Chesapeake Gold Corp. provided a metallurgical and mineralogical update for its world-class Metates gold-silver project located in Durango State, Mexico. The results have identified certain parameters that provide the conditions where the leach technology oxidizes mineralization at a faster rate than previous testwork.

Under these conditions, the company believe the targeted oxidation curve will be achieved and provide the foundation for preparing the pre-feasibility study early next year. Metallurgical Testwork Program. Since last update in September 2022 (NR04-2022), metallurgical work has continued to investigate various parameters to improve the oxidation rates of sulphide leach technology.

The focus has included investigating several ways to accelerate the oxidation kinetics and to understand how to improve and optimize the oxidation rate. The parameters tested during this stage of work include: (i) finer crushing sizes from 1/2" to 3/8 " to 1/4" and the use of High Pressure Grinding Rolls (" HPGR") to produce a very fine crush at approximately 3mm; (ii) varying reagent strengths; (iii) targeting different pH's; (iv) testing on/off irrigation; (v) applying other oxidants; and (vi) varying air injection rates. Chesapeake will continue to advance the metallurgical program.

As the columns meet the oxidation curve target and switch to cyanide leaching, additional columns will be loaded and tested to confirm the improved oxidation rates. At the completion of this process, the results will be released outlining the oxidative curves and precious metal recoveries through cyanide leaching. Once sufficient metallurgical work is available, management plans to commence a pre-feasibility study to further de-risk Metates and advance the project toward goal of developing one of America's largest gold and silver deposits2.

In addition, the Company is actively seeking other sulphide gold deposits where the leach technology can be applied to potentially unlock significant economic value. Presently, Chesapeake remains well funded with almost CAD 24 million in cash and cash equivalents.