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Chesapeake Gold Corp
Symbol C : CKG
Shares Issued 44,573,866
Close 2019-10-09 C$ 3.07
Recent Sedar Documents

Chesapeake samples 43 m of 1.4 g/t Au, 75 g/t Ag at Crisy

2019-10-10 09:05 ET - News Release

Mr. Randy Reifel reports

CHESAPEAKE EXPANDS FOOTPRINT OF EMERGING GOLD-SILVER CAMP NEAR METATES SIGNIFICANT MECHANIZED TRENCH RESULTS RETURNED FROM CRISY DISCOVERY

Chesapeake Gold Corp. has provided updated results from its continuing regional exploration program near its world-class Metates project in Durango state, Mexico. Metates hosts one of the largest undeveloped gold, silver and zinc reserves in the world. Three significant gold-silver prospects, Crisy, San Javier and Cerro Pelon, continue to demonstrate district-scale potential within different regional structural settings associated with intermediate composition intrusive rocks. Chesapeake has assembled a 10,000-hectare land package covering these three prospects.

Exploration highlights:

  • Bulldozer trench samples across multiple mineralized zones at Crisy returned strong results including 43 metres of 1.4 grams per tonne gold and 75 g/t silver, and 24 m of 2.4 g/t gold and 80 g/t silver.
  • Generative exploration at San Javier defined a new area of epithermal veins where channel samples returned 12 m of 1.6 g/t gold and 25 g/t silver, 1.6 m of 8.3 g/t gold and 1,972 g/t silver, along with other significant results.
  • A second northwest-trending quartz breccia zone was discovered at Cerro Pelon which yielded channel samples of three m of 33 g/t gold and 10 m of 3.4 g/t gold.

P. Randy Reifel, president, stated: "Regional exploration continues to discover significant gold-silver hydrothermal mineralization in this highly prospective region surrounding Metates. We are developing an impressive organic pipeline of satellite projects that are strategically located to capitalize on the potential future world-class mining complex and supporting infrastructure at Metates."

Crisy

Crisy is a new grassroots discovery made in 2019 located 15 kilometres south of Metates. Detailed mapping, sampling and trenching extended the strike length of the northwest-trending mineralized system from two km to over six km with at least 400 m of vertical extent. Numerous en echelon sulphide-bearing quartz breccias, veins and silicified stockwork zones with disseminated gold-silver mineralization are hosted within fine-grained sandstone and mudstone broadly associated with porphyritic subvolcanic dikes.

To advance the exploration program, a five km access road was constructed to Crisy. Topography limited bulldozer testing to an area approximately 400 m along trend with trenches at six different locations spaced at least 80 m apart. The area explored represents a portion of a larger well-mineralized structural zone measuring 850 m in length, up to 300 m wide and more than 100 m vertically. Channel sampling within the trenches was generally cut across the strike of the northwest-trending mineralization and include the following results:

  • 43 m of 1.4 g/t gold and 75 g/t silver;
  • 38 m of 1.9 g/t gold and 11 g/t silver;
  • 24 m of 2.4 g/t gold and 80 g/t silver;
  • 19 m of 0.8 g/t gold and 92 g/t silver;
  • 12 m of 2.5 g/t gold and 539 g/t silver.

Crisy remains open-ended to the northwest and southeast where several areas of alteration and mineralization have been identified. Follow-up bulldozer trenching will explore the potential of other wide structural mineralized zones existing within the known six km long system as well as further extensions along strike. In addition, most of the trenches ended in mineralization and will be extended and deepened to allow sampling of possible breccia veins and disseminations covered by overburden.

San Javier

San Javier is located 12 km southeast of Metates. At San Javier, a seven km long hydrothermally altered corridor is associated with ring and radial structures developed along the margins of an intermediate composition intrusion. Prior work at San Javier has defined two highly altered mineralized zones, San Javier South and San Javier North, associated with disseminated and stockwork sulphide mineralization. Previous rock channel sampling from these zones reported 48 m of one g/t gold and 60 m of 71 g/t silver, respectively.

Further to the west, recent exploration has defined a zone of intense alteration with significant mineralization. San Javier West comprises a low to intermediate sulphidation epithermal vein system hosted within clay-sericite-quartz altered sandstone, shale and intermediate intrusive rocks. Geologic mapping and sampling have identified at least six different subparallel vein-hosting structures striking north to northwest that can be traced for over one km along strike and 350 m in elevation.

Preliminary channel sampling has returned the following results from these different veins which, from east to west, include:

  • Vein 1:
    • Three m of 1.5 g/t gold and 220 g/t silver;
    • 2.5 m of 2.3 g/t gold and 61 g/t silver;
    • 1.6 m of 8.3 g/t gold and 1,972 g/t silver;
    • 1.7 m of 3.1 g/t gold and 362 g/t silver;
    • 1.3 m of 3.4 g/t gold and 513 g/t silver;
  • Vein 2:
    • 1.6 m of 2.1 g/t gold and 37 g/t silver;
    • 1.2 m of 1.5 g/t gold and 32 g/t silver;
  • Vein 3:
    • 1.2 m of three g/t gold and 1,205 g/t silver;
  • Vein 4:
    • Five m of 1.2 g/t gold and 400 g/t silver;
    • 1.6 m of three g/t gold and 264 g/t silver;
  • Vein 5:
    • Two m of 0.6 g/t gold and 140 g/t silver;
  • Vein 6:
    • 12 m of 1.6 g/t gold and 25 g/t silver.

Follow-up exploration will prioritize mechanized trenching, detailed geological mapping and channel sampling along structurally controlled dilatant zones at San Javier West. Other areas of stockwork and disseminated sulphide mineralization associated with intrusive rocks hosting anomalous gold, silver, zinc and molybdenum values were also identified and will be further evaluated.

Cerro Pelon

Cerro Pelon is located 24 km east of Metates where prior sampling reported 15 m of one g/t gold. A second northwest-striking subparallel structure was recently discovered at Cerro Pelon which hosts quartz veinlet breccia. Two channel samples across this structure returned three m of 33 g/t gold and 10 m of 3.4 g/t gold. A stream sediment geochemistry program covering 1.5 km along strike of this newly recognized structure is currently being undertaken along with geologic mapping and rock chip sampling.

Chesapeake is presently well financed with $18-million in cash and marketable securities.

ALS Global analytical laboratory was used for the samples included in this release. The samples were crushed and ground at ALS facilities in Zacatecas, Mexico, and a representative sample was split and sent to Vancouver, Canada, for assaying using ALS methods Au-ICP21 and ME-ICP61.

Alberto Galicia, PGeo, vice-president of exploration for Chesapeake and a qualified person as defined by National Instrument 43-101, has reviewed the technical information in this release.

We seek Safe Harbor.

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