Chesapeake Gold Corp. is a dynamic, gold exploration company focused on Mexico and Central America. It grew out of the highly successful Francisco Gold exploration team. Funded with $25M and a $3M annual exploration budget Alain Charest and Randy Reifel are back in the hunt.
Cheasapeake
Gold Corp.
[CKG:TSX-V]
Reconnaissance grass-roots type exploration conducted in six western Mexican States..
La Gitana, Oaxaca. Chesapeake has acquired, through option and staking, the La Gitana gold-silver project comprising eight mineral concessions located 175 kilometers southeast of Oaxaca, the capital city of Oaxaca state. Chesapeake has an option to acquire a 75% interest in one concession (San Carlos) from Wheaton River Minerals Ltd. by spending US$2.0 million in exploration expenditures by the end of 2010. A second concession, privately owned, is being 100% acquired by the issuance of 140,000 shares of Chesapeake over three years. Overall, the La Gitana project totals 30,268 hectares of which 27,264 hectares were staked by Chesapeake. The La Gitana project encompasses a large, low-sulphidation epithermal system hosting precious metal mineralization that is both structurally and lithologically controlled. Detailed mapping and geochemical sampling has confirmed that gold-silver mineralization is associated with a major north-west trending regional structure. So far, reconnaissance work has found epithermal-type mineralization hosted within a series of sub-parallel veins, stockwork and breccia zones, over a 5 kilometre section of this structural corridor.
La Calavera, Oaxaca. Chesapeake has an option to acquire a 100% interest in the La Calavera precious metal-copper skarn project in central Oaxaca State, Mexico. The project is located 70 kilometres east of Oaxaca City and is road accessible. The La Calavera project comprises two mineral concessions, Cerro Calavera and La Zalamera, totaling over 72 square kilometres. To earn its interest, Chesapeake has agreed to acquire the Cerro Calavera concession by making staged property payments totaling US$500,000 over four years which includes a US$430,000 final payment. The second concession, La Zalamera, surrounds Cerro Calavera and can be acquired by the issuance of 150,000 shares of Chesapeake over five years. Chesapeake has also committed to undertake US$2.5 million in exploration expenditures on the La Calavera project within five years and a feasibility study by the end of 2012. The La Calavera project covers the major portion of a recently discovered poly-metallic skarn district in Oaxaca State. The two concessions are centered over a large, oval shaped, northeast trending intrusion complex, approximately 1.5 kilometres by 4 kilometres in size. This intrusion event caused widespread alteration around its margins and introduced polymetallic silver-copper-gold mineralization in the form of skarn replacement and locally well-developed porphyry-style mesothermal to epithermal quartz veining.
La Cecilia, Sonora. Chesapeake has an option to acquire a 100% interest in the La Cecilia gold project, an 800 hectare mineral concession located in northern Sonora state. La Cecilia is an old mining camp centered on "Cerro Magallanes", a rhyolite flow dome complex that forms a dominant topographical feature in the area. La Cecilia is being acquired from the Consejo de Recursos Minerales de Mexico (CRM), a federal mining department of the Mexican government. Chesapeake can earn its interest by making staged payments totaling US$100,000 over 4 years. The La Cecilia project is a classic low-sulphidation, epithermal-type gold-silver system related to two well-developed northwest and northeast trending sets of fractures and faults associated with a rhyolite dome complex. The gold-silver mineralization occurs as high grade in vein structures and as lower grade within broader zones of stockworks and breccias. Numerous other anomalous zones of silicification, brecciation and argillic alteration exist across the extent of the flow dome complex, an area of more than 1 kilometre by 2 kilometres.
Cucaracha Dorada, Durango. Cucaracha Dorada is a high level, epithermal, low-sulphidation gold system that is hosted by multiple veins, stockworks and breccia zones associated with a major regional fault. The mineralized zones occur along a 1.2 kilometer long portion of this regional structure and are concentrated within two major clusters of gold bearing outcrops, the North and South Zones, situated 900 meters apart. Cucaracha Dorada is a high level, epithermal, low-sulphidation gold system that is hosted by multiple veins, stockworks and breccia zones associated with a major regional fault. The mineralized zones occur along a 1.2 kilometer portion of this regional structure and are concentrated within two major clusters of gold bearing outcrops, the North and South Zones, situated 900 meters apart. The South Zone is an area 300 meters by 400 meters which contains multiple mineralized veins and stockwork zones including a broad, sub-vertical, north-south vein system. Rock chip samples and trenching results across this wide structure returned significant gold grades including 15 meters of 5.1 g/t, 20 meters of 2.2 g/t, 9 meters of 13.6 g/t, 34 meters of 1.2 g/t and 35 meters of 1.15 g/t gold.
nLa Juliana, Sonora. High sulfidation system over 400m long trending NNW. Parallel systems over 250m long. Rock chips channels up to 22.5 m of 3.5 grams from on surface. Ground geophysics and mapping completed. Chesapeake has an agreement to acquire a 100% interest in La Juliana, a newly discovered, high sulphidation gold prospect, located in Sonora State, Mexico. La Juliana hosts similar characteristics to El Sauzal (3.2 million ounces) and Mulatos (3.0 million ounces), the only two other high-sulphidation gold deposits known in Mexico. Regionally, La Juliana is located at the western edge of a large hydrothermal alteration system that is characterized by zones of intense argillic alteration, silification and by the widespread occurrence of gold. Locally, detailed mapping and sampling along a major north-northwest trending fault identified gold mineralization in discrete fractures, breccia zones and as disseminations in altered volcanic rocks. Zones of high grade gold mineralization extend for more than 500 meters along the fault and appear to be both structurally and lithologically controlled. Rock chip channel samples taken along strike and within cross-cutting fractures returned 22.5 meters of 3.5 g/t gold, 9 meters of 4.0 g/t gold and 17 meters of 0.7 g/t gold. An IP/Resistivity geophysical survey completed in 2003 has confirmed the continuity of high grade mineralized structures for more than 700 meters along strike and at depths exceeding 150 meters. Significant gold grades, associated with intense fracturing and brecciation, occur in secondary structures in sub-parallel zones up to 300 meters away from the main fault. Rock chip samples collected from sub-parallel zones 150 meters northwest and 200 meters southeast yielded gold values ranging between 1.2 g/t and 5.3 g/t. In the southeast section of the geophysical survey grid, a 200 meter by 300 meter high resistivity anomaly coincided with the lithologically-controlled mineralized zone identified through surface sampling. Chesapeake has joint ventured La Juliana to Dasher Exploration Ltd. whereby Dasher can earn a 60% interest in the project. To earn its interest, Dasher has agreed to pay $235,000 and issue 500,000 common shares to Chesapeake prior to drilling, pay US$450,000 to the original vendor in October 2005 and incur US$2.0 million in exploration expenditures over 3 years. Once Dasher is vested, Chesapeake may elect to buy back 20% in the property by paying Dasher $1.0 million and completing a feasibility report.
Dasher plans to commence drilling La Juliana in early 2005..wwwInfo 16Jan05
PDAC Material March, 2003
