- Chesapeake Gold (CKG) is releasing results from five large diameter core drill holes completed at its flagship project
- The Vancouver company’s flagship Metates Project is located in Durango, Mexico
- Two of the five holes are the best ever holes drilled at Metates and four are in the previous top 20
- Assay results on average are over 18 per cent higher than comparable block model gold equivalent grades in the current resource model
- Chesapeake Gold is up 4.06 per cent, trading at C$4.36 at 11:35 am ET
Chesapeake Gold (CKG) is releasing results from five large diameter core drill holes completed at its flagship project.
The Vancouver company’s flagship Metates Project is located in Durango, Mexico.
The drill program was meant to confirm the higher-grade nature of the Metates intrusive hosted mineralization.
“The drill results from Metates are higher than expected further supporting our thesis that within the world class deposit, a higher-grade component exists from which we can build a foundation for a new mine plan. We look forward to completing ongoing efforts to re-scope and optimize this impressive project.
The assay results on average are over 18 per cent higher than the comparable block model gold equivalent grades in the current resource model. Two of the five holes are the best ever holes drilled at Metates and four are in the previous top 20 based on a grade – thickness product. The new drill assays will be integrated into a new mineral resource estimate along with the metallurgical test results which we anticipate completing with the prefeasibility study supporting the proposed heap leaching processing option in 2022,” said CEO Alan Pangbourne.
All five drill holes targeted the intrusive hosted mineralization. The holes were spaced at approximately 100 metre intervals along the strike of the main Metates intrusive and enclosing sedimentary rocks.
The drill program totalled 2,333 metres.
Chesapeake Gold is focused on the discovery, acquisition and development of major gold-silver deposits in North and South America. The company’s flagship asset is the Metates project located in Durango State, Mexico. Metates hosts one of the largest undeveloped gold-silver-zinc deposits in the Americas with over 18 million ounces of gold and over 500 million ounces of silver.
The company also owns 74 per cent of Gunpoint Exploration, which owns the Talapoosa gold project in Nevada.
Chesapeake Gold is up 4.06 per cent, trading at C$4.36 at 11:35 am ET.