Chesapeake Gold Provides An Update On Its Corporate Developments

(MENAFN- Newsfile Corp) Vancouver, British Columbia--(Newsfile Corp. - September 9, 2025) - Chesapeake Gold Corp. (TSXV: CKG) (OTCQX: CHPGF) (" Chesapeake " or the " Company ") is pleased to provide a corporate update on the advancement of its proprietary sulphide leach technology (" Technology ") and its regional exploration activities at Lucy.

Jean-Paul Tsotsos, Interim Chief Executive Officer, commented, "The third phase of Metates' metallurgical work is progressing well, as we work towards a prefeasibility study (" PFS ") in 2026. Observations from the columns indicate that the oxidation process is meeting expectations. In addition, we are encouraged by the industry's interest in our Technology and the commencement of third-party test work on three prospective opportunities. This testwork represents the first steps in our strategy to create economic value through the commercial application of our Technology. On the exploration front, detailed and systematic exploration on Lucy suggests that the project footprint may have the potential to extend over 3 kilometres, as new geological, geophysical and structural indicators of mineralization are uncovered."

Technology Update - Metallurgical Testwork and Patents

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The third phase of metallurgical testwork on Metates with the Technology is advancing as planned. Two large-diameter PFS columns with Metates material are active, and the test work is on schedule, with early encouraging results (Figure 1). Another 26 variability columns with Metates material are also ongoing, which will be used for the optimization of the PFS technical study that M3 Engineering & Technology Corporation has begun work on (Figure 2). With modifications, the High Pressure Grinding Roll (" HPGR ") test columns within the variability program are showing more promising silver kinetics over the columns completed in 2024.

In addition to the Metates testwork, Chesapeake identified numerous projects and mines that may benefit from the application of the technology. Industry interest has led to samples from three projects being sent to the lab for testing, which are also progressing in parallel with the Metates test program. This test work is designed to demonstrate the technology's applicability across a wide range of deposits with the intention of commercializing the process as an eventual significant source of value generation for Chesapeake.

Moreover, the Company has filed its own separate patent applications from this innovative test work. Further technology updates from the metallurgical programs will be provided in 2026.

Lucy Exploration Update

Figure 3: Lucy Exploration Map

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Over the past year, Lucy has made several advancements. An initial structural geology program identified a potential correlation between local folding and the Lucy gold skarn mineralization, providing a new insight into the local mechanism for gold emplacement and the concentration processes. This exploration work further identified new localities on the property that displayed similar structural features, which previously had limited exploration for gold skarn mineralization.

A new mineralized corridor has been identified in the Central Zone located approximately 600 metres west of the Discovery Zone. New trenching and rock channel sampling have returned 29 metres of 0.94g/t gold, including 15 metres of 1.33g/t gold and 34 metres of 0.64g/t gold, including 10 metres of 0.98 g/t gold (Figure 3), which outlines a potential new 200 metre long corridor that is open in all directions. Mineralization within this corridor shares several similar characteristics with the main discovery corridor.

Earlier this year, the Comisión Federal de Electricidad (" CFE "), Mexico's state-owned electric utility, started construction of a new powerline in the western part of the Lucy property, transmitting power along the Pacific coast city network. The new infrastructure provided additional accessibility to the Western Zone of Lucy, which was identified as having geological potential. This zone had seen limited ground exploration activities aside from geophysical surveys. Preliminary mapping has identified the presence of new skarns, and rock channel sampling has returned several occurrences of anomalous copper grades, including 3 metres of subcrop with 2.0% copper, a 2 metre interval of 0.59% copper and another locale with 2 metres of 0.45% copper (Figure 3).

Currently, the team is trenching and collecting rock channel samples and conducting an extensive soil geochemistry program, with sampling grids covering the Discovery, Central, and Western Zones, to expand the scope and scale of the Lucy system. Over the past year, Chesapeake has revised its drilling permit, and a more extensive exploration and drilling campaign is planned at the completion of this phase of work.

The complete assay data table and enlarged revised Lucy exploration map (Figure 3) are available here .

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