Chesapeake Gold drills 6.1 g/t gold over 24 metres at Lucy, Mexico
Chesapeake Gold Corp. [TSXV-CKG; OTCQX-CHPGF] has made a significant gold discovery at its Lucy project 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.”
Drill hole LU23-06 returned 24 metres of 6.11 g/t gold. LU23-08 returned 42 metres of 0.88 g/t gold. LU23-09 returned 30 metres of 2.57 g/t gold including 24 metres of 3.12 g/t gold. LU23-10 returned 21 metres of 1.95 g/t gold, including 9 metres of 3.30 g/t gold. LU23-13 returned 24 metres of 3.95 g/t gold, including 12 metres of 5.44 g/t gold.
The Lucy project comprises 483 hectares and is located within 5 km from a paved highway. Lucy was staked by Chesapeake in 2017, and the initial exploration found zinc-bearing skarns to the Northwest. 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.
Chesapeake’s flagship asset is the Metates Project 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 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.
The company owns 68% of Gunpoint Exploration Ltd. [TSXV-GUN], which owns the Talapoosa gold-silver project in Nevada.