Chesapeake Gold Corp. announced the phase 2 drill program has extended the gold-bearing skarn mineralized corridor at its Lucy Project located in central Sinaloa, Mexico. In total, 12 holes and 939 metres were drilled along the known mineralized corridor, and an additional 101 surface soil and rock geochemistry samples were collected to the Northeast of the drilled gold zone.

The Company also completed a 63-line kilometre ground magnetics survey covering the entire property. The 939-metre 12-HQ core drill program successfully extended the known gold-bearing skarn system and filled previous gaps along the mineralized corridor. Drill holes LU24-15 to LU24-17, LU24-24, and LU24-25 added another 150 metres to the gold mineralized corridor along strike to the Southwest and provided early indications of the dip direction of the gold mineralization below the surface.

Drill holes LU24-19 to LU24-23 and LU24-26 filled in the gaps and delineated additional mineralization within the known gold zone. The gold mineralization across this expanded corridor continues to display retrograde quartz-calcite, iron oxides, sulphide veinlets and stockwork hosted within garnet and pyroxene skarn and hornfels with zones altered to actinolite and other silicates. Only one hole in the 12-hole program missed the mineralized zone but provided valuable insights into the direction of the mineralization beneath the surface.

In addition to the drilling, a 225-metre by 450-metre area to the Northeast of the mineralized corridor was subject to soil and rock sampling for geochemical analysis. Results from the 101 geochemical grid samples traced a continuous 150-metre-long gold anomaly extending Northeastward along trend from the drilled mineralized corridor. Further to the Northeast are another set of gold anomalies that warrant additional evaluation.

These results indicate that the gold-bearing skarn corridor continues to the Northeast, and a detailed follow-up mapping, sampling and trenching program is underway. Based on the success of this exploration technique, a larger 200+ soil and rock geochemistry sampling program has been initiated to cover a larger portion of the Lucy property surrounding the gold mineralized corridor. Moreover, a 63-line-kilometre ground magnetics survey over the entire property was also completed during this exploration phase.

This survey is being integrated with direct magnetic readings gathered from drill core and a past induced polarization survey collected over the property in 2017-2018. Early interpretations of these results have outlined several coincident magnetic and IP anomalies that warrant follow-up exploration to determine their relationship with the Lucy gold-bearing skarn system. Looking forward, Chesapeake is working towards completing the detailed mapping, the expanded soil and rock geochemistry program, additional metallurgical testwork and several early-stage studies to gather mineralogical, petrographic, and geo-structural data to further understand the scope and scale of the Lucy system.

Once this work is complete and integrated, a more extensive next phase of core drilling and exploration is planned. The Lucy project comprises 483 hectares and is 5 kilometres from a paved highway. Lucy claims were staked and acquired by Chesapeake in 2017 and 2018.

Mapping, trenching and channel sampling in 2021 and 2022 identified a gold-bearing skarn system. In October 2023, the Company announced the discovery of a high-grade gold-bearing skarn system from a Phase 1 drill program. Furthermore, in February 2024, the Company reported that initial metallurgical test results achieved up to 97% gold recoveries in standard bottle roll tests and generally supports that the Lucy mineralization is readily treatable with a standard CN tank leach in a Carbon in Leach/Carbon in Pulp type process.