Chesapeake Gold Announces Agreement to Acquire Intellectual Property Rights
Chesapeake Gold Announces Agreement to
Acquire Intellectual Property Rights
Vancouver, British Columbia--(Newsfile Corp. - May 23, 2024) - Chesapeake Gold Corp. (TSXV: CKG)
(OTCQX: CHPGF) ("
Chesapeake
" or the "
Company
") is pleased to announce that it and its wholly-
owned subsidiary, Alderley Gold Corp. (together "
Alderley
") have entered into an agreement with
Hycroft Mining Holding Corporation and its wholly owned subsidiaries (collectively "
Hycroft
") (the
"
Purchase Agreement
"), to acquire the patents, patent applications, technology and certain other rights
(collectively, "
Intellectual Property Rights
") to a leaching technology which are currently held under
license from Hycroft by Alderley (the "
Alderley License
").
Pursuant to the Purchase Agreement, Chesapeake has agreed to pay C$2,000,000 in cash and to
issue 1,026,518 common shares of the Company for the Intellectual Property Rights. The common
shares will be subject to a hold period of four months and one day.
Upon closing of the Purchase Agreement:
Alderley will have acquired sole and exclusive ownership and control of the Intellectual Property
Rights, which includes issued patents and pending applications in several countries, worldwide;
The existing Alderley License will be terminated, and Alderley's obligation to pay certain royalties
and various other obligations under the Alderley License will be extinguished;
No further payments will be due to Hycroft in the future; and
Hycroft will not retain any rights to the Intellectual Property Rights.
Jean-Paul Tsotsos, Interim Chief Executive Officer, commented, "This acquisition is an important
milestone along Chesapeake's technology journey, and we look forward to continuing to advance our
testwork and heading towards our strategic vision for the Company in the future."
Closing of the transactions under the Purchase Agreement is expected to occur by May 30, 2024 and is
subject to approval of the TSX Venture Exchange and other customary closing conditions under the
Purchase Agreement.
For Further Information:
For more information on Chesapeake and its Metates and Lucy Projects, please visit our website at
www.chesapeakegold.com
or contact Jean-Paul Tsotsos at
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.
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 located in
Durango State, Mexico. Metates hosts one of the largest undeveloped gold-silver deposits in the
Americas
[1]
with over 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 and a further 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. See the technical report titled
"Metates Sulphide Heap Leach Project Phase I" dated January 13, 2023, and news release dated
February 23, 2023.
Chesapeake has an organic pipeline of satellite exploration properties strategically located near
Metates, including the new gold discovery at its Lucy project (see news release dated October 3, 2023).
In addition, the Company owns 68% of Gunpoint Exploration Ltd., which owns the Talapoosa gold-silver
project in Nevada.
Forward-looking Statements
This news release contains "forward-looking information" which may include, but is not limited to,
statements with respect to completion of the transaction. Forward-looking statements are based on the
opinions and estimates of management as of the date such statements are made and are based on
various assumptions, including receipt of regulatory approval, the Company's ability to complete the
transaction and general economic and financial conditions.
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, the ability to complete the transaction, availability of
funds, receipt of applicable regulatory approvals and general economic and financial conditions.
Although the Company has attempted to identify important factors that could cause actual actions,
events or results to differ materially from those described in forward-looking statements, there may be
other factors that cause actions, events or results to differ from those anticipated, estimated or
intended.
Forward-looking statements contained herein are made as of the date of this news release and the
Company disclaims any obligation to update any forward-looking statements, whether as a result of
new information, future events or results, except as may be required by applicable securities laws.
There can be no assurance that forward-looking statements will prove to be accurate as actual results
and future events could differ materially from those anticipated in such statements.
[1]
Mexico's biggest undeveloped gold deposits as published by Bnamericas, Tuesday, November 24, 2020.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/210348