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Core Assets: Maiden sampling program at Blue project returns high-grade carbonate replacement mineralization

February 15, 2022 ( Newswire) In the northwest corner of British Columbia, Core Assets’ (CSE:CC, OTC.QB:CCOOF, Frankfurt: 5RJ) Blue property commands an 1,083 square-km land position within the prolific Atlin Mining District.

The discovery model at Blue is based on the “hub and spoke” configuration, similar to one of the largest CRD-porphyry deposits in the world, Kennecott’s Bingham Canyon copper mine in Utah.

As shown in the schematic below, Bingham Canyon’s “hub” is the porphyry copper zone in red, with the “spokes” extending out 1.5 km, to a series of Pb-Zn-Ag “mantos” (flat-lying bedded ore deposits) and a copper skarn zone.

Similarly, residual magnetics at Blue (above to the right) show the potential porphyry “hub” in dark purple, with the “spokes” returning “off the charts” channel sample grades of 4,870 grams per tonne silver, plus multiple grab samples returning up to 913 g/t silver, >25% lead and >25% zinc.

Historical exploration at Silver Lime highlighted an equally impressive 4,870 g/t Ag, 0.45% Cu and 1.3% Zn over 1m; 2,387 g/t Ag, 2.7 g/t Au, 0.15% Cu, 2.50% Pb, and 3.32% Zn over 2.2m; and 1,023 g/t Ag, 0.16% Cu, 0.57% Pb and 0.75% Zn over 1.3m.

The Laverdier copper skarn on the other side of the possible buried porphyry returned 8.32% copper, 1 g/t gold and 42 g/t silver. Historical drilling at Laverdier highlighted 46.0m of 1.76% Cu and 175.4m of 0.27% Cu, both from surface. Fifteen of 18 grab samples returned copper values of 1.25% to 8.36%.

Using Kitco’s “Rocks in the Box” tool, the insitu value of the Silver Line (Mantos) works out to $4,993 per tonne. Granted, these are only channel and grab samples, but they are outstanding surface grades, the highest I have ever heard of, for a carbonate replacement deposit (CRD).

Often with CRDs, the surface expressions are few and far between, and maybe a cm or two thick. This one appears to be different. Blue has one manto, the Grizzly, that is 500 meters of massive sulfide outcropping in an area extending 6.6 km from the potential porphyry hub (the spokes are seen below as dotted black lines to the red dots). This area is almost two kilometers (1.8 km) wide. Extraordinary.

The main point for this whole project and the reason for the dotted lines and the massive sulfide occurrences is the following:

Unlike vein-hosted deposits, CRDs typically manifest as continuous sulfide bodies over multi-kilometer-scales that broaden with depth and demonstrate continuity back to the source. All dots should be connected in the sub-surface and that is what Core Assets aims to test this summer.

According to the company, the newly defined, high-grade district-scale (6.6 km x 1.8 km) CRD Ag-Pb-Zn-Au alternation assemblages, indicate the potential for a nearby Cu-Mo porphyry discovery using a proven exploration deposit model.

Maiden channel sampling campaign

Within this area, the first surface channel assays from a maiden sampling campaign at Silver Lime, have confirmed high-grade carbonate replacement mineralization (CRM).

The company notes that, unlike vein-hosted deposits, CRDs typically manifest as continuous deposits of interconnected bedding parallel sulfide replacement deposits called mantos and crosscutting structurally controlled sulfide pipes called chimneys. The scale of CRD systems can potentially extend for a number of kilometers around their source, typically a mineralized porphyry system. The Silver Lime prospect demonstrates such scale.

Location of the Jackie target, in reference to the Grizzly, Sulphide City and Amp showings, and the defined 6.6-kilometer mineralized corridor at the Silver Lime target. All historical and recent surface samples, as well as the location of 2021 petrography samples, are plotted.

On Jan. 31, Core Assets reported channel sample results from several outcropping carbonate replacement massive sulfide occurrences at the Jackie target.

All channel samples were collected from zones of CRD massive sulfide mineralization, as a first-pass attempt to evaluate the grade of replacement sulfide mineralization at Jackie — part of an extensive zinc-lead-silver-copper-bismuth CRD system at Silver Lime.

Jackie consists of numerous massive- to semi-massive sulfide occurrences, each measuring up to 30m long and 6m wide.

During 2021, 22 samples were collected across five channels ranging from 1.25m to 3.8m in length. Significant silver, copper, lead and zinc values were returned from all five sulfide bodies that were channel-sampled.

Twelve of the 22 samples assayed greater than 100g/t Ag, 16 were > 0.20% Cu, 14 were >1.0% Pb, and all channel samples assayed more than 5.0% Zn.

Five sulfide bodies, all outcropping within a 400 x 380-meter area, were channel-sampled at an average interval of 0.5m. All five yielded high-grade base metal-silver results including:

486g/t Ag, 0.36% Cu, 9.4% Pb and 13.0% Zn over 1.4m including 1,080 g/t Ag, 0.36% Cu, >20% Pb and 13.2% Zn over 0.5m in channel CH21-14.336g/t Ag, 0.26% Cu, 7.9% Pb, and 9.5% Zn over 1.25m including 851g/t Ag, 0.29% Cu, >20% Pb, and 9.7% Zn over 0.35m in channel CH21-11.284g/t Ag, 0.57% Cu, 12.3% Pb and 11.1% Zn over 2.5m including 383 g/t Ag, 0.82% Cu, 16.6% Pb and 10.3% Zn over 1.5m in channel CH21-13.

Location and highlights of the 2021 Phase 2 channel sampling results at the Jackie target.

“The 2021 maiden channel sampling program at the Silver Lime prospect on Core Assets’ Blue Property was designed to assess the grade of massive sulphide occurrences discovered and mapped early in the field program. These sawn channel results confirm assays of early grab samples taken upon discovery of these remarkable outcropping sulphide bodies,” said Core Assets’ President and CEO Nick Rodway, in the Jan. 31 news release.

“All five sulphide bodies sampled at Jackie have confirmed high-grade mineralization within an area of 400 x 380m. Our working thesis is that these massive sulfide bodies are part of an interconnected network of sulphides occurring in the subsurface and likely linked with the nearby Grizzly Discovery Zone and Sulphide City target. Once we see channel results from these other two areas, we should have a very good understanding of the grades that this large CRD system can yield, and we may also begin to see a geochemical vector that points towards the causative porphyry underlying this system. We are already planning an aggressive diamond drilling program for 2022 to test this CRD system and porphyry exploration model.”

High-grade channel samples at Grizzly, Sulphide City

Core Assets didn’t have to wait long for these channel sample results.

At the Grizzly Manto, two sub-parallel zinc-lead-silver-copper carbonate replacement manto zones were discovered in 2021 over a strike length of >500m, with widths up to 5m.

Assay values from 44 samples returned averages of 8.2% Zn, 1.8% Pb, 0.40% Cu and 110 g/t Ag over 500m. The mineralization remains open along strike and at depth.

At the Sulphide City target, multiple zinc-copper-silver semi-massive to massive sulfide occurrences, measuring up to 40m along strike and 8m wide, contain significant amounts of sphalerite, pyrite, pyrrhotite and chalcopyrite.

On Feb. 14 Core Assets reported channel sample results from several carbonate replacement and skarn, massive to semi-massive sulfide occurrences at the Sulphide City and Grizzly targets during the second phase of 2021 exploration at Blue.

Within the 6.6 km x 1.8 km mineralized corridor, the 2021 Discovery Zone, consisting of the Grizzly, Sulphide City and Amp targets, defines a 1.8-km long by 1.2-km wide high-grade carbonate replacement mineralization (CRM) target.

Ten channels comprising a combined length of 39.25 metres were cut and sampled at average intervals of 0.5m at Grizzly and adjacent Sulphite City.

Channel assay samples were returned featuring 1.0m of 175 g/t silver, 0.28% copper, 0.31% lead and 10% zinc over a 600m by 350m area.

Location of the Grizzly and Sulphide City targets (red square, within the 6.6-kilometer mineralized corridor)

Of the 80 channel samples collected, five assayed greater than 50g/t Ag, 47 were >0.20% Cu, and 33 were more than 5.0% Zn.

Specifically, Grizzly channel CH21-05 returned length weighted average assay values of 175g/t Ag, 0.28% Cu, 0.31% Pb, and 10% Zn over 1.0m; including 0.5m of 222g/t Ag, 0.28% Cu, 0.38% Pb and 7.2% Zn.

Location and highlights of 2021 Phase 2 channel sampling and grab sample results at the Grizzly target.

Sulphide City channel CH21-02 returned assay values of 5.3m of 14g/t Ag, 0.29% Cu and 10.2% Zn; including 0.5m of 46g/t Ag, 0.49% Cu, and 11.8% Zn over 0.5m.

Location and highlights of 2021 Phase 2 channel sampling results at the Sulphide City target.

“The 2021 Discovery Zone (a new extension of the Silver Lime Prospect at the Blue Property) contains extensive high-grade mineralization that can be seen at surface, CEO Rodway commented in the Feb. 14 news release.

“Most notable is the Grizzly Target, which consists of two massive, zinc-silver rich mantos exposed at surface. They are composed of >90% sulphide and are visible at widths greater than 5 metres over a continuous length of greater than 500 metres. These mantos could be part of a series of high-grade ore bodies that are stacked at depth, as typically seen in world-class CRDs. The Sulphide City Target represents a very high sulphide occurrence that is partially hosted in intrusive volcanic rocks, indicating that it could be located very proximal to the porphyry responsible for the massive 6.6 km by 1.8 km mineralized area at the Blue Property.”

Photos of channel sampling at the 2021 Discovery Zone.

According to Core Assets, drill targeting and planning is underway for the next phase of exploration at the 2021 Discovery Zone, the Silver Lime and Laverdiere prospects.

Core Assets Corp.
CSE:CC, OTC.QB: CCOOF, Frankfurt: 5RJ
Cdn.$0.45, 2022.02.14
Shares Outstanding 58.2m
Market cap Cdn$26.0m
CC website

Richard (Rick) Mills
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