Mr. Nick Rodway reports

CORE ASSETS PROVIDES A SUMMARY OF THE 2023 EXPLORATION PROGRAM & ANNOUNCES ISSUANCE OF STOCK OPTIONs

Core Assets Corp. has provided a summary of results from the 2023 exploration program at the Silver Lime carbonate replacement deposit porphyry project, central Blue property, Atlin mining district of northwest British Columbia.

In 2023, Core Assets completed 4,245 metres of shallow, exploratory diamond drilling over 21 HQ-sized drill holes; 14.4 line-kilometres of a high-resolution 3-D direct current induced polarization geophysical survey over the high-grade Pete's-Sulphide City-Gally trend; and the collection of 89 surficial rock samples across the Silver Lime CRD-porphyry project footprint. A brief overview of exploration work and results from the Silver Lime CRD-Porphyry project follows the 2023 highlights section below.

2023 Silver Lime CRD-porphyry project highlights

Diamond drilling at the Pete's and Gally CRD targets confirmed the presence of two new, near-surface carbonate replacement (CRM) discoveries consisting of multiple high- and extremely high-grade silver-lead-zinc-copper massive sulphide zones. These targets are located 1.4 kilometres apart, within a 2.5 km long high-grade corridor at Silver Lime that includes the molybdenum-copper-bearing Sulphide City porphyry.

The best and longest intercepts drilled to-date were obtained in 2023 from the Pete's and Gally targets:

• SLM23-028 (Pete's) intersected 6.40 m grading 159 grams per tonne silver, 8.7 per cent lead, 7.7 per cent zinc and 0.23 per cent copper from 27.43 m depth, including 0.57 m of 301 g/t Ag, 11.5 per cent Pb, 10.7 per cent Zn and 0.31 per cent Cu;
• SLM23-048 (Gally) intersected eight m of 139 g/t Ag, 3.5 per cent Pb plus Zn, and 0.18 per cent Cu from surface, including 1.30 m of 845 g/t Ag, 31.3 per cent Pb plus Zn, and 1.10 per cent Cu, including 0.50 m of 1,030 g/t Ag, 32.4 per cent Pb plus Zn, and 1.16 per cent Cu.

In 2023, seven out of eight diamond drill holes completed at Jackie intersected numerous zones of high-grade Zn-Pb-Ag-Cu massive sulphide mineralization. SLM23-038 returned 2.20 m of CRM from 17.05 m depth that graded 187g/t Ag, 23.9 per cent Pb plus Zn, and 0.53 per cent Cu, including 1.15 m of 201 g/t Ag, 25.7 per cent Pb plus Zn, and 0.52 per cent Cu.

Some drill holes completed at Jackie intersected steep gold-bearing fugitive calcite veins that graded up to two m of 3.10 g/t Au within 10 m of 0.32 g/t gold between 40 m and 80 m drilled depths. Similar, near-surface gold-bearing veins were also intersected at the Pete's and Grizzly targets in 2023, significantly adding to the precious metal endowment of the Silver Lime project.

The 2023 project-wide surface sampling program extended high-grade, Ag-Pb-Zn mineralization at both the Gally and Jackie targets. CRM and sulphide-bearing veins grading up to 680 g/t Ag, greater than 20 per cent Pb, 14 per cent Zn, 0.55 per cent Cu, 0.75 g/t Au, 0.14 per cent bismuth and 155 parts per million tellurium were collected south of the Gally target, increasing the extent of the high-grade corridor by 850 m to 2.5 kilometres in length. At the Jackie target, six out of the top 10 surface samples were collected at Jackie in 2023 and returned up to 1,130 g/t Ag with 13.5 per cent Zn, 7.3 per cent Pb, 0.25 per cent Bi and 240 ppm Te.

A three-dimensional direct current induced polarization (3-D DCIP) geophysical survey identified a 1.5 km by 0.5 km chargeability (80 millivolts/volt) anomaly. The top of this anomaly was intersected by drilling in 2022, and was accompanied by an increase in Cu grade, and continues past the drilled extents of the Sulphide City Mo-Cu porphyry (greater than 471 m). Several highly conductive and chargeable linear bodies were identified in the survey area and range from 320 to 900 metres in length. They coincide with surficial occurrences of massive sulphide and high-grade CRM intersected at the Pete's and Gally targets in 2023. These interpreted feeder structures appear to extend from surface and connect to the margins of the deep-seated chargeability anomaly below Sulphide City.

Fifty-six diamond drill holes totalling 9,808.7 m have been completed at the Silver Lime project to date. Forty-eight drill holes, or 85.7 per cent of drilling to date, have intersected mineralization styles that span the full CRD-porphyry continuum. In 2023, 83 per cent of holes intersected high-grade CRM or gold-bearing veins.

Core Assets' president and chief executive officer Nick Rodway commented: "We have recently acquired new remote sensing data and structural deliverables from a 3-D magnetics inversion currently being completed on our 2021 VTEM data. The team is busy planning and preparing to mobilize to site in Atlin to kick off our fully funded 2024 exploration season within the next few weeks. We look forward to presenting our 2024 exploration plans and new interpretations for Silver Lime in conjunction with our evolving 3-D geologic model.

Silver Lime CRD-porphyry project -- 2023 overview

Early in the 2023 season at the Silver Lime project, structural consultants from Terrane Geosciences Ltd. were contracted to complete detailed mapping and sampling across the project area. Fieldwork completed by Terrane personnel was successful in delineating structural controls and orientations of mineralization observed at surface. Generally, massive sulphide CRD and skarn mineralization is influenced by pre-existing ductile structures, concentrating in large fold hinges. At Jackie, however, sulphide mineralization concentrates along the contacts of intermediate dikes and brittle fault splays.

A total of 4,244.7 m of exploration-focused (HQ-sized) diamond drilling were completed at Core Asset's Silver Lime CRD-porphyry project during the 2023 exploration season. The Pete's and Gally targets received a first pass of diamond drilling, which was successful in confirming the presence of outcropping massive sulphide CRD mineralization at depth, as well as local gold-bearing veins. The Jackie target received a second pass of drilling following the 2022 season, successfully expanding mineralization along strike and below surface.

Drill core assay results from Pete's CRD target confirmed the discovery of a new high-grade Pb-Ag-Zn-Cu plus or minus Au CRD (carbonate replacement) zone at shallow depths. A total of 1,669 metres of diamond drilling (15 holes) were completed in 2023 across three drill pad locations, and within a 100-metre stepout. Drilling was designed to test the down-dip extension of marble-hosted carbonate replacement and skarn mineralization associated with multiple generations of intrusions. Low to moderate Au grades were also observed at depth in fugitive calcite veins at Pete's. Project-wide Au mineralization is discussed in more detail below.

In 2023, 697.7 m of shallow diamond drilling were completed at the Gally CRD target. The drill was positioned approximately 325 metres south-southwest of 2022 Sulphide City drilling above an exposed, 35-metre-long high-grade Ag-Zn-Pb-Cu carbonate replacement bleeder hosted in coarse-grained marble. Drilling at Gally successfully intersected extremely high-grade, near-surface Ag-Pb-Zn-Cu mineralization over appreciable widths in 11 of 12 holes. Ag-Pb-Zn-Cu massive and semi-massive sulphide mineralization has been intersected near surface (Gally, Pete's) and at drilled depths of up to 453 metres (Sulphide City) along the Pete's-Sulphide City-Gally trend.

In 2023, eight shallow diamond drill holes totalling 965 m were completed at the Jackie CRD target, located 3.5 km southeast of Pete's CRD target. Drilling at Jackie intersected several occurrences of high-grade massive-to-disseminated zones of Zn-Pb-Cu-Ag (plus or minus Au, Te, Bi) carbonate replacement sulphide mineralization and multiple zones of low-to-moderate-grade gold-bearing fugitive calcite veins. CRM mineralization intersected at Jackie is associated with faults and splays located proximal to mineralized (causative) intermediate dikes.

A potentially causative, intermediate intrusion with a brecciated contact was discovered in outcrop at Jackie in 2023. A probable 7.90 m section of this intrusive body, bound by brecciated contact and crosscut by a narrow pebble dike, is believed to have been intersected at 190.70 m depth in 2022 in hole SLM22-004. This intersection graded 46.7 g/t Ag, 0.4 per cent Zn, 0.7 per cent Pb and 0.19 per cent Cu from 190.70 m depth, including two m of 126 g/t Ag, 0.8 per cent Zn, 2 per cent Pb and 0.60 per cent Cu, and 0.62 m of 338 g/t Ag, 2.1 per cent Zn, 5.8 per cent Pb and 1.55 per cent Cu (contact breccia at 196.38 m depth).

Prospecting and surface sampling in 2023 resulted in the collection of 89 rock samples, which successfully extended the Gally-Sulphide City-Pete's high-grade corridor by 850 m to the south to a total length of 2.5 km. A mineralized structure at the Jackie target demonstrates continuous mineralization for 575 m along strike and continues for an additional 420 m to the north where it remains untested. Fault splays and dike offshoots from this structure are also variably mineralized. In 2023, 12 samples returned over 200 g/t Ag, 14 greater than 2 per cent Pb, 26 greater than 2 per cent Zn and 14 samples graded over 0.20 per cent Cu.

Exploration work completed outboard of the Sulphide City porphyry in 2022 and 2023 uncovered late-stage gold mineralization at Silver Lime. Significant gold grades have already been observed at the Pete's, Amp, Falcon and Jackie targets in areas with massive sulphide mineralization -- adding to the endowment of the company's high-grade skarn and carbonate replacement targets. Gold mineralization at Silver Lime appears to be hosted in late fugitive calcite veins stemming from steeply dipping fault splays that affect schist, marble, local porphyritic dikes and zones of massive sulphide.

Gold in quartz-carbonate veinlets with sulphides at the Amp target, located almost a kilometre southeast of Pete's target, grade up to 6.75 g/t Au and 931 g/t Ag. High-grade gold occurrences at Pete's and Amp appear localized along northwest-southeast-trending faults stemming from a larger, greater-than-1.2-kilometre-long, gold-bearing fault zone located between the two targets. The two best gold-bearing surface samples collected to date were discovered at the Falcon and Jackie targets. Historic sample 89868 (Carmac, 1990) at Jackie graded 21 g/t Au, 12 g/t Ag and 15 per cent Zn (plus arsenic-copper-antimony), whereas sample D935063 collected by Core Assets at Falcon in 2022 returned 19.5 g/t Au and 33 g/t Ag from coarse quartz-carbonate veins measuring up to two m wide.

High-grade gold occurrences at Jackie and Falcon are also observed along multiple northwest-southeast-trending faults stemming from a larger, greater-than-1.5-kilometre-long fault zone located immediately to the east. Porphyritic dikes proximal to these prospective structures appear closely associated with late gold mineralization, as well as earlier massive sulphide carbonate replacement mineralization. These intrusions locally carry a similar metal (arsenic-antimony-barium-thallium) signature to other gold-bearing zones sampled at Silver Lime. Gold zones outcrop in clusters over 3.5-kilometre area, and for up to 7.7 kilometres outboard of the Sulphide City Mo-Cu porphyry and remain open for exploration in all directions.

DIAS Geophysical completed a 14.4 line km (2.3 square km) 3-D DCIP survey over the Pete's-Sulphide City-Gally mineralized trend. The 3-D IP survey was designed with a wider station and line spacing over the entire survey grid (100 m Rx and 200 m Tx) and a tighter spacing (50 m Rx and 100m Tx) over the Gally and Pete's CRD targets. This varied spacing was designed specifically so the survey would pick up deeper structures over the entire mineralized trend as well as shallow and small features over the near-surface CRD targets.

The 2023 3-D IP survey was successful in:

1. Identifying near-surface overlapping chargeability and conductivity anomalies that overlap with mapped massive sulphides and are continuous for up to one km along trend;
2. Identifying a deep-rooted chargeability anomaly coincident with increasing Cu grades down hole where drilling exists, interpreted to represent the pyrite halo surrounding the hub of the Silver Lime porphyry-skarn system;
3. Identifying interpreted high-chargeability/-conductivity feeder structures extending from the interpreted pyrite shell to known CRM occurrences at surface (that is, Gally);
4. Identifying major faults and prospective zones for future follow-up and target generation.

The Silver Lime CRD-porphyry project contains ore styles that cover the entire porphyry-skarn-CRM-distal Au mineralization spectrum. Moving outboard of the Sulphide City Cu-Mo porphyry hub and associated massive sulphide zinc-iron-copper-dominant exoskarn skin, metal signatures evolve into Ag-Pb-dominant CRM, Ag-Au-Cu-Pb-Zn quartz stringer veins and distal Ag-Au-As-Sb calcite veins. This high-grade mineralization continuum resides within the impressive 9.5 by 10 km project footprint and remains open in many directions and at depth.

Sampling protocol, quality assurance and quality control

All recovered drill core and rock samples were transported by helicopter to the core logging facility in Atlin, B.C., for processing. Down-hole surveys were conducted on all drill holes upon termination, using a Reflex Gyro Sprint down-hole survey tool equipped with an azimuth positioning capability. Drill core was typically sampled over two-metre 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, Yukon, with the remaining core stored in Atlin, B.C. Surficial rock samples were bagged, labelled and sealed prior to submittal to ALS Minerals as well; however, no further processing was completed for surface samples in Atlin, B.C. Half core samples and rock samples submitted to ALS were finely crushed, and sieved to less than 75 microns. Samples were then shipped to ALS Geochemistry in North Vancouver, B.C., where they were analyzed for Au by fire assay with an atomic absorption finish, overlimits for Ag, Pb, Cu and Zn, and additional elements were analyzed using four-acid digestion with an inductively coupled plasma atomic emission spectroscopy or inductively coupled plasma mass spectrometry finish. In some cases, gravimetric separation was used to determine and compare Ag overlimit assays.

Blank rock (siliceous river rock), duplicate and certified reference materials were inserted into the sample stream for at least every 20 samples. For surficial rock samples, certified reference materials and blanks were inserted in the sample stream for every 20 samples, on average. Certified reference materials were acquired from OREAS North America Inc. of Sudbury, Ont., and CDN Resource Laboratories Ltd. of Langley, B.C., for the 2023 diamond drilling campaign.

Stock option plan

The company has granted an aggregate of six million incentive stock options to purchase up to six million common shares of the company to certain directors, officers and consultants under its stock option plan. The options are exercisable for a period of five years from the date of grant, expiring on April 25, 2029, at a price of 13.5 cents per share. The options shall vest 12.5 per cent on date of grant, then an additional 12.5 per cent every six months until fully vested.

All six million options and the shares underlying such options are subject to a hold period of four months and one day from the date of issuance.

National Instrument 43-101 disclosure

Mr. Rodway, PGeo (licence No. 46541) (permit to practise No. 100359) is president, CEO and director of the company, and qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Rodway has reviewed and approved the technical content in this release.

About Core Assets Corp.

Core Assets is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in British Columbia, Canada. The company currently holds 100-per-cent ownership in the Blue property, which covers a land area of 114,074 hectares (approximately 1,140 square km). The project lies within the Atlin mining district, a well-known gold mining camp located in the unceded territory of the Taku River Tlingit First Nation and the Carcross/Tagish First Nation. The Blue property hosts a major structural feature known as the Llewellyn fault zone (LFZ). This structure is approximately 140 km in length and runs from the Tally-Ho shear zone in Yukon, south through the Blue property to the Alaskan Panhandle Juneau ice sheet in the United States. Core Assets believes that the south Atlin Lake area and the LFZ has been neglected since the last major exploration campaigns in the 1980s. The LFZ plays an important role in mineralization of near-surface metal occurrences across the Blue property. The past 50 years have seen substantial advancements in the understanding of porphyry, skarn and carbonate-replacement-type deposits both globally and in British Columbia's Golden Triangle. The company has leveraged this information at the Blue property to tailor an already proven exploration model and believes this could facilitate a major discovery. Core Assets is excited to become one of Atlin mining district's premier explorers where its team believes there are substantial opportunities for new discoveries and development in the area.

We seek Safe Harbor.