Chesapeake Gold Corp. (TSXV: CKG) (OTCQX: CHPGF), with a focus on the junior mining sector, recently released promising developments regarding its flagship project, the Metates gold-silver project in Durango State, Mexico. In a statement, CEO Alan Pangbourne expressed his optimism about the project’s latest metallurgical and mineralogical advancements. He noted, “We are very encouraged with the latest results from this phase of metallurgical testwork.”
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ARTICLES
Unlocking Value and Potential: Chesapeake Gold Corp.’s Metallurgical and Mineralogical Milestones
Chesapeake Gold Cracks the Metates Development Code
BY: HENRY LAZENBY AUGUST 9, 2021
Chesapeake Gold (TSXV: CKG) has done for the Metates project in Durango, Mexico — one of the world’s largest undeveloped gold-silver projects — what others before it could not. CEO and director Alan Pangbourne tells The Northern Miner that the company has cracked the code to undertake the heap leach processing of sulphide material that ultimately has the potential for Chesapeake to disrupt and enhance the project economics of sulphide ore bodies globally.
On July 26, Chesapeake released the results of a preliminary economic assessment (PEA) on Metates, outlining strong financial metrics and a rapid capital payback utilizing a sulphide heap leach starter operation.
“The issue before was it was a US$3.5 billion project, very complicated, involving autoclaves, line plants, all sorts of fun stuff, whereas this is quite a bit smaller,” says Pangbourne. “It uses heap leach technology to oxidize the sulphides and recover the gold and silver. That completely changes the economic picture.”
The proof for the game-changer potential of the new sulphide leaching technology can be gleaned from the new PEA.
“Anything that can take a capex requirement of about US$3.5 billion and reduce that to US$360 million has got to change the project economics dramatically. While the project’s initial scope was to produce 400,000 oz. gold-equivalent, we are now planning for 110,000 oz. a year. So, it’s a tenth of the capital to produce a quarter of the ounces, drawing on less than 20% of the total resource,” Pangbourne says in an interview. “The most important thing is it shows that there is a financeable-size project with this new technology that Chesapeake can build without needing a major partner.”