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Chesapeake Announces Metallurgical Results

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Chesapeake Gold Corp. (TSXV: CKG) (OTCQX: CHPGF) has announced positive metallurgical results for its Metates gold-silver project in Durango State, Mexico. The company's proprietary oxidative leach technology achieved gold recovery rates exceeding 70%, providing a foundation for a pre-feasibility study (PFS). Key findings include:

- Gold recovery increased from 33% with no pre-oxidation to ~74% after 204 days of oxidation
- Silver recoveries improved by over 20% after 146 days of oxidation
- The company has filed a new patent application based on innovative test work

Chesapeake plans to conduct further tests using larger diameter columns to finalize conditions for pilot plant and commercial operations. The company is also exploring opportunities to apply its technology to other sulphide gold deposits globally.

Chesapeake Gold Corp. (TSXV: CKG) (OTCQX: CHPGF) ha annunciato risultati metallurgici positivi per il suo progetto di oro-argento Metates nello stato di Durango, Messico. La tecnologia proprietaria di leaching ossidativo della società ha raggiunto tassi di recupero dell'oro superiori al 70%, fornendo una base per uno studio di pre-fattibilità (PFS). I risultati chiave includono:

- Il recupero dell'oro è aumentato dal 33% senza pre-ossidazione a ~74% dopo 204 giorni di ossidazione
- I recuperi dell'argento sono migliorati di oltre il 20% dopo 146 giorni di ossidazione
- La società ha presentato una nuova domanda di brevetto basata su lavori di test innovativi

Chesapeake prevede di condurre ulteriori test utilizzando colonne di diametro maggiore per finalizzare le condizioni per l'impianto pilota e le operazioni commerciali. La società sta anche esplorando opportunità per applicare la sua tecnologia ad altri giacimenti di oro solforato a livello globale.

Chesapeake Gold Corp. (TSXV: CKG) (OTCQX: CHPGF) ha anunciado resultados metalúrgicos positivos para su proyecto de oro-plata Metates en el estado de Durango, México. La tecnología propia de lixiviación oxidativa de la empresa logró tasas de recuperación de oro superiores al 70%, proporcionando una base para un estudio de prefactibilidad (PFS). Los hallazgos clave incluyen:

- La recuperación de oro aumentó del 33% sin pre-oxidación a ~74% después de 204 días de oxidación
- Las recuperaciones de plata mejoraron en más del 20% después de 146 días de oxidación
- La empresa ha presentado una nueva solicitud de patente basada en trabajos de prueba innovadores

Chesapeake planea realizar más pruebas utilizando columnas de mayor diámetro para finalizar las condiciones para la planta piloto y las operaciones comerciales. La empresa también está explorando oportunidades para aplicar su tecnología a otros depósitos de oro sulfuros a nivel mundial.

체서피크 골드 코퍼레이션 (TSXV: CKG) (OTCQX: CHPGF)가 멕시코 두랑고 주의 메타테스 금-은 프로젝트에 대한 긍정적인 금속 공학 결과를 발표했습니다. 회사의 독자적인 산화 침출 기술은 70% 이상의 금 회수율을 달성하여 예비 타당성 조사(PFS)를 위한 기반을 제공했습니다. 주요 발견 사항은 다음과 같습니다:

- 금 회수율이 비산화 상태에서 33%에서 204일의 산화 후 약 74%로 증가했습니다.
- 은 회수율은 146일의 산화 후 20% 이상 개선되었습니다.
- 회사는 혁신적인 시험 작업을 바탕으로 한 새로운 특허 출원서를 제출했습니다.

체서피크는 파일럿 플랜트 및 상업적 운영을 위한 조건을 최종 결정하기 위해 더 큰 직경의 기둥을 사용하여 추가 시험을 수행할 계획입니다. 회사는 또한 전 세계의 다른 황화 금 매장지에 자신의 기술을 적용할 기회를 탐색하고 있습니다.

Chesapeake Gold Corp. (TSXV: CKG) (OTCQX: CHPGF) a annoncé des résultats métallurgiques positifs pour son projet d'or-argent Metates dans l'État de Durango, au Mexique. La technologie de lixiviation oxydative propriétaire de l'entreprise a atteint des taux de récupération de l'or supérieurs à 70%, fournissant une base pour une étude de préfaisabilité (PFS). Les principales conclusions comprennent :

- La récupération de l'or est passée de 33% sans pré-oxydation à environ 74% après 204 jours d'oxydation.
- Les récupérations d'argent se sont améliorées de plus de 20% après 146 jours d'oxydation.
- L'entreprise a déposé une nouvelle demande de brevet basée sur des travaux d'essai innovants.

Chesapeake prévoit de réaliser d'autres tests en utilisant des colonnes de plus grand diamètre afin de finaliser les conditions pour l'installation pilote et les opérations commerciales. L'entreprise explore également des opportunités d'appliquer sa technologie à d'autres gisements d'or sulfuré à l'échelle mondiale.

Chesapeake Gold Corp. (TSXV: CKG) (OTCQX: CHPGF) hat positive metallurgische Ergebnisse für sein Metates Gold-Silber-Projekt im Bundesstaat Durango, Mexiko, bekannt gegeben. Die proprietäre oxidative Laugungstechnologie des Unternehmens erzielte Goldrückgewinnungsraten von über 70% und bildet die Grundlage für eine Machbarkeitsstudie (PFS). Zu den wichtigsten Ergebnissen gehören:

- Die Goldrückgewinnung stieg von 33% ohne Voroxidation auf ca. 74% nach 204 Tagen Oxidation.
- Die Silberrückgewinnungen verbesserten sich nach 146 Tagen Oxidation um über 20%.
- Das Unternehmen hat eine neue Patentanmeldung basierend auf innovativen Testarbeiten eingereicht.

Chesapeake plant, weitere Tests mit größeren Säulen durchzuführen, um die Bedingungen für die Pilotanlage und den kommerziellen Betrieb zu finalisieren. Das Unternehmen prüft auch Möglichkeiten, seine Technologie auf andere sulfidische Goldlagerstätten weltweit anzuwenden.

Positive
  • Gold recovery rates exceeded 70% using proprietary oxidative leach technology
  • Silver recoveries improved by over 20% after 146 days of oxidation
  • New patent application filed based on innovative test work
  • Pre-feasibility study (PFS) for Metates project underway
  • Potential to unlock economic value in the US$1.5 trillion market of refractory ores globally
Negative
  • Extended oxidation time (204 days) required for optimal gold recovery
  • Silver recovery rates still need improvement, as silver represents 30% of Metates' economic value

Vancouver, British Columbia--(Newsfile Corp. - October 22, 2024) - Chesapeake Gold Corp. (TSXV: CKG) (OTCQX: CHPGF) ("Chesapeake" or the "Company") is pleased to provide a metallurgical update for its Metates gold-silver project located in Durango State, Mexico and an update regarding the latest developments on the Company's intellectual property rights.

Jean-Paul Tsotsos, Interim Chief Executive Officer, commented, "We are pleased that the metallurgical test work achieved gold recovery rates exceeding 70%, providing verification that our proprietary oxidative leach technology (the "Technology") is working as planned. These test results will be the foundation for a Metates pre-feasibility study ("PFS"). Looking further ahead, the recent acquisition of certain intellectual property rights (See press release dated June 5, 2024) was a significant strategic milestone for Chesapeake to capitalize on unlocking the economic value of other opportunities in the US$1.5 trillion market of refractory ores globally.1"

Metallurgical Test Work and Patent Update

Over the past year, Metates massive intrusive samples were tested by a variation of crush size and pH conditions together with a proprietary mix of reagents to achieve higher oxidation rates. The samples were oxidized to specific duration targets (i.e. 0 days, ~126 days, ~146 days and ~204 days) to establish an oxidation to precious metal recovery curve. This curve will be the basis for evaluating the optimal duration of oxidative leach and realized precious metals recoveries relative to the cost trade-off for the Technology process and working capital requirements.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/752/227394_ad318f5384444803_002.jpg

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The above graph illustrates Metates massive intrusive results over the various durations of oxidative leach. As expected, the longer the duration of oxidative leach, higher oxidation levels are achieved. Higher oxidation levels were positively correlated to higher gold recoveries through cyanide leaching. With no pre-oxidation, a 33% gold recovery was realized. After 204 days of oxidation, a ~74% gold recovery was achieved.

The results above also highlight an improvement in silver recoveries by applying the Technology relative to an untreated, non-oxidized baseline sample. After 146 days, the oxidation process increased the silver recoveries by over 20%. Silver represents approximately 30% of the economic value of Metates. Future test work will focus on improving and optimizing the conditions to increase the silver recoveries.

Since acquiring certain intellectual property rights, the Company has filed its own separate patent application from innovative test work.

Next Steps

Technologies identified in Chesapeake's new patent application filing will be applied to the next round of test work. Additional Metates core material from the 2021/2022 drilling program has been collected and is being shipped to the laboratory. The next stage of metallurgical activities will test intrusive material in larger diameter columns to provide final conditions for pilot plant and commercial operations.

The recent metallurgical test work will be incorporated into a PFS. During the past year, the Company has continued its environmental baseline work and related studies in support of the PFS. The PFS will de-risk Metates further and advance the project toward our goal of developing one of America's largest gold and silver deposits. In addition, the Company is actively seeking other sulphide gold deposits where the Technology can be applied to potentially unlock significant economic value.

For Further Information:

For more information on Chesapeake and its Metates and Lucy Projects and the Technology, please visit our website at www.chesapeakegold.com or contact Jean-Paul Tsotsos at invest@chesapeakegold.com or +1 778 731 1362.

Alternatively, join us at our webinar on Thursday, October 24th, at 8:00 AM PST (11:00 AM EST) using the link below.

https://6ix.com/event/chesapeake-gold-announces-metallurgical-results

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.

Qualified Persons

Dr. Art Ibrado, P.E., of Fort Lowell Consulting PLLC, is the independent, qualified person responsible for the scientific and metallurgical technical information in this news release in accordance with NI 43-101. The qualified persons have reviewed and approved the contents of this release.

About Chesapeake

Chesapeake Gold Corp. is focused on the discovery, acquisition, and development of significant 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 Americas2 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 the 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. In addition, the Company owns 68% of Gunpoint Exploration Ltd., which owns the Talapoosa gold-silver project in Nevada.

Forward-looking Statements

This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. These include, without limitation, statements with respect to the strategic plans, timing and expectations for the Company's exploration and drilling programs at the Metates Property, including advancing the metallurgical test program, release of final results and preparing a pre-feasibility study, the continued development of the Technology and the application of the Technology to other properties. 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 reliability of mineral resource estimates, the conditions in general economic and financial markets; the price of gold and silver; availability and costs of mining equipment and skilled labour; the ability to apply the Technology to other properties, timing and amount of expenditures related to drilling programs; and effects of regulation by governmental agencies. 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; the outcome of the Company's patent application filings; results of exploration activities; results from the Technology; the interpretation 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 cost overruns or unanticipated costs and expenses; 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.

_________________________
1 Motta, G., Polcyn, M., & Saragosa, E. (2021, March 23). Refractory Gold Ores: Challenges and Opportunities for a Key Source of Growth. McKinsey & Company. https://www.mckinsey.com/industries/metals-and-mining/our-insights/refractory-gold-ores-challenges-and-opportunities-for-a-key-source-of-growth (~582Moz of in situ refractory gold reserves and resources globally x US$2,500/oz = US$1.5T)
2 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/227394

FAQ

What were the gold recovery rates achieved by Chesapeake Gold (CHPGF) in their recent metallurgical tests?

Chesapeake Gold (CHPGF) achieved gold recovery rates exceeding 70% in their recent metallurgical tests. Specifically, they reached ~74% gold recovery after 204 days of oxidation, compared to 33% recovery with no pre-oxidation.

How did Chesapeake Gold's (CHPGF) oxidative leach technology affect silver recoveries at the Metates project?

Chesapeake Gold's (CHPGF) oxidative leach technology improved silver recoveries by over 20% after 146 days of oxidation compared to the untreated, non-oxidized baseline sample at the Metates project.

What are the next steps for Chesapeake Gold (CHPGF) following their metallurgical results announcement on October 22, 2024?

Following the announcement, Chesapeake Gold (CHPGF) plans to conduct further tests using larger diameter columns to finalize conditions for pilot plant and commercial operations. They will also incorporate the recent metallurgical test work into a pre-feasibility study (PFS) for the Metates project.

Has Chesapeake Gold (CHPGF) filed any new patents related to their metallurgical technology?

Yes, Chesapeake Gold (CHPGF) has filed a new patent application based on innovative test work conducted after acquiring certain intellectual property rights, as mentioned in their October 22, 2024 press release.

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