Vancouver, British Columbia--(Newsfile Corp. - July 12, 2022) - Couloir Capital has Published a New Research Note on Chesapeake Gold Corp. (TSXV: CKG) (OTCQX: CHPGF) ("CKG" or "Company"). The report is titled, "2022 Drilling Returns Strong Results, Signals Potential Near-Term Resource Upgrade."

The report can be accessed through Couloir Capital's portal:

Report excerpt: "CKG continues to pursue exploration initiatives designed to support ongoing project development activities at Metates, with the key development since our initiative report being the completion of an infill drilling program and subsequent return of intervals grading above block model predicted grades. In our initiating report, we outlined that 2021 drilling done by CKG had returned assay result grades similarly above block model predicted grades, with the gold-equivalent grades from 2021 drilling averaging 18% higher than CKG's own internal resource model estimates. With recent drilling coming in even higher relative to block model grades, CKG is setting a trend of drilling that we believe has the potential to set up Metates for a resource upgrade in the future. The 2022 drilling covered in this update appears to be in line with CKG's near-term initiatives, which we outlined previously as being:

• Resource definition and expansion activities centered around further drilling campaigns.
  
• Optimizing mine design and operational parameters for the Phase I operation, including further testing the ore body at Metates for feasibility in use in a sulphide heap leaching operation.
  
• Progressing permitting initiatives and building key stakeholder relationships the streamline the mine development process.
  
• Working towards the next Technical Report milestone, which is expected to be a PFS on the project.

Moving forward, we expect that the company will look to consolidate recent drilling into an updated resource statement. In addition, the company has also indicated that it will look to complete initial metallurgical testing and will look to announce initial results in the second half of 2022. Whilst management had previously targeted a new PFS on Metates for 2022, the removal of timeline tables from the company's investor disclosures may indicate that the timeline for the PFS completion may have been extended past previous expectations. However, we expect any elongation of the Metates development cycle to be justified and offset by a near-future expansion of resources, given the boost to CKG's mineral asset base should it occur. In addition, because of the difficulty in processing the refractory ore material that makes up the Metates resource, we believe CKG should focus efforts on confirming the scalability of its previously acquired IP that is necessary to facilitate commercial-scale sulphide heap leaching. We expect metallurgical testing developments to be one of the next catalysts for CKG, alongside potential resource upgrades."

About Couloir Capital Ltd.

Couloir Capital Ltd. is an investment research firm comprised of a team of veteran investment professionals dedicated to providing world-class opportunities in the natural resource exploration and development sectors along with real and alternative asset classes and strategies.

For further information, please contact:

Robert Stitt, Managing Director, Couloir Capital Ltd.
Email: rstitt@couloircapital.com

Disclosure: The analyst, Couloir Capital and/or affiliated companies do not hold shares in the Company. A service agreement exists between Couloir Capital and the Company. Research subscribers are encouraged to read the complete disclaimer contained within the report.

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