CORE ASSETS CORP. Core Assets Corp. announced the commencement of the fully funded Phase 1 diamond drilling campaign at the Silver Lime CRD-Porphyry Project central Blue Property Atlin Mining District of NW British Columbia. The Company also announces that it has granted incentive stock options to acquire an aggregate of 3,515,000 common shares of the Company to its directors, officers and consultants under its stock option plan.
The Phase I 2023 Exploration Program at the Silver Lime Project will consist of approximately 3,500 meters of oriented HQ-sized diamond drilling. The drilling will focus on extending the zones of high-grade massive sulphide carbonate replacement mineralization down-dip and along strike at the Grizzly, Pete's, and Gally Carbonate Replacement (CRD) targets. Diamond drilling has commenced at Pete's CRD Target and will test the down-dip extension of the 8-meter-long high-grade channel sample collected in 2022.
Targeted step out drilling is planned for both the Pete's and Grizzly targets at the beginning of the season. Prior to drill mobilization, a desk-based structural analysis was carried out over the mineralized extents of the Silver Lime Project, and detailed structural mapping was completed over the main mineralized zones at the Pete's and Grizzly CRD targets. New preliminary structural interpretations suggest a tight, doubly plunging fold geometry of the limestone/marble host rocks and metasediment packages.
Massive sulphide mineralization appears to concentrate along the contacts between limestone/marble and iron-rich schist units. Mineralization extends from the hinge zones of folds and has replaced preferential beds along the limbs of folded limestone/marble. These favourable contacts may represent redox boundaries, necessary for the chemical reaction that precipitates large amounts of sulphide mineralization.
Field relationships observed between marble and felsic dykes at Pete's CRD Target indicate that widespread dyking is a major source of massive sulphide carbonate replacement mineralization at the Silver Lime Project.
