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Chesapeake Announces Management Update

Management Changes

Chesapeake Announces Management Update

Vancouver, British Columbia--(Newsfile Corp. - March 30, 2023) - Chesapeake Gold Corp.

(TSXV:

CKG) (OTCQX: CHPGF) ("

Chesapeake

" or the "

Company

") today is announcing that the Company's

Chief Financial Officer, Erick Underwood, will be stepping down from his role at the Company effective

30

th

April 2023 to pursue another opportunity. Mr. Underwood will continue to support Chesapeake as

CFO in the coming month to ensure that the 2022 annual financial statements and MD&A are completed

and filed.

The Company will commence an executive search and announce the CFO replacement in due

course.

Alan Pangbourne, President and CEO of Chesapeake Gold, stated: "I would like to thank Erick for his

significant contributions to the Company over the past 2 years and for his personal support of me during

this time. Erick has played a key role in setting up the business and helping us strengthen our systems

and processes as we move towards developing the Metates Project. On behalf of the Board and the

senior leadership team, I wish him well in his next endeavour."

About Chesapeake

Chesapeake Gold Corp. 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 ("

Metates

")

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 and 423.2 million ounces of silver in the Measured

and Indicated Mineral Resource and a further 2.13 million ounces of gold and 59.0 million ounces of

silver in Inferred Mineral Resource. See technical report titled "Metates Sulphide Heap Leach Project

Phase I dated December 15, 2022."

For Further Information:

For more information on Chesapeake and its Metates Project, please visit our website at

www.chesapeakegold.com

or contact Alan Pangbourne at

[email protected]

or +1 778 731

1362.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies

of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/160657