Chesapeake Gold Completes Vertical Short- Form Amalgamation with Wholly-Owned Subsidiary
Chesapeake Gold Completes Vertical Short-
Form Amalgamation with Wholly-Owned
Subsidiary
Vancouver, British Columbia--(Newsfile Corp. - January 2, 2024) - Chesapeake Gold Corp. (TSXV:
CKG) (OTCQX: CHPGF) ("
Chesapeake
" or the "
Company
") is pleased to announce it has completed
a vertical short-form amalgamation (the "
Amalgamation
") pursuant to the
Business Corporations Act
(British Columbia) effective January 1, 2024 with the Company's wholly-owned subsidiary, American
Gold Capital Corporation ("
American Gold
"). Pursuant to the Amalgamation, the resulting
amalgamated company has adopted the name "Chesapeake Gold Corp.", maintained the same Articles
and management as the Company, issued no securities, the CUSIP for the common shares of the
Company remains the same and the symbol "CKG" on the TSX Venture Exchange and the symbol
"CHPGF" on the OTCQX remain unchanged.
Prior to completion of the Amalgamation, the Company had effected the continuance of Metates
Resources Ltd. (formerly Metates Mining Enterprises LLC), a wholly-owned subsidiary of American Gold
("
Metates Resources
"), from Delaware to British Columbia. Following completion of the
Amalgamation, the Company now holds Metates Resources directly, which in turn holds the shares of the
Company's Mexican subsidiaries without an intervening US subsidiary. This provides for a more
streamlined corporate structure in which the Company also holds directly its 68% shareholding in its
partially-owned subsidiary, Gunpoint Exploration Ltd. (TSXV: GUN).
The Company has filed the Certificate of Amalgamation evidencing the completion of the Amalgamation
on SEDAR+, which is publicly available under the Company's profile at
www.sedarplus.ca
.
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.
For Further Information:
For more information on Chesapeake and its Metates Project, please visit the Company's 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.
1
Mexico's biggest undeveloped gold deposits. Bnamericas. Published Tuesday, November 24, 2020.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/192903