Chesapeake Gold Corp. provided an updated Mineral Resource Estimate ("MRE") for its world class, Metates gold-silver project located in Durango State, Mexico. This updated MRE together with on-going metallurgical work will form the basis of a new Pre-Feasibility Study. The updated MRE incorporates an additional 23 holes drilled by Chesapeake since the previous MRE statement was provided in a NI 43-101 technical report effective August 30, 2021 titled "Metates Sulphide Heap Leach Project Phase I", as amended December 15, 2022 (2021 MRE"). In total, the updated MRE comprises a total of 245 drill holes. For the updated MRE, assays were composited to a regular length of 3 metres (m) as approximately 95% of the assays are originally sampled on that interval length. A total of 29,786 composites resulted from the compositing process with 19,012 composites located within a gold equivalent grade envelope at a 0.2 g/t AuEq cut-off. A new geologic model incorporating interpreted controls on mineralization associated with each of the lithologies (intrusive, intrusive breccia, and sediments) was also developed for this update. High-grade gold and silver outliers from composited assays were examined and capped based on various statistical utilities (probability plots, cutting statistics and decile analysis). The capping thresholds selected are as follows: mineralized intrusive: 10 g/t Au, 150 g/t Ag; mineralized intrusive breccia: 6 g/t Au, 200 g/t Ag; mineralized sediments: 10 g/t Au, 500 g/t Ag. A variographic analysis was conducted on the 3m composites for gold and silver. Directions of best
grade continuity were found to be along strike (130° Azimuth) and down dip (40° Azimuth /-40° Dip) of the mineralized intrusive with ranges of gold grade continuity between 53m to 67m along strike, 58m to 69m down dip, and 31m to 57m across strike and dip. For silver, the ranges of continuity vary between 65m to 69m along strike, 66m to 95m down dip, and 51m to 55m across strike and dip. An orthogonal block model was discretized over the area of interest with blocks of 10m x 10m x 10m in size. The ordinary kriging technique was utilized to estimate block grades for gold and silver. A minimum of 2 samples and maximum of 12 samples with search ellipsoids dimensioned to the second range of the variograms were applied for the grade interpolation process. The grade estimation consisted of a three-pass strategy with search ellipsoids of increasing dimensions: search equal to second ranges of variograms (first pass), 1.5 times the ranges (2nd pass), and 3 times the ranges (3rd pass). Overall, 91% of the estimates were generated from the first pass, 8% from the second pass, and 1% from the third pass. The gold and silver grade estimates were visually and statistically validated for any global or local bias, and for the level of smoothing/variability. The mineral resource was classified as measured, indicated, and inferred in a two-step process. The first step consisted in classifying the estimates according to the average sample distance calculated from the grade estimation process. For such, measured estimates were identified as having an average sample distance of 20m or less, indicated as having an average sample distance greater than 20m and less than 55m, and greater than 55m for inferred. From this exercise, the measured, and indicated classes were smoothed to remove the "spotty" effect observed from the initial classification.