Chesapeake Mobilizes a Drill Program at Lucy

Chesapeake Gold Corp. has mobilized a fully funded 5,000-meter HQ core drill program at its Lucy Project in Sinaloa, Mexico. This drilling initiative follows a recent soil geochemistry program that extended the prospective mineralized footprint from 700 meters to 2,000 meters.

The program targets three distinct zones: the Discovery Corridor (2,000m / 25 holes), the Central Zone (800m / 8 holes), and Western/Discovery IP Targets (2,200m / 6 holes). Trenching and channel sampling have confirmed subsurface roots of the geochemical anomalies, with notable base metal increases in the Western zone resembling a seated porphyry system.

First drill assays are expected in Q1 2027, with results to be released in batches. The company maintains strict QA/QC protocols using ALS Global, with certified standards and blanks inserted into the sample stream.

Chesapeake Gold Corp. (CKG) has mobilized a drill rig, a move that follows the company’s previously announced expansion of its geochemical footprint. This activity represents the routine execution of the company’s exploration plan rather than a new strategic shift. The program is fully funded by the $20.13 million capital raise completed in January 2026, which eliminates immediate dilution risk or financing pressure.

The announcement aligns with management’s stated objective to achieve the drilling density required for a maiden mineral resource estimate at Lucy. While the development is positive, it does not introduce unexpected financial or operational variables. The material impact of this phase will be determined by the Q1 2027 assay results, which will either validate the 2km footprint or require revised exploration strategies.

Chesapeake Gold Corp. (CKG) is an exploration-stage company focused on unlocking value from refractory gold and silver deposits in Mexico through proprietary heap oxidation technology. Its flagship Metates project in Durango, Mexico, hosts one of the world's largest undeveloped silver deposits, containing 423.2 million ounces of silver at 14.3 g/t in the Measured and Indicated category.

The company also operates the Lucy project in Sinaloa, Mexico, where the current drill program is focused on expanding the mineralized footprint. Additionally, Chesapeake Gold holds a 14.99% equity stake and a 1.5% net smelter return (NSR) royalty in Mexican Gold Mining Corp., following the November 2025 sale of the Tatatila project.