassic alteration overprinted by intense, texturally destructive phyllic alteration and hosts impressive Moplus or minusPyplus or minusCu porphyry-type mineralization and veining that increases with depth.

A total of 1,124 meters of diamond drilling has been completed at the Sulphide City Target, with impressive CRD mineralization and mineralized porphyry drilled over significant widths in all holes. Core Assets Silver Lime Porphyry-CRD Project displays characteristics that match up to some of the largest Porphyry-CRD systems globally, covering the full mineralization evolution spectrum from Cu-Mo porphyry through to Ag-Pb carbonate replacement mineralization.

Crews have mobilized to the Grizzly Manto Target to complete an additional 2,000 metres of diamond drilling. All drill core assays are still pending.

Core Assets’ President and CEO Nick Rodway commented, “The second hole ever drilled at the Sulfide City Target is what we consider to be a potential company maker – SLM22-006 intersected extensive Cu-Mo-Zn-mineralized intercepts of altered porphyry and endoskarn, and semi-massive to massive Zn-Cu-Pb/Ag contact skarn and carbonate replacement mineralization. We are observing heavily mineralized endoskarn replacing mineralized, potassic-to-phyllic altered intrusive indicating that this system has seen multiple pulses of metal-bearing hydrothermal fluids. We have now tapped into the Silver Lime Porphyry-CRD system at both the Sulphide City and Jackie targets, located 2.4 km apart.

“Due to the continuous and zoned nature of CRD’s, the information we are gathering from the 2022 diamond drilling campaign will assist the Core Assets team with tracking the plumbing of the system along surface and at depth, targeting the multi-kilometre long limestone beds observed across the Property. Multiple skarn and/or carbonate replacement occurrences have been intersected in every drill hole completed at the Silver Lime Project to-date. Tapping into a well mineralized porphyry source at Sulphide City with CRM mapped for 6.6km at surface indicates that this system is large with room to grow and is comparable to other district-scale Porphyry-CRD systems globally.:

Three well-defined target areas exist at the Silver Lime Porphyry-CRD Project and include the Jackie, Sulphide City, and Grizzly Manto targets.

In morning trading, shares of Core Assets gained $0.21 to $0.81.

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