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or Name
USA
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Chesapeake Gold Corp
Symbol CKG
Shares Issued 67,366,866
Close 2023-10-02 C$ 1.55
Market Cap C$ 104,418,642
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Chesapeake Gold drills 24 m of 6.1 g/t Au at Lucy

2023-10-03 09:49 ET - News Release

Mr. Alan Pangbourne reports

CHESAPEAKE REPORTS A NEW GOLD DISCOVERY AT LUCY PROJECT, DRILLING RETURNED 6.1 G/T GOLD OVER 24 METRES FROM SURFACE

Chesapeake Gold Corp. has made a significant gold discovery at its Lucy project located in central Sinaloa, Mexico. In total, 14 holes were completed in the 2023 campaign, with approximately 1,710 metres drilled. Lucy is one of several regional exploration properties within Chesapeake's Mexican portfolio.

Alan Pangbourne, chief executive officer, commented: "While Chesapeake's primary focus has been advancing the metallurgical work and the oxidative leach technology at Metates, we have continued systematic exploration on our highly prospective regional projects. We are very excited about the first phase of drill results at Lucy. The drill results suggest a mineralized skarn that outcrops at surface, and the system has been traced over a strike length of at least 500 metres. Follow-up exploration is planned to better evaluate the scope and scale of this new discovery."

Lucy project overview

The Lucy project comprises 483 hectares and is located within five kilometres from a paved highway. Lucy was staked by Chesapeake in 2017, and the initial exploration found zinc-bearing skarns to the northwest (see press release dated June 21, 2018). Follow-up mapping, trenching and channel sampling in 2021 and 2022 identified the presence of a gold-bearing skarn system in the southeast.

In June, 2023, a 1,710-metre, 14-hole HQ core drill program was initiated to test this gold-bearing skarn system. Holes LU23-05 to LU23-14 were collared over the gold zone defined by trenching and channel sampling. The eight holes discovered a northeast-trending zone of skarn at least 500 metres in strike length with significant gold mineralization. The gold zone remains open along strike in both directions and at depth. The mineralization consists of a possible retrograde quartz-calcite, iron oxides and sulphides veinlets stockwork hosted within garnet skarn and hornfels.

Chesapeake plans to undertake further detailed mapping, rock sampling and trenching as well as mineralogical and petrographic studies prior to the next phase of drilling., Further exploration and analysis are required to better understand the scope and scale of the Lucy gold-bearing skarn system and the controls on the mineralization. At this early stage of exploration with uncertain geological orientation and limited drilling coverage, the drill intercepts should not be considered representative of the true thickness of the gold mineralization.

Drill holes LU23-01 to LU23-04 were follow-up reconnaissance holes on the zinc-bearing skarns in the northwest. The four holes were drill testing the extension of the known zinc mineralization to the east (directly north of the gold discovery). No significant gold values were intercepted, but the zinc-bearing skarn has now been traced for approximately 1.5 kilometres along strike.

Sample preparation, analysis and quality assurance/quality control program

All the assays reported by Chesapeake in this news release are from HQ drill cores which were logged and sampled in a secure storage facility. HQ core was cut using disc rock saws, and a representative one-half sample was selected for assay. Core samples were sent to the ALS Global facility in Zacatecas City, Mexico, for preparation of assay pulps which were subsequently sent to ALS labs in Vancouver, Canada, for analysis.

All core samples, generally at three-metre sample intervals, were prepared using a method whereby the entire sample was crushed to 90 per cent passing minus two millimetres, a split subsample of 1,000 grams was pulverized to better than 85 per cent passing 75 microns and then a 250-gram pulp was taken.

Samples were analyzed for gold using 50-gram fire assay fusion with an inductively coupled plasma finish (method Au-ICP22). Silver and other elements were analyzed by four-acid digestion with an ICP finish (method ME-ICP61). Gold (greater than five parts per million) and silver (greater than 100 ppm) overlimits were analyzed by fire assay and gravimetric finish.

Certified standards and blanks from CDN Resource Laboratories were inserted into the sample stream as part of the sampling protocol for the QA/QC program.

Qualified persons

Alberto Galicia, PGeo, vice-president, exploration, and Gary Parkison, CPG, vice-president, development, are qualified persons as defined by National Instrument 43-101 and have reviewed and approved the technical information in this release.

About Chesapeake Gold Corp.

Chesapeake Gold is focused on the discovery, acquisition and development of major gold-silver deposits in North and South America. Chesapeake's flagship asset is the Metates project located in Durango state, Mexico. Metates hosts one of the largest undeveloped gold-silver deposits in the Americas with over 16.77 million ounces of gold at 0.57 gram per tonne (g/t) and 423.2 million ounces of silver at 14.3 g/t within 921.2 million tonnes in the measured and indicated mineral resource category and a further 2.13 million ounces of gold at 0.47 g/t and 59 million ounces of silver at 13.2 g/t within 139.5 million tonnes in the inferred mineral resource category. See the technical report titled "Metates Sulphide Heap Leach Project Phase I" dated Jan. 13, 2023, and news release dated Feb. 23, 2023.

Chesapeake also has an organic pipeline of satellite exploration properties strategically located near Metates. In addition, the company owns 68 per cent of Gunpoint Exploration Ltd., which owns the Talapoosa gold-silver project in Nevada.

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