Metates Five Drill Holes Program Completed

VANCOUVER - Chesapeake Gold Corp. reported the results from the five large diameter (PQ or 88 mm) core drill holes completed at its flagship Metates project in Durango, Mexico. The drill program was undertaken to provide new core intercepts for a comprehensive metallurgical testwork program and to confirm the higher-grade nature of the Metates intrusive hosted mineralization.

Alan Pangbourne, CEO, said, "The drill results from Metates are higher than expected further supporting our thesis that within the world class deposit, a higher-grade component exists from which we can build a foundation for a new mine plan. We look forward to completing ongoing efforts to re-scope and optimize this impressive project.

The assay results on average are over 18% higher than the comparable block model gold equivalent grades in the current resource model. Two of the five holes are the best ever holes drilled at Metates and four are in the previous top 20 based on a grade - thickness product. The new drill assays will be integrated into a new mineral resource estimate along with the metallurgical test results which we anticipate completing with the prefeasibility study supporting the proposed heap leaching processing option in 2022."

All five drill holes targeted the intrusive hosted mineralization. The holes were spaced at approximately 100 meter intervals along the strike of the main Metates intrusive and enclosing sedimentary rocks. The holes were drilled at an azimuth of 215 degrees and angled at 60 degrees to the southwest and cut the dipping intrusive body with the reported mineralized intercepts interpreted to be near true thickness. The holes also confirmed the anticipated as-modeled contacts and rock types intercepted in each hole including the intrusive and sediment contacts and limits of mineralization.

The drill program totaled 2,333 meters. Using a 0.35 g/t gold-silver equivalent (AuEq) cut off grade (AuEq = Au g/t + Ag g/t/75), 87% of all the assay intervals exceeded this cut-off.

All core samples containing mostly 3 meter intervals of ¼ core were prepared using a method whereby the entire sample was crushed to 90% passing -2mm, a split subsample of 1000 g was pulverized to better than 85% passing 75 microns and then a 250 g pulp was taken. Samples were analyzed for gold using 50 g fire assay fusion with an ICP finish (Method Au-ICP22). Silver and other elements were analyzed by 4 acid digestion with a ICP finish (Method ME-ICP61). Gold (>5 ppm) and silver (>100 ppm) over limits were analyzed by fire assay and gravimetric finish. Core sample duplicates, preparation (crush and pulp) duplicates and certified standards and blanks were inserted into the samples stream as part of the sampling protocol for the QA/QC program.