Chesapeake Infill Drilling Continues to Support Higher Grade Intrusive Mineralization at Metates; ~10% Higher Grades Encountered
Chesapeake Infill Drilling Continues to
Support Higher Grade Intrusive Mineralization
at Metates; ~10% Higher Grades Encountered
Vancouver, British Columbia--(Newsfile Corp. - February 15, 2022) - Chesapeake Gold Corp. (TSXV:
CKG) (OTCQX: CHPGF) ("
Chesapeake
" or the "
Company
") is pleased to announce the results from
the first five large diameter (PQ or 88 mm) infill core drill holes completed during the current drill program
at its flagship Metates gold-silver project in Durango, Mexico. The 2021-2022 drill program is slated to
include 16 holes totaling approximately 6,700 meters.
Highlights from the recent 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
CKG21-088
138
420
282
1.02
23.7
1.33
All host rocks
Incl.
138
390
252
1.04
25.6
1.38
Intrusive Breccia and Intrusive
Incl.
390
420
30
0.87
7.5
0.97
Sediments
CKG21-089
339
630
291
0.56
11.2
0.71
All host rocks
Incl.
339
441
102
0.72
24.2
1.04
Sediments
Incl.
441
630
189
0.47
4.2
0.53
Intrusive Breccia and Intrusive
CKG21-090
33
432
399
0.99
27.8
1.36
All host rocks
Incl.
33
402
369
0.97
29.1
1.36
Intrusive Breccia and Intrusive
Incl.
402
432
30
1.25
12.7
1.42
Sediments
CKG21-091
291
498
207
1.13
11.9
1.28
All host rocks
Incl.
291
356
65
0.63
20.6
0.90
Sediments
Incl.
356
498
142
1.35
7.9
1.46
Intrusive Breccia and Intrusive
CKG21-092
246
543
297
1.19
9.7
1.32
All host rocks
Incl.
246
290
44
1.06
18.3
1.31
Sediments
Incl.
290
504
214
1.29
7.2
1.38
Intrusive Breccia and Intrusive
Incl.
504
543
39
0.81
13.7
0.99
Sediments
The infill drill holes generally target the intrusive hosted mineralization and are spaced at approximately
50-meter intervals along the strike of the Metates intrusive and enclosing sedimentary rocks.
Most
drillholes included in the infill program will have an azimuth of 215 degrees, are inclined at -55 to -75
degrees and range from 200 to 665 meters depth to intersect the intrusive at near true thickness.
To
date, 5,325 meters have been drilled in 13 holes and 1,375 meters are remaining. The drilling has
confirmed the as-modeled rock units, contacts, and mineralized intervals.
About 70% of all the assay intervals for the 5 holes exceeded a 0.35 g/t gold-silver equivalent cut-off
grade (Au Eq grade).
The assay intervals which intersected intrusive mineralization were on average
9.4% higher in Au-Ag equivalent grade than estimated in the current resource block model.
In addition,
holes CKG21-090 and -092 are two of the best holes ever drilled at Metates based on grade-thickness
product.
Cross Section - CKG21-090 & CKG21-092
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/752/113781_aedf6a8a04246963_004full.jpg
A plan map showing drill hole locations, two geological cross sections and the complete assay data are
available at
https://chesapeakegold.com/wp-content/uploads/2022/02/Chesapeake-Gold-Corp-TSXV-
CKG-OTCQX-CHPGF-2022.02.15-Metates-Infill-Drill-Results-Appendix-Final.pdf
. Drill assay results
from the remaining holes in the infill drill program will be released on a timely basis once the results
become available.
Alan Pangbourne, President & CEO, states: "We are very pleased to see that these 5 infill holes
continue to support our belief that the intrusive continues to be materially higher grade than previously
modeled and should have a very positive impact on the new block model, mine plan and PFS. We
expect to complete this infill drilling program by the end of March."
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 that are available on
www.sedar.com
).
Chesapeake also has an organic pipeline of satellite exploration properties strategically located near
Metates. In addition, the Company owns 73% 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
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 are based
on various assumptions.
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 successful integration of the Alderley transaction,
the successful application of the Technology to the Metates project, general business, economic,
competitive, political and social uncertainties; the actual results of exploration activities; changes in
project parameters as plans continue to be refined; accidents, labour disputes and other risks of the
mining industry, and political instability. 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/113781