Chesapeake Gold Announces Appointment of Chief Metallurgical Officer

Rhea-AI Summary

Chesapeake Gold (TSXV: CKG) (OTCQX: CHPGF) has appointed Justin Black as Chief Metallurgical Officer effective February 26, 2025. Black brings over 14 years of experience in process systems design and optimization for mining operations.

Black's background includes roles as process manager at Golden Vertex , process engineer at M3 Engineering for 8 years, and Superintendent of Technical Services at Hycroft Mining His expertise spans crushing, milling, flotation, refining, and heap leach oxidation processes.

The company has granted Black 100,000 stock options at C$1.00 per share, expiring February 26, 2030, with 25% annual vesting starting February 26, 2026. The appointment aims to advance Chesapeake's proprietary sulfide leach technology for testing refractory sulfide deposits.

Positive

• Appointment of experienced metallurgical officer with 14 years expertise
• Strategic focus on advancing proprietary sulfide leach technology
• New hire brings specific experience in heap leach oxidation processes

Negative

• Stock option grant creates potential future dilution for shareholders

News Market Reaction

+7.92%

1 alert

+7.92% News Effect

On the day this news was published, CHPGF gained 7.92%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Vancouver, British Columbia--(Newsfile Corp. - February 26, 2025) - Chesapeake Gold Corp. (TSXV: CKG) (OTCQX: CHPGF) ("Chesapeake" or the "Company") is pleased to announce the appointment of Mr. Justin Black as Chief Metallurgical Officer effective February 26, 2025.

Mr. Black is a chemical engineer with over 14 years experience in designing, implementing and optimizing process systems for diverse mining applications, including crushing, milling, flotation and refining. He has a strong background in managing large-scale projects, from conceptualization to completion, ensuring timely delivery and operational excellence.

Mr. Black was most recently a process manager at Golden Vertex Corporation, where he oversaw all operations, including crusher, leach pad, Merrill-Crowe and refinery, and metallurgical testing to optimize maximum gold recovery. Prior thereto, Mr. Black worked for 8 years as a process engineer with M3 Engineering, where he led a multi-disciplined team of engineers to execute projects for clients in a variety of industries with a focus on open-pit mining.

During August 2019 to December 2020, Mr. Black worked as Superintendent of Technical Services with Hycroft Mining Corporation, where he led the development of the heap leach oxidation process through large scale testing, feasibility, engineering studies and commercial production.

Mr. Randy Reifel, Executive Chairman, commented: "We are excited Justin Black has joined Chesapeake's technical team to advance the Company's proprietary sulfide leach technology (Technology) to the next level by testing several refractory sulfide deposits which we believe the Technology can unlock significant economic value. Justin's experience with the oxidation process will be a great asset in building shareholder value by capitalizing on a wide range of corporate opportunities."

Chesapeake further announces the grant of stock options under its Stock Option Plan to Mr. Black in connection with his appointment as Chief Metallurgical Officer, to purchase an aggregate of 100,000 common shares of the Company at an exercise price of C$1.00 per share for a five-year term expiring February 26, 2030. The options will vest and be exercisable on the basis of 25% annually, commencing February 26, 2026, the first anniversary of the date of the grant.

For Further Information:

For more information on Chesapeake, its Metates and Lucy Projects or proprietary oxidative leach technology, please visit our website at www.chesapeakegold.com or contact Jean-Paul Tsotsos at invest@chesapeakegold.com or +1 778 731 1362.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

About Chesapeake

Chesapeake Gold Corp's flagship asset is the Metates Project ("Metates") located in Durango State, Mexico. Metates hosts one of the largest undeveloped gold-silver deposits in the Americas¹ with over 16.77 million ounces of gold at 0.57 grams per tonne (g/t) and 423.2 million ounces of silver at 14.3 g/t within 921.2 million tonnes in the Measured and Indicated Mineral Resource category and a further 2.13 million ounces of gold at 0.47 g/t and 59.0 million ounces of silver at 13.2 g/t within 139.5 million tonnes in the Inferred Mineral Resource category. See the technical report titled "Metates Sulphide Heap Leach Project Phase I" dated January 13, 2023, and news release dated February 22, 2023.

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¹ Mexico's biggest undeveloped gold deposits. Bnamericas. Published Tuesday, November 24, 2020.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242584

FAQ

What experience does Justin Black bring to Chesapeake Gold (CHPGF)?

Justin Black brings 14 years of experience in mining process systems, including roles at Golden Vertex, M3 Engineering, and Hycroft Mining, specializing in crushing, milling, flotation, and refining operations.

What stock options were granted to Justin Black by Chesapeake Gold (CHPGF)?

Black received 100,000 stock options at C$1.00 per share, expiring February 26, 2030, with 25% annual vesting beginning February 26, 2026.

How will Justin Black's role impact Chesapeake Gold's (CHPGF) technology development?

As Chief Metallurgical Officer, Black will advance Chesapeake's proprietary sulfide leach technology by testing refractory sulfide deposits to unlock economic value.

When does Justin Black start as Chief Metallurgical Officer at Chesapeake Gold (CHPGF)?

Justin Black's appointment as Chief Metallurgical Officer is effective February 26, 2025.