The Llewelyn Fault Zone: A huge supply canal system analogous to other successful mining and exploration projects in the Golden Triangle – geophysics and drilling in preparation
Core Assets Corp. believes he’s on to something big. And there is good reason to believe it: The Llewelyn Fault Zone (LVZ) runs through the company’s recently expanded property (now 148 km2) located in the Atlin Mining District in northwest British Columbia (BC). The world-class porphyry-related copper-gold deposits in BC’s Golden Triangle typically have one extremely important property in common: the structure, such as a large fault zone that serves as a pipe system for a metal-enriched “feeder” zone in the depths. With geophysical surveys and subsequent drilling, Core Assets aims to make a significant discovery by confirming the LVZ as the main transport corridor for high-grade metals found on the property at the surface.
As announced today by Core Assets, the company has initiated the approval process for a drilling program. Before drilling can begin, a property-wide magnetic and radiometric geophysics survey (1,100 line kilometers) is planned “to add new layers to infer secondary and tertiary structures related to the mineralization and alteration found around the LVZ”. In other words, the airborne geophysics survey is being conducted to refine the exact locations of the drill targets.
CEO David Hodge commented in today’s press release: “Conducting a state-of-the-art geophysical survey will help us improve our precision in drilling placement. We believe it is important to understand the changes associated with the deep secondary and tertiary structures fed by the Llewelyn fault zone. The Llewelyn fault zone shares features of other prolific mining and exploration camps to the south and we believe it has the potential to be associated with a district-scale supply canal system on our property. This survey will be another very important milestone in the addition of new geological layers that will help our very experienced technical team lead us to the discovery. “
In a video news message posted shortly after the press release, 3 Core Assets team members were interviewed by Colton Griffith (Zimtu Personal-Financial.com’s digital marketing specialist) to discuss the importance of today’s news:
See video on Rockstone Research website, to watch the video news message from Core Assets team members Dave Hodge (President), Scott Rose (Director) and Nick Rodway (Director, P.Geo./Professional Geologist).
Porphyry deposits represent the world’s largest source of copper mining today and, because of their size, are generally the mines with the lowest unit costs. Porphyry-related deposits are now well known and typically form in similar geological environments, making it easy to cost-effectively demarcate areas of interest. There is a globally proven track record of locating more than one porphyry system in a single geological area. There are already numerous world-class porphyry deposits on Canada’s western Pacific Rim. The porphyry exploration projects raised most of the capital of any type of deposit in BC over the past year.
Core Assets believes that the southern Atlin Lake area and LVZ, which extends approximately 140 km from the Yukon border to the Juneau Ice Sheet in the United States, has been neglected since the last major exploration campaigns in the 1970s.
The LVZ runs directly through the property of Core Assets and is considered a Main transport corridor for the mobilization and concentration of high grade metals at the surface of the earth of the property were found.
Over the past 50 years, the understanding of porphyry, skarn and carbonate displacement deposits has gradually improved both globally and in the Golden Triangle area, with new discoveries being made annually. The sum of this knowledge now flows into use effective exploration models that Core Assets believe could lead to a meaningful discovery.
Core Assets intends to capitalize on this shift in understanding and become one of the largest exploration companies in the northernmost expanse of the Golden Triangle saga. The Core Assets team has significant experience and knowledge of the Atlin Mining District. They’ve explored the entire area south of Atlin Lake, which is an opportunity for world-class exploration and mine development. Highlights from today’s news:
• Core Assets has added 10 new holes to a previously approved drill program of 8 holes that the previous project operator had on the property. Thus, the upcoming drill program is expected to include a total of 18 holes, among other things, targeting newly identified targets that were outlined by the 2019 IP survey and the compilation of the historical electromagnetic surveys in the western part of the property.
• The completion of a property-wide magnetic and radiometric geophysical survey will add new layers to delineate secondary and tertiary structures associated with the mineralization and alteration found around the Llewelyn Fault Zone (LVZ). The LVZ is a large regional fault in the Atlin area, which extends from the Yukon in the south over 140 km to the border between BC and Alaska.
• The Blue property hosts a historic well * that 173.2 m with 0.27% copper from the earth’s surface, 1.6% copper between 173.2 and 179.2 m and 1.4% copper from 186.2-194 m scored and is open in all directions.
• The Silver Lime property hosts massive sulphide on the earth’s surface with historical results from rock samples (“channel samples”) * 3.3 g / t gold, 2641 g / t silver, 0.15% copper, 2.5% lead and 3.32% zinc, 2.56% antimony over 2.2m, although there has never been any drilling.
• The geophysics survey is scheduled to begin in late October and the drilling program is expected to begin in spring 2021.
* Historical figures are given as an indication of the presence of mineralization and the company is relying on them to approve further exploration and evaluation of the properties.
Selected exploration, development and mining projects in the “Golden Triangles” of British Columbia (Greens Creek Mine is in Alaska). Numbers shown may be rounded as made public by the companies (Au = Gold; Ag = Silver; Cu = Copper; Koz = Thousand Ounces; Moz = Million Ounces; Blb = Billion Pounds; M + I = Measured + Indicated Resources; P + P = proven + probable reserves; Eq = equivalent). Note that the results of the aforementioned former producers, active mines, exploration and development projects in the area are not necessarily indicative of the potential of the Blue Property and should not be understood or interpreted as producing similar results on the Blue Property will. The historical information relating to the 1973 well on Core Assets Corp.’s Blue property are only relevant as an indication that some mineralization is present on the property and no resources, reserves or estimates are inferred. A Qualified Person has not done sufficient work to classify the historical information as current mineral resources or mineral reserves; and neither Rockstone nor Core Assets Corp. treats the historical information as current mineral resources or mineral reserves.
The following sections about the Blue and Silver Lime projects are also from today’s press release:Blue plot
In 2018 the company dispatched a geological team to the Blue property to collect rock samples. The field crew observed 3 areas of skarn exposure with massive and disseminated visible sulfides along the western side of the Llewellyn Regional Fault Zone. 28 rock samples (“grab samples”) were taken and sent to the laboratory for geochemical analysis, the contents of up to 1.57 g / t gold, 46.5 g / t silver and 8.46% copper revealed.
In 2019, Core Assets commissioned Aurora Geosciences Ltd. conducting an Induced Polarization (IP) geophysical survey in the areas of high priority mineralization, confirming and highlighting areas of increased chargeability response over visible skarns, and identifying several rechargeable porphyry-style targets.
Later in 2019, Nick Rodway, P. Geo./Professional Geologist (Director of Core Assets Corp.) and Matthew Carter (Qualified Person of Dahrouge Geological Consulting Ltd.) visited the property to explore some of the areas identified in the 2018 and 2019 programs reanalyze with high priority. The program successfully confirmed elevated gold, silver and copper grades.
The amalgamation of newly acquired geological information from Core Asset and historical exploration data, including that obtained in 1973 from Rio Plata Silver Mines Ltd. carried out exploration program in which a well 173.2 m with 0.27% copper from the earth’s surface, 1.6% copper between 173.2-179.2 m and 1.4% copper from 186.2-194 m will serve as the basis for completing further structural analysis of the well placement. This could potentially lead to a new porphyry style discovery in British Columbia, the Silver Lime Property
The Silver Lime property is located just 6 miles west of the Blue property (now adjacent) and was originally acquired by Core Assets as a secondary project. A rigorous desktop geological study by the Core Assets engineering team determined that the same exploration model revolving around fluid mobilization of the Llewellyn fault zone also applies to the west.
Historically, the Silver Lime Property consisted of 2 significant mineral deposits known as the Falcon and Jackie deposits. The Falcon deposit was discovered by Carmac Resources in 1990 and consists of 2 northwest trending quartz veins. The mineralization includes galena, sphalerite, pyrite, chalcopyrite, arsenopyrite and stibnite. The vein system is exposed for more than 25 m and the extensions of the streak tendons are covered by a talus. Individual veins are up to 1.2 m wide.
In the northwest, a quartz-feldspar-porphyry breccia contains smaller quartz veins with semi-solid arsenopyrite and stibnite. A 2.2 m wide rock sample * of the vein system resulted 3.3 g / t gold, 2641 g / t silver, 0.15% copper, 2.5% lead and 3.32% zinc, 5% arsenic and 2.56% antimony (Assessment Report 21162).
In 2018, Zimtu Personal-Financial.com surveyed the property as part of a helicopter reconnaissance program and took 8 rock samples. The results confirmed the program carried out by Carmac in 1990 and indicated levels of 1.16 g / t gold, 913 g / t silver, 12.45% zinc and> 20% lead.
The Silver Lime Property may fit a Carbonate Displacement Deposit (CRD) model. Solid sulphide capsules are found in limestone and biotite-muscovite-sericite schist, which are generally located near the contacts between the rock units. Large zones of limonite alteration, intersected by alaskite and hornblende porphyry dikes, usually surround the pockets. The lenses appear to be widest near the dikes. Multiple faults follow the general direction of the veins, suggesting structural control of the mineralization. The sulfides include galena, sphalerite-chalcopyrite, pyrrhotite, and pyrite. The pockets are up to 30 m long and 6 m wide. The smaller pockets host sphalerite and galena mineralization, while the larger pockets (“pods”) vary mineralogically along their length. Galena, quartz and calcite dominate in the northwest and change into pyrrhotite, chalcopyrite and pyrite in the middle and in the border areas (Minfile 104M 031).
NI43-101 Disclosure: Nicholas Rodway, P.Geo, is a director, shareholder, and Qualified Person under National Instrument 43-101. Mr. Rodway reviewed the preparation of the technical information in this news release.
Geological Terrain Map of British Columbia and Adjacent Regions. In 2017, the BC Geological Survey surveyed the area in northwest BC (highlighted by a black outline), just a few miles north of Core Assets’ Blue property. In its preliminary report, the authors found that: “The Llewellyn Fault is a geological feature of great significance in northwestern British Columbia. The fault is at least 100 km long, trending northwest and sloping steeply … Spatially connected to the fault are the quartz-carbonate veins Gold-silver and base metal deposits including the previously producing Engineer mine … The spatial relationship between the Llewelyn fault and the mineralization contained in the vein supports a structural link and geochronological data indicates a temporal link between the gold -Mineralization (Engineer and Mount Skukum mines) and the Eocene volcanism … The apparent relationship between structure, mineralization and magmatism points to the intrusion-induced, epizonal terminal of the orogenic gold deposit model, as such deposits are typically with crustal fractures of the first Order and synchronous magmatism in connection The Llewellyn Fault could merge with the southeast trending King Salmon Shear Fault south of Atlin Lake … ” (Figure above modified from Nelson et al., 2013; Source: “Testing the relationship between the Llewellyn fault, gold mineralization, and Eocene volcanism in northwest British Columbia”, British Columbia Geological Survey, 2017)
Simplified geology (Eocene units only) near the Llewellyn Fault in northwest British ColumbiaAs evidenced by the preliminary report by the BC Geological Survey (2017), which found: “More than 50 mineral deposits spatially related to the Llewellyn fault have been documented in the study area … Many of these deposits have been known for more than 100 years, having been discovered during the Klondike gold rush in the late 1890s. Unsurprisingly, these occurrences are located near road, rail and water access points at Bennett and Tutshi Lakes to the northwest and Tagish Lake to the southeast. 3 veined past producing precious and base metal deposits are located in the British Columbia portion of the study area. The Engineer mine was the most productive gold deposit … The Engineer mine has been extracting gold intermittently for more than 90 years. BCGold Corp. reported an NI43-101 inferred resource of approximately 41,000 tonnes of ore grading 19 g / t gold (5 g / t cutoff grade; Dominy and Platten, 2011). “ (Above figure from Doherty and Hart, 1988; Mihalynuk et al., 1999; Source: “Testing the relationship between the Llewellyn fault, gold mineralization, and Eocene volcanism in northwest British Columbia”, British Columbia Geological Survey, 2017)
Active mining and exploration projects in the Skeen region in 2014 (Rockstone Blue property added) Source: Kyba, J., 2015. Exploration and mining in the Skeena Region, British Columbia. In: Exploration and Mining in British Columbia, 2014. British Columbia Ministry of Energy and Mines, British Columbia Geological Survey, Information Circular 2015-2, pp. 97-114
Core Assets Corp.
Suite 1450 – 789 West Pender Street
Vancouver, BC, V6C 1H2 Canada
Company formation: April 20, 2016
IPO: July 27, 2020
Shares in issue: 21,216,000
Canada Symbol (CSE): CC
Current Price: $ 0.13 CAD (9/28/2020)
Market Personal-Financial.comization: $ 2.8M CAD
Germany code / WKN: 5RJ / A2QCCU
Current Price: € 0.0725 (09/29/2020)
Market capitalization: € 1.5 million contact
Stephan Bogner (Dipl. Kfm.)
8260 Stein am Rhein, Switzerland
Disclaimer: Please read the full disclaimer including sources in the full Research Report as PDF on the Rockstone Research website, as fundamental risks and conflicts of interest prevail. The author, Stephan Bogner, is employed by Zimtu Personal-Financial.com Corp. paid, with part of the author’s responsibilities being researching and writing about companies that Zimtu is invested in. While the author was not paid and hired directly by the company being analyzed, the author’s employer, Zimtu Personal-Financial.com, would benefit from a stock price surge. The author owns shares in Core Assets Corp. and Zimtu Personal-Financial.com Corp. and would benefit from stock price increases. It may also be the case in some cases that the analyzed companies have a joint director with Zimtu Personal-Financial.com (this is the case). Core Assets Corp. pays Zimtu Personal-Financial.com for the preparation and distribution of this report and other marketing activities. Thus, there are several conflicts of interest.
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