Chesapeake Gold Corp. announced the initial metallurgical test results with up to 97% gold recoveries in standard bottle roll tests at its Lucy Project (Lucy) located in central Sinaloa, Mexico. Composite materials for the bottle roll tests were collected during the Phase 1 drill program at Lucy, consisting of 8 holes along the identified 500 metre (m) gold-bearing skarn corridor.

Four holes were selected across the Lucy mineralized corridor for the initial metallurgical test work. Each individual hole was then sampled as a unique composite and sent to the SGS laboratory located in Durango, Mexico for analysis. At the lab, composite head grades were established through triplicate fire assay with AAS finish and a four-acid digestion with ICP finish.

The composites were crushed and ground to 80% passing 75µm, and bottle roll tests were undertaken for 72 hours. The results of this initial test work generally support that the mineralization is readily treatable with a standard CN tank leach in a Carbon in Leach ("CIL")/Carbon in Pulp (CIP) type process and outlines that up to 97% gold recoveries are achievable at Lucy. Furthermore, a duplicate set of the composites was rerun during a separate test of 96 hours and returned similar results within ±1% of the initial tests, affirming these positive results.

In all cases maximum extractions for gold were achieved at 24 hours. The Phase 2 exploration program is underway at Lucy, which includes 10 HQ drill holes totaling 900m to extend the identified mineralization along the 500m gold-bearing skarn corridor to the Southwest, where untested trenches with mineralization outcrop at the surface. The drill program will also test additional mineralized trenches within the corridor with the primary focus of delineating the dip direction of the mineralized skarn below the surface.

In addition, a reconnaissance mapping and geochemistry program is being undertaken along the strike of the gold-bearing skarn corridor to guide future exploration. This program includes soil, rock, and trench sampling to target the Northeast and Southwest extents of Lucy. Detailed mapping is underway to the Southwest to identify new skarn mineralization and geological structures.