Core Assets Summarizes 2022 Exploration Work Completed at the Silver Lime Project

VANCOUVER, BC / ACCESSWIRE / June 1, 2023 / Core Assets Corp., ("Core Assets" or the "Company") (CSE:CC)(FSE:5RJ)(OTCQB:CCOOF) is pleased to summarize work completed during the 2022 exploration program at the Silver Lime-CRD Porphyry Project (the "Silver Lime Project" or "Silver Lime"), central Blue Property (the " Blue Property"), Atlin Mining District of NW British Columbia. The Company also announces the extension of the expiry date of certain warrants.

A total of 5,565 metres of exploratory diamond drilling was completed at the Silver Lime CRD-Porphyry Project during the Company's inaugural drilling campaign in 2022. First-pass drilling successfully confirmed the presence of high-grade Ag-Pb-Zn-Cu±Au carbonate replacement (CRD) mineralization at depth, as well as widespread porphyry Mo mineralization and associated mineralized skarn. All surficial mineralized structures targeted in 2022 were confirmed at depth through drilling.

Silver Lime CRD-Porphyry Project 2022 Diamond Drilling Highlights (Table 2):

• Grizzly CRD Target: SLM22-011 intersected 5.64m of 254g/t Ag, 5.1% Pb, 4.8% Zn, 0.11% Cu and 0.12g/t Au from 57.36m core depth including 3.15m of 424g/t Ag, 9.1% Pb, 8.3% Zn, 0.20% Cu, and 0.14g/t Au, extending the previously rushed carbonate replacement massive sulphide intercept which included 1.16m of 1,145g/t Ag, 23.2% Pb, 23.5% Zn, 0.52% Cu, and 0.37g/t Ag from 58.54m depth.
• Jackie CRD Target: SLM22-001 intersected 21.65m of 23g/t Ag, 1.0% Zn, 1.2% Pb, and 0.08% Cu from surface, including 1.25m of 215g/t Ag, 9.9% Zn, 8.9% Pb, and 0.36% Cu.
• Sulphide City Porphyry-Skarn Target: SLM22-015 returned 147.45m of 0.012% Mo from 190.05m depth, within 350m grading 0.008%.

Prospecting and surface sampling in 2022 more than doubled the number of exposed, high-grade carbonate replacement massive sulphide targets at the Silver Lime CRD-Porphyry Project (Figure 1). The Gally, Pete's, Jackie, and Grizzly CRD targets represent zones of considerable massive sulphide carbonate replacement mineralization, whereas the more distal Falcon and Amp targets (further explored in 2022) contain carbonate replacement style mineralization, as well as sediment-hosted Ag-Au vein occurrences. Currently, the Project consists of 7 highly prospective targets that span the complete mineralization spectrum from Porphyry Mo-Cu to Fe-Zn-Cu-Ag massive sulphide skarn and Ag-Pb-Zn-Cu±Au carbonate replacement mineralization, to distal, sediment-hosted Ag-Au bearing quartz veining and Ag-Au-bearing base metal sulphide vein occurrences.

To-date, 700 surface samples (rocks, channels, historic) have been collected across the Project area. The explored extent of the Silver Lime CRD-Porphyry Project currently measures 10KM by 9.5KM and boasts an average surficial grade of 83g/t Ag, 0.22% Cu, 1.8% Pb, 3.4% Zn, and 0.16g/t Au. However, high-grade massive sulphide skarn and carbonate replacement mineralization hosted in carbonate rocks of the Florence Range have been observed outcropping intermittently along trend at the Blue Property for more than 24 KM. This trend extends northwest from the Jackie CRD Target at the Silver Lime Project to the newly designated Kim Skarn Project in the north-central Blue Property (Figure 2). The 25 most significant surface samples collected at the Silver Lime CRD-Porphyry Project are listed in Table 1.

Core Assets' President & CEO Nick Rodway commented, "During the Winter of 2023, the Company contracted Terrane Geoscience Ltd. to complete a desk-based structural analysis of the Blue Property. New insights into the complex geometry of the carbonate host rocks at Silver Lime, in combination with the prospecting and drilling data acquired in 2022, have allowed us to generate an exciting Phase 1 Program for 2023 over 3 high-grade CRD Targets at Silver Lime. A site visit was carried out recently and drilling is scheduled to begin within two weeks. We look forward to providing an update on our plans for the 2023 diamond drilling campaign at the Silver Lime CRD-Porphyry Project very soon."

Sampling Protocol, Quality Assurance & Quality Control

All recovered drill core was transported by helicopter to the core logging facility in Atlin, British Columbia for processing. Down hole surveys were conducted on all drill holes upon termination, using a Reflex Gyro Sprint downhole survey tool equipped with an azimuth positioning capability. Drill core was typically sampled over two-meter intervals and occasionally reduced in areas of higher visual sulphide mineralization. Core samples were cut in half with an electric core saw, bagged, labelled, sealed, and submitted to ALS Minerals preparation facility in Whitehorse, YT with the remaining core stored in Atlin, BC. Half core samples were finely crushed and sieved to <75 microns. Samples were then shipped to ALS Geochemistry in North Vancouver, British Columbia where they were analysed for gold by fire assay with an AA finish, over limits for Ag, Pb Cu and Zn and additional elements were analysed using four acid digestion with an ICP-AES or ICP-MS finish.

Blank rock (siliceous river rock), duplicate, and certified reference materials were inserted into the sample stream for at least every 20 samples. Certified reference materials were acquired from OREAS North America Inc. of Sudbury, Ontario and CDN Resource Laboratories Ltd. of Langley, British Columbia for the 2022 diamond drill campaign.