Chesapeake Gold begins 5,000-metre drilling at Yarely
CHESAPEAKE GOLD Corp. has commenced a 5,000metre diamond drill program at its wholly owned Yarely project, located near the proposed El Paso (Metates) plant site in Sinaloa state, Mexico. Chesapeake controls a 68,000-contiguous-hectare land position favourably situated near a paved highway, civil infrastructure and labour.
• Several different deposit types have been defined in six prospects and include skarns, epithermal and mesothermal veins, disseminated zones, stockworks, and breccias.
• At the Central and Loretos prospects, 186 kilometres of IP (induced polarization) resistivity geophysical surveys outlined a V-shaped chargeability anomaly six kilometres long, up to 600 metres wide and over 300 metres deep.
• The V-shaped IP anomaly is coincident with northwestand northeast-trending regional deep-seated faults and two mineralized structural corridors.
The phase I drill program at Yarely will focus on the Central and Loretos prospects. Drilling will determine the geological characteristics and potential mineralization of the diverse deposit types at depth. Drill results should begin to be released in November.
Initial drill holes will test the four subparallel north-northwest-trending stockwork structures up to one kilometre in length and associated extensive breccia bodies (see news release dated Sept. 7, 2017). Holes will be drilled to a depth of over 200 metres, targeting these mineralized structural corridors and underlying IP chargeability anomaly that suggest a significant deep sulphide body. The rig will then be moved north to test a swarm of high-grade oxide veins exploited during the Spanish colonial period. Drilling will target sulphide ore shoots below the oxidized zone and to depths of more than 100 metres where the veins intersect the IP geophysical anomaly.
Three widely spaced exploratory holes are planned to test the west side of the V-shaped IP anomaly, which is over three kilometres long and one kilometre wide. At Loretos, quartz-carbonate veins and stockworks are hosted in sandstone, conglomerate and limestone. Geophysics have outlined the presence of sulphides possibly related to intrusive-hosted mineralization up to 500 metres in depth.
District-scale exploration continues at the Yarely project through detailed geologic mapping, soil and rock geochemistry, trenching and IP resistivity geophysical surveys. The Yasmin, Lucy, Sundae and Los Mimbres prospects are being systematically advanced to the drill stage. A phase II drill program is planned in 2018 to begin testing these prospects.
Alberto Galicia, PGeo, vice-president of exploration for Chesapeake and a qualified person as defined by National Instrument 43-101, has reviewed the technical information in this release.
We seek Safe Harbor.
Daniel James Kunz, Lian Li, John Perston, Peter Randy Reifel, Gregory D Smith, Gerald L Sneddon
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