Chesapeake working toward Lucy PFS in 2026

Executive Summary

• Chesapeake Gold reports progress on third‑phase metallurgical test work for its Metates sulphide leach technology and plans a prefeasibility study in 2026.
• New exploration results at the Lucy property identify a 200‑m mineralized corridor with up to 1.33 g/t Au over 15 m, plus anomalous copper grades in the Western zone.
• The company has filed separate patent applications covering its test work and is initiating third‑party testing on three external projects.

Key Details

• Metallurgical Testwork – Metates:
• Two large‑diameter PFS columns active; 26 additional variability columns processing Metates material for optimization of the PFS technical study (M3 Engineering & Technology Corp.).
• High‑pressure grinding roll test columns show improved silver kinetics versus 2024 baseline.
• Third‑Party Testwork:
• Samples from three external projects sent to Chesapeake lab; parallel testing underway to demonstrate technology applicability across diverse deposit types.
• Patent Activity:
• Separate patent applications filed covering innovations from the current metallurgical program; further updates expected in 2026.
• Lucy Exploration – Structural Geology:
• New correlation identified between local folding and gold‑skarn mineralization, expanding target concepts.
• Lucy – Central Zone Mineralized Corridor:
• Trenching & rock‑channel sampling returned:
  • 29 m @ 0.94 g/t Au (incl. 15 m @ 1.33 g/t Au)
  • 34 m @ 0.64 g/t Au (incl. 10 m @ 0.98 g/t Au)
• Corridor ~200 m long, open in all directions, shares characteristics with the main Discovery corridor.
• Lucy – Western Zone Infrastructure & Copper Anomalies:
• New power line constructed by CFE improves access to western sector.
• Rock‑channel samples show:
  • 3 m @ 2.0 % Cu (subcrop)
  • 2 m @ 0.59 % Cu
  • Additional 2 m @ 0.45 % Cu.
• Exploration Program:
• Ongoing trenching, rock‑channel sampling, and extensive soil geochemistry grids covering Discovery, Central, and Western zones.
• Revised drilling permit obtained; larger drilling campaign planned after current phase.
• Assay & QA/QC Procedures:
• Samples crushed to 90 % passing –2 mm; split subsample of 1,000 g pulverized to >85 % passing 75 µm; 250‑g pulp assayed.
• Gold fire‑assay with ICP finish (Au‑ICP22); silver & other elements via four‑acid digestion with ICP finish (ME‑ICP61).
• Qualified Persons:
• Alberto Galicia, PGeo (VP Exploration) and Gary Parkison, CPG (VP Development) – NI 43‑101 qualified.
• Dr. Art Ibrado, PE (Fort Lowell Consulting PLLC) – independent qualified person for metallurgical information.

Notable Quotes

• “The third phase of Metates's metallurgical work is progressing well as we work towards a prefeasibility study in 2026… We are encouraged by the industry's interest in our technology and the commencement of third‑party testwork on three prospective opportunities.” – Jean‑Paul Tsotsos, Interim CEO.