CKG.V · 2022-04-27 12:00:00

Chesapeake Completes Infill Drilling Campaign at Metates over 22% Average Higher Grades Encountered Within Intrusive-Hosted Mineralization

Exploration Programs

Chesapeake Completes Infill Drilling

Campaign at Metates over 22% Average Higher

Grades Encountered Within Intrusive-Hosted

Mineralization

Vancouver, British Columbia--(Newsfile Corp. - April 27, 2022) - Chesapeake Gold Corp. (TSXV: CKG)

(OTCQX: CHPGF) ("

Chesapeake

" or the "

Company

") is pleased to announce the results from the last

thirteen large diameter (PQ or 85 mm) infill core drill holes completed at its flagship Metates gold-silver

project in Durango, Mexico. In total, 18 holes were completed during the 2021-2022 infill drill campaign

which totaled approximately 7,485 metres.

Alan Pangbourne, President & CEO, commented: "We are very pleased to report the final holes from the

drilling campaign, including excellent results such as hole CKG22-094 with 357 metres of 1.43 g/t AuEq.

The results support our belief that the intrusive continues to be materially higher grade than previously

modeled which should have a very positive impact on the new resource estimate, mine plan and

upcoming pre-feasibility study. The assay intervals for these holes, which intersected the intrusive and

intrusive breccia-hosted mineralization, were on average about 23% higher in AuEq grade than

corresponding block estimates in the current resource block model."

Cross Section - CKG22-094 & CKG22-089 (AuEq = 1 Au : 75 Ag)

To view an enhanced version of this graphic, please visit:

https://orders.newsfilecorp.com/files/752/121812_f560236cc40008fb_002full.jpg

Highlights from the 13 holes are provided below:

Hole ID

From (m)

To (m)

True Width (m)

Gold Grade (g/t

Au)

Silver Grade (g/t

Ag)

Gold Eq Grade

(Au+(Ag/75))

Lithology

CKG22-093

294

651

357

0.63

20.5

0.91

All host rocks

Incl.

294

408

114

0.70

24.7

1.03

Sediments

Incl.

408

498

0.77

14.6

0.97

Intrusive Breccia

and Intrusive

Incl.

498

559

0.41

7.5

0.51

Intrusive

Incl.

559

651

0.57

29.8

0.97

Sediments

CKG22-094

414

357

1.00

31.6

1.43

All host rocks

Incl.

390

333

1.00

33.1

1.44

Intrusive Breccia

and Intrusive

Incl.

390

414

1.09

12.1

1.26

Sediments

CKG22-095

156

195

0.28

30.9

0.69

Sediments

CKG22-096

165

283

118

1.24

14.4

1.43

Intrusive Breccia

and Intrusive

CKG22-097

351

350

0.74

23.2

1.05

All host rocks

Incl.

0.41

56.0

1.16

Intrusive Breccia

and Intrusive

Incl.

262

184

0.80

16.7

1.02

Intrusive

Incl.

262

305

1.17

8.6

1.28

Sediments

Incl.

305

325

0.93

9.2

1.05

Intrusive

Incl.

325

351

0.47

6.1

0.55

Sediments

CKG22-098

0.50

16.3

0.72

Intrusive

and

135

180

1.01

11.5

1.16

Intrusive

CKG22-099

274

226

0.95

16.2

1.17

Intrusive

and

315

324

2.20

6.8

2.29

Sediments

CKG22-100

429

405

0.90

27.6

1.27

All host rocks

Incl.

354

330

0.79

31.0

1.20

Intrusive Breccia

and Intrusive

Incl.

354

375

1.82

21.9

2.11

Sediments

Incl.

375

415

1.38

9.8

1.51

Intrusive

Incl.

415

429

0.97

7.0

1.06

Sediments

CKG22-101

4.07

6.6

4.16

Sediments

and

161

169

0.56

38.7

1.07

Sediments

CKG22-102

200

172

0.41

25.4

0.75

Intrusive

CKG22-103

0.82

56.8

1.58

Sediments

and

249

312

0.59

10.6

0.73

Intrusive

CKG22-104

108

246

138

1.38

11.1

1.53

Intrusive Breccia

and Intrusive

CKG22-105

159

162

1.64

32.7

2.08

Intrusive

and

171

177

0.94

22.1

1.24

Intrusive

The infill drill holes targeted the intrusive-hosted mineralization and are spaced at approximately 50

metre intervals. Most of the drillholes had an azimuth of 215 degrees, were inclined at -50 to -75 degrees

and ranged from 200 to 650 metres depth to intersect the intrusive at near true thickness. The drilling

generally confirmed the intrusive/intrusive breccia is thicker than is currently modeled. Hole CKG22-104

returned 138 metres of 1.53 g/t AuEq which was significantly thicker and higher grade than modeled.

Based on the results of the 2021-2022 infill drill program, a revised geologic model will be generated

and incorporated into a new, updated resource block model.

A plan map showing drill hole locations, geological and grade cross sections, and complete assay data

are available at

https://chesapeakegold.com/wp-content/uploads/Chesapeake-Gold-Corp-TSXV-CKG-

OTCQX-CHPGF-2022.04.27-Metates-Infill-Drill-Results-Appendix.pdf

Sample Preparation, Analysis and QA/QC Program

All the assays reported by Chesapeake in this news release are from PQ drill core which were logged

and sampled in a secure storage facility located at the Metates project. PQ core was cut using disc rock

saws and a representative one-quarter sample was selected for assay. Core samples were sent to the

ALS Global facility in Zacatecas City, Mexico for preparation with assay pulps subsequently sent to ALS

labs in Reno, USA and Vancouver, Canada for analysis.

ALS Global is an accredited mineral analysis

laboratory.

All core samples, generally at 3 metre sample intervals, 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

from CDN Resource Laboratories were inserted into the samples stream as part of the sampling

protocol for the QA/QC program.

Alberto Galicia, P.Geo, Vice President Exploration and Gary Parkison, CPG, Vice President

Development, are Qualified Persons as defined by NI43-101 and have reviewed and approved the

technical information in this release.

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 Metates project hosts one of the largest

undeveloped gold-silver deposits in the Americas with a defined resource of over 20 million ounces of

gold and 550 million ounces of silver (as per NI 43-101 Technical Report Preliminary Economic

Assessment dated August 30, 2021 available on

www.sedar.com

Chesapeake also has an organic pipeline of satellite exploration properties strategically located near

Metates. In addition, the Company owns 69% of Gunpoint Exploration Ltd. which owns the Talapoosa

gold project in Nevada.

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.

Forward-looking Statements

This news release contains "forward-looking information". Forward-looking statements are based on

the opinions and estimates of management as of the date such statements are made and include,

without limitation, statements with respect to the strategic plans, timing and expectations for the

Company's exploration programs on the Metates Project, estimates of mineralization and plans for

future exploration work.

Such forward-looking statements or information are based on a number of assumptions, which may

prove to be incorrect. Assumptions have been made regarding, among other things: impact of the

COVID-19 pandemic; the reliability of mineralization estimates, mining and development costs;

the

conditions in general economic and financial markets; availability of skilled labour; timing and

amount of expenditures related to exploration and drilling programs; and effects of regulation by

governmental agencies.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which

may cause the actual results, performance or achievements of the Company to be materially different

from any future results, performance or achievements expressed or implied by the forward-looking

statements. Such factors include, among others, uncertainty as to the impact and duration of the

COVID-19 pandemic; the timing and content of work programs; results of exploration activities; the

interpretation of drilling results and other geological data; receipt, maintenance and security of

permits and mineral property titles; environmental and other regulatory risks; project cost overruns or

unanticipated costs and expenses; and general market and industry conditions. Forward-looking

statements are based on the expectations and opinions of the Company's management on the date

the statements are made. The assumptions used in the preparation of such statements, although

considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers

are cautioned not to place undue reliance on these forward-looking statements. The Company

undertakes no obligation to update or revise any forward-looking statements included in this news

release if these beliefs, estimates and opinions or other circumstances should change, except as

otherwise required by applicable law.

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

https://www.newsfilecorp.com/release/121812

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