Infill Drilling Continues To Support Higher Grade Intrusive Mineralization At Metates

VANCOUVER - Chesapeake Gold Corp. reported on 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. 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. 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, said, "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."