Chesapeake Gold drills 1.36 g/t AuEq over 399 metres of at Metates, Mexico
Chesapeake Gold Corp. [CKG-TSXV; CHPGF-OTCQX] reported results from the first five large-diameter (PQ or 88 millimetres) infill core drill holes completed during the current drill program at its 100%-owned flagship Metates gold-silver project in Durango, Mexico. The 2021-2022 drill program is slated to include 16 holes totalling approximately 6,700 metres.
Highlights include hole CKG21-088 that returned 282 metres of 1.02 g/t gold and 23.7 g/t silver (1.33 g/t gold equivalent – AuEq). Hole CKG21-089 returned 291 metres of 0.56 g/t gold and 11.2 g/t silver (0.71 g/t AuEq).
Hole CKG21-090 returned 399 metres of 0.99 g/t gold and 27.8 g/t silver (1.36 g/t AuEq). Hole CKG21-091 returned 207 metres of 1.13 g/t gold and 11.9 g/t silver (1.28 g/t AuEq). Hole CKG21-092 returned 297 metres of 1.19 g/t gold and 9.7 g/t silver (1.32 g/t AuEq).
Alan Pangbourne, President and CEO, stated: “We are very pleased to see that these five infill holes continue to support our belief that the intrusive continues to be materially higher grade than previously modelled and should have a very positive impact on the new block model, mine plan and PFS [prefeasibility study]. We expect to complete this infill drilling program by the end of March.”The infill drill holes generally target the intrusive hosted mineralization and are spaced at approximately 50-metre intervals along the strike of the Metates intrusive and enclosing sedimentary rocks. To date, 5,325 metres have been drilled in 13 holes and 1,375 metres are remaining. The drilling has confirmed the as-modelled rock units, contacts and mineralized intervals.
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 SEDAR).
Chesapeake also has an organic pipeline of satellite exploration properties strategically located near Metates. In addition, the company owns 73% of Gunpoint Exploration Ltd. [GUN-TSXV; CJIMF-OTC] which owns the Talapoosa gold project in Nevada.