Core Assets Unveils New Geophysical Model For Silver Lime CRD-Porphyry Project
Core Assets just delivered one of the better news releases I've read this year
This morning, Core Assets (CSE:CC, OTC: CCOOF) delivered one of the better news releases I’ve read in 2024. The news release includes a ten minute CEO video in which CEO Nick Rodway walks us through the company’s latest geophysical model for the company’s flagship Silver Lime Project near Atlin, British Columbia.
The news release is chock full of geology, but it is explained in a way that a non-geologist can read it and understand what Core is seeing and planning for 2024. Core is set to commence a fully-funded 5,000 meter diamond drill program at Silver Lime this week.
The first drill target is the big Sulphide City Copper-Molybdenum Target and potential source intrusion at depth:
The 3D radial magnetic models (isosurface; pale pink shape in figure above) indicate a continuation of the Sulphide City Mo-Cu Porphyry Stock to depth where it connects to a larger magnetic body interpreted as the source intrusion. This source intrusion measures 3.7-kilometers wide and appears to be feeding at least three additional interpreted porphyry stocks situated below the Pete's CRD and Amp targets, and 750 meters south of the Gally CRD Target.
In 2022, drillhole SLM22-006 at Sulphide City reached a depth of 471 meters, showing significant porphyry-style alteration, veining, and increased molybdenum (Mo) and copper (Cu) grades at around 315 meters depth. Grades near the end of the hole returned up to 2.50% CuEq.
Core Assets' President & CEO Nick Rodway commented:
"Overlaps observed between our favourable magnetics, highly chargeable and conductive zones, Cu and Mo grade downhole, and the current drilled extent of the Sulphide City Mo-Cu Porphyry all point towards the continuation of the mineralized Sulphide City Porphyry to depths exceeding 1 kilometer. These overlapping datasets indicate the presence of a large, long-lived, and multi-stage, mineralized porphyry system feeding the high-grade Silver Lime skarn and CRM targets. This interpretation comes with an enhanced understanding of our 3D project geology and structures that acted as fluid pathways for the high-grade massive sulphide and epithermal mineralization observed outboard of the Sulphide City Target. Everything is on schedule, and we are excited to begin drilling this week. We'll start by testing the prospective overlap zones for porphyry Cu potential."
To say I am excited for this year’s drill program at Silver Lime would be an understatement. At a US$11 million market cap this is a classic high-torque drill play with substantial potential upside. Of course, with the large upside potential comes a great deal of risk in the event this year’s drill program does not bear the sort of sweet fruit the market is looking for.
I am long CC shares, and Core Assets was one of my three picks for the 2024 CEO.ca Stock Picking Contest.
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