CKG.V · 2023-10-03 12:00:00

Chesapeake Reports a New Gold Discovery at Lucy Project, Drilling Returned 6.1 g/t Gold over 24 Metres from Surface

Drill Results

Chesapeake Reports a New Gold Discovery at

Lucy Project, Drilling Returned 6.1 g/t Gold

over 24 Metres from Surface

Vancouver, British Columbia--(Newsfile Corp. - October 3, 2023) - Chesapeake Gold Corp. (TSXV:

CKG) (OTCQX: CHPGF) ("

Chesapeake

" or the "

Company

") is pleased to announce a significant gold

discovery at its Lucy Project ("

Lucy

") located in central Sinaloa, Mexico.

In total, 14 holes were

completed in the 2023 campaign, with approximately 1,710 metres drilled.

Lucy is one of several

regional exploration properties within Chesapeake's Mexican portfolio.

Alan Pangbourne, CEO, commented, "While Chesapeake's primary focus has been advancing the

metallurgical work and the oxidative leach technology at Metates, we have continued systematic

exploration on our highly prospective regional projects. We are very excited about the first phase of drill

results at Lucy.

The drill results suggest a mineralized skarn that outcrops at surface, and the system has

been traced over a strike length of at least 500 metres. Follow-up exploration is planned to better

evaluate the scope and scale of this new discovery."

Lucy Plan Map of Trenches and 2023 Drill Hole Locations

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

https://images.newsfilecorp.com/files/752/182692_f16021e7444d6a0d_002full.jpg

Assay Highlights from the 2023 Lucy Drilling Campaign:

Hole ID

From (m)

To (m)

Width (m)

Au (g/t)

LU23-06

6.11

LU23-08

0.88

LU23-09

2.57

Including

3.12

LU23-10

1.95

Including

3.30

LU23-13

3.95

Including

5.44

Lucy Long Section A to A' - Trenches 1, 3, 7, 8 & 10, and drill holes LU23-06, LU23-08, LU23-09,

LU23-10, LU23-11, LU23-12 & LU23-13

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

https://images.newsfilecorp.com/files/752/182692_f16021e7444d6a0d_003full.jpg

Lucy Project Overview

The Lucy project comprises 483 hectares and is located within 5 kilometres from a paved highway.

Lucy

was staked by Chesapeake in 2017, and the initial exploration found zinc-bearing skarns to the

Northwest (

See press release dated June 21, 2018

Follow-up mapping, trenching and channel

sampling in 2021 and 2022 identified the presence of a gold-bearing skarn system in the Southeast.

In June 2023, a 1,710 metre 14-hole HQ core drill program was initiated to test this gold-bearing skarn

system. Holes LU23-05 to LU23-14 were collared over the gold zone defined by trenching and channel

sampling.

The eight holes discovered a northeast trending zone of skarn at least 500 metres in strike

length with significant gold mineralization.

The gold zone remains open along strike in both directions

and at depth. The mineralization consists of a possible retrograde quartz-calcite, iron oxides and

sulphides veinlets stockwork hosted within garnet skarn and hornfels.

Chesapeake plans to undertake further detailed mapping, rock sampling and trenching as well as

mineralogical and petrographic studies prior to the next phase of drilling., Further exploration and

analysis are required to better understand the scope and scale of the Lucy gold-bearing skarn system

and the controls on the mineralization.

At this early stage of exploration with uncertain geological

orientation and limited drilling coverage, the drill intercepts should not be considered representative of

the true thickness of the gold mineralization.

Drill holes LU23-01 to LU23-04 were follow-up reconnaissance holes on the zinc-bearing skarns in the

Northwest.

The four holes were drill testing the extension of the known zinc mineralization to the East

(directly North of the gold discovery).

No significant gold values were intercepted, but the zinc-bearing

skarn has now been traced for approximately 1.5 kilometres along strike.

Additional geological cross-sections, selected core photos and the complete assay data table are

available at

https://chesapeakegold.com/wp-content/uploads/2023.10.03-Lucy-Project-Discovery-NR11-

2023-Appendix-vF.pdf

Sample Preparation, Analysis and QA/QC Program

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

and sampled in a secure storage facility. HQ core was cut using disc rock saws, and a representative

one-half sample was selected for assay. Core samples were sent to the ALS Global facility in Zacatecas

City, Mexico, for preparation of assay pulps which were subsequently sent to ALS labs in Vancouver,

Canada, for analysis.

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 an ICP finish (Method ME-ICP61).

Gold (>5 ppm) and silver (>100 ppm) over limits were analyzed by fire assay and gravimetric finish.

Certified standards and blanks from CDN Resource Laboratories were inserted into the sample stream

as part of the sampling protocol for the QA/QC program.

Qualified Persons

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

Metates. 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 our website at

www.chesapeakegold.com

or contact Alan Pangbourne or Jean-Paul Tsotsos at

[email protected]

or +1 778 731 1362.

Alternatively, join us at our webinar on Thursday, October 5

, at 8:00 AM PST (11:00 AM EST) using the

link below.

https://events.6ix.com/preview/chesapeake-provides-update-on-new-high-grade-gold-discovery-at-lucy

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 statements" within the meaning of Canadian securities

legislation. Such forward-looking statements include, without limitation, statements with respect to the

Company's strategic plans, timing and expectations for the Company's exploration and drilling

programs at the Company's Lucy project, estimates of mineralization from drilling, geological

information projected from sampling results and the potential quantities and grades of the target

zones.

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: the conditions in

general economic and financial markets; the price of gold and silver; the availability and costs of

mining equipment and skilled labour; accuracy of assay results; geological interpretations from

drilling results, timing and amount of capital expenditures related to drilling programs; performance of

available laboratory and other related services; future operating costs; and the historical basis for

current estimates of potential quantities and grades of target zones.

The actual results could differ materially from those anticipated in these forward looking statements as

a result of risk factors, including the timing and content of work programs; results of exploration

activities and development of mineral properties; the interpretation and uncertainties of drilling and

testing results and other geological data; receipt, maintenance and security of permits and mineral

property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs

and expenses; availability of funds; failure to delineate potential quantities and grades of the target

zones based on historical data, 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,

which speak only as of the date the statements were made. 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.

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/182692

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