Higher Gold Grade Increase At The Metates Project

VANCOUVER - Chesapeake Gold Corp. reported on the updated Mineral Resource Estimate (MRE) for the Metates gold-silver project located in Durango State, Mexico. 16.77 million ounces of gold at 0.57 grams 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. 2.13 million ounces of gold at 0.47 g/t and 59.0 million ounces of silver at 13.2 g/t within 139.5 million tonnes in the Inferred Mineral Resource category. Analytical results from 23 recently drilled PQ (85mm diameter) holes completed since March 2021. 4.81 million ounces of gold at 0.76 g/t and 83.8 million ounces of silver at 13.3 g/t within 195.7 million tonnes in the Measured and Indicated Mineral resource category for intrusive-hosted material. Completed umpire duplicate check assaying on historic assay results increasing confidence in the accuracy of the analytical results.

Alan Pangbourne, CEO, said, "We are very pleased to announce our updated MRE for Metates following the addition of assay results for 5 metallurgical and 18 infill drill holes to the existing drill hole database. Particularly encouraging is the confirmation of an increase of 15.8% higher gold grade for the intrusive and intrusive breccia portions of the measured and indicated category of the MRE. The grade increase together with the previously released metallurgical results of our proof of concept further support the PEA development case."