Chesapeake is focused on the exploration and development of precious metals projects in North America. Chesapeake's major project is its 100% owned Metates gold deposit located in Durango state, Mexico. Metates is one of the largest undeveloped gold and silver projects in the world.
Independent Mining Consultants of Tucson, Arizona reported an updated NI 43-101 measured and indicated resource estimate of 17.2 million ounces of gold, 467 million ounces of silver and 3.4 billion pounds of zinc plus an inferred resource of 2.6 million ounces gold, 62 million ounces silver and 358 million lbs of zinc. On a gold equivalent basis (gold-silver), Metates contains 24.5 million ounces of gold in measured and indicated material along with 3.6 million ounces in the inferred category. Metates remains open along strike in both directions.
M3 Engineering & Technology of Tucson, Arizona has completed a positive Preliminary Economic Assessment ("PEA") of Metates at US$900 per ounce gold, US$14 per ounce silver and $1.00 per lb zinc. The PEA indicates a large tonnage open pit operation with a 27 year mine life. Annual gold equivalent production over the mine life is projected to average 722,700 ounces at a direct cost of US$419 per ounce excluding zinc credits (see Metates, Durango).
From opportunity, Chesapeake also recognizes that exploration success creates shareholder value. Our exploration is focused on gold projects that have the potential for district-scale success. Chesapeake's gold portfolio is located in politically stable, miner-friendly countries.
Chesapeake's management and technical team have an exceptional track record. With Francisco Gold Corp., this team discovered El Sauzal and Marlin, two robust world-class gold mines now owned by Goldcorp Inc. in Mexico and Guatemala.
Chesapeake is listed on the TSX Venture Exchange under the symbol CKG.
