Chesapeake Gold Corp. announced the results from the first five large diameter (PQ or 88 mm) infill core drill holes completed during the current drill program at its Metates gold-silver project in Durango, Mexico. The 2021-2022 drill program is slated to include 16 holes totaling approximately 6,700 meters.

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 drill holes 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. 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 meter 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.