System wide open, yet!
Core Assets Corp. (CSE:CC; FSE:5RJ; OTC.QB:CCOOF) has completed a total of 11 diamond drill holes totaling 3,602 meters during the 2024 drilling season, successfully testing a 2.7-kilometer mineralized north-south trend between the Pete’s North, Sulphide City and Pike Valley targets. In particular, drilling has expanded the extent of Mo-Cu-Ag porphyry and Fe-Zn-Cu massive and semi-massive sulfide skarn mineralization in and around the Sulphide City target (including the defined Whaleback Skarn, Grizzly and Gally targets). The best drill hole SLM24-061 on the Whale Back target returned 11.78 m of 10.6% Zn, 0.36% Cu and 16 g/t Ag from surface. The new data acquired this season also provides important information on the mineralizing porphyry system at depth. Core Assets has also announced that it will be releasing its new structural interpretation for the Silver Lime Project in the coming weeks.
Figure 1: Plan view of the project showing the locations of pre-2024 and 2024 diamond drilling at the Silver Lime project.
The Whaleback skarn mineralization forms a 250 m trend of high-grade Zn-Cu-Ag-Pb carbonate replacement mineralization exposed at surface at the Gally target area where near-surface drilling in 2023 returned 8m of 139 g/t Ag, 3.5% Pb+Zn and 0.18% Cu from surface, including 1.3m of 845 g/t Ag, 31.3% Pb+Zn and 1.10% Cu.
Drilling at Sulphide City in 2022 intercepted the same mineralized carbonate horizon hosting mineralization at the Whaleback & Gally targets from 241m downhole (or 120m true depth) in hole SLM22-013. This intercept returned 0.53m of 9.0% Zn within 2.31m of 2.0% Zn and 644ppm Cu and suggests that the high-grade Fe-Zn-(Cu) skarn mineralization extends from surface to an actual depth of at least 120m below the Whaleback skarn.
Nick Rodway, President and CEO of Core Assets, commented, “Our longest and highest-grade massive sulfide zinc intercepts were obtained during the 2024 drill season. We have also successfully developed quartz-sericite-pyrite zones and potassic altered porphyric intrusives with Mo-Cu-Ag signatures at depth at Sulphide City. This impressive system remains open at depth and in multiple directions for exploration and is primed for further discoveries.”
Porphyry Potential at Depth: Core Assets Intuits Steeply West-Dipping Structure
In 2024 drilling at Sulphide City, wide zones of QSP alteration and potassic altered porphyritic intrusives were intersected at depth in drill holes SLM24-063 and SLM24-064. These intrusions are associated with anomalous porphyry molybdenum-copper-silver mineralization and increasing porphyry fertility at depth. Aligned drill cores and detailed structural mapping data collected during the 2023 and 2024 seasons indicate that the Sulphide City porphyry mineralizing system dips to the west, cutting steeply dipping folded stratigraphy. This new data has increased confidence in the exploration for deeper porphyry copper mineralization at the Sulphide City target and will assist in the delineation of high-grade massive sulfide trends hosted in additional receptive marble horizons throughout the project area.
Preliminary scout drilling at the Pike Valley target (discovered in 2023) was designed to test the down-dip extent and grade potential of quartz-carbonate Ag-Zn-Pb-Au veins exposed at surface. Drilling at Pete’s North was designed to test the mineralization potential of an ultra-high chargeability anomaly (120 mV/V) that extends from surface to a depth of >400 m. In 2024, a series of layered sulphide veins and veinlets within zones of intense pyrite and silicification, as well as altered porphyric veins, were observed at surface above the high chargeability anomaly.
Conclusion: The geology of Core Assets’ Silver Lime project is highly complex due to the superimposition and overwriting of many different mineralizing events over time. Ironically, the fact that the mineralization is so rich and almost ubiquitous makes orientation so difficult. The near-surface skarn at the Whaleback (Sulphide City) target is a worthwhile target in its own right, with very good polymetallic grades. However, the current exploration drilling is not yet aimed at building tonnage, but rather at improving the structural understanding of the deposit. The big prize that Core Assets is after remains the porphyry system at depth. The data obtained in 2024 will provide important clues for exploring the suspected deeper porphyry copper mineralization at the Sulphide City target. There is strong evidence that the Sulphide City porphyry mineralizing system dips to the west, cutting steeply-dipping folded stratigraphy. Core Assets will be releasing its new structural interpretation combined with surface sampling results for the Silver Lime Project in the coming weeks.
Disclaimer: GOLDINVEST Consulting GmbH offers editors, agencies and companies the opportunity to publish comments, analyses and news on https://www.goldinvest.de. This content is intended solely for the information of readers and does not represent any kind of call to action; neither explicitly nor implicitly are they to be understood as a guarantee of any price developments. Furthermore, they are in no way a substitute for individual expert investment advice; rather, they are advertising/journalistic publications. Readers who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. The acquisition of securities, especially in the case of penny stocks, involves high risks that can lead to the total loss of the capital invested. GOLDINVEST Consulting GmbH and its authors expressly exclude any liability for financial losses or the guarantee that the content of the articles offered here is up-to-date, correct, appropriate and complete. Please also note our terms of use.
In accordance with §34b WpHG i (Germany) and §48f paragraph 5 BörseG (Austria) we would like to point out that clients, partners, authors and employees of GOLDINVEST Consulting GmbH hold shares in Core Assets and therefore a conflict of interest exists. Furthermore, we cannot rule out the possibility that other market letters, media or research companies may discuss the stocks we recommend during the same period. This may result in the symmetrical generation of information and opinions during this period. Furthermore, there is a consultancy or other service agreement between Core Assets and GOLDINVEST Consulting GmbH, which gives rise to a conflict of interest.
