Chesapeake Gold Corp (CKG)

[amarksp]

Okay...update on CKG...
12/16/2005 4:55:35 PM
From: TheSlowLane

Drilling is finished for 2005. They have some holes in the lab but not all of them, some holes still need to be logged. Since the last press release, eight holes have been drilled. These are all step-outs, all on Cerro di Oro. Some are several hundred metres out, so...big steps. They are trying to get a real feel for this thing. He cautioned that they may not hit on every hole, but that they are quite pleased with the appearance of some of the holes. All of the holes are to the south of previous drilling, at various elevations.

The weather is excellent and they are moving fast now. The drillers did not finish the last hole, but will complete it when they return in January. There is another drill pad that is ready, so they will probably drill one more new hole after returning. He is looking at end of January, early February to be able to release the results. They have gotten more done in the last few weeks than they have in the preceding months (due to weather).

At Pena Blanca...lots of work has been done recently. Trenching, chip sampling, base camp, road access (4 wheel drive). Some of the samples from PB will get to the lab before Christmas. They can already tell that there are targets that are definitely worth drilling there.

Second rig will not be brought in until they have finished their step-outs and have their arms around this beast. They will start drilling the La Gitana vein when the second rig is running.

Lots of work has been done on La Calavera. 25KM of mag survey has been done, they have more to do in January, but that is the last work that needs to be done before it is drill ready. There are three companies waiting on the mag survey results who are JV candidates. It is likely that La Calavera will be JV'ed because it is higher base metal content than the other targets and RR wants CKG to concentrate on the precious metal deposits.

Other JV's may be done on some of the properties in the north, El Volcan and/or El Patos.

As far as Cerro di Oro goes, the core looks pretty darn good and they are fast approaching a million ounces (on CDO alone) and there is a lot more to go. They are getting good numbers on Pena Blanca, it is a big, oxidized system. So, in other words, the stock is at the same level as it was a year ago and the company is way further along.

More stock available at this level than he had expected, but it is getting absorbed. He knows who bought half of the volume today, but I did not press him to divulge. It was a friendly buyer is all he could say.

So...that's it, boys and girls! We gonna rock and roll in 2006, is my guess
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From: TheSlowLane Read Replies (1) | Respond to of 39187

ogi - Pena Blanca is referenced in the NR before the latest one:

"The La Gitana Project lies along a major northwest trending Regional fault that extends for more than one hundred kilometers along strike. During the past several months reconnaissance work has identified 6 potential bulk tonnage target areas which led Chesapeake to stake an additional 350,000 hectares along this trend. The first prospect targeted, Pena Blanca, is an area that consists of several square kilometers of argillic alteration hosting disseminated gold mineralization in clay-quartz zones. Pena Blanca was discovered through stream sentiment sampling with values up to 1.3 g/t gold followed by a rock chip sampling program that returned up to 5.4 g/t gold. Pena Blanca is located 15 kilometers northwest of La Gitana."
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TheSlowLane Read Replies (2) | Respond to of 39187

ogi - one more thing, I don't think we'll see a JV on La Calavera until January at the earliest. Randy wants to complete the mag survey work there before sitting down with the three interested parties. Of course, we want to get the best possible deal, so a little more information first...then they will determine with whom they want to work.
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From: Claude Cormier Read Replies (1) | Respond to of 39187

Ogi,

First reference to Pena Blanca is page 3 in:

http://www.chesapeakegold.com/download/News_Release_June23_2005.pdf

Second reference to Pena Blanca is page 3 as well as first references to Nopales, Pena Larga, and Sanata Maria in:

http://www.chesapeakegold.com/download/PR%20Nov-21-05.pdf