Chesapeake Gold Announces Stock Option Grant

Vancouver, British Columbia--(Newsfile Corp. - May 31, 2023) - Chesapeake Gold Corp. (TSXV: CKG) (OTCQX: CHPGF) ("Chesapeake" or the "Company") is pleased to announce that today Mr. Jean-Paul Tsotsos stepped into his role as the Company's Vice President Investor Relations & Corporate Development (previously announced by news release dated April 18, 2023).

Chesapeake further announces the grant of stock options under its Stock Option Plan to Mr. Tsotsos to purchase an aggregate of 100,000 common shares of the Company at an exercise price of C$1.70 per share for a five-year term expiring May 29, 2028. The options will vest and be exercisable on the basis of 25% annually, commencing May 29, 2024, the first anniversary of the date of the grant.

About Chesapeake

Chesapeake Gold Corp. is focused on the discovery, acquisition, and development of major gold-silver deposits in North and South America. Chesapeake'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 Americas.¹

For Further Information:

For more information on Chesapeake and its Metates Project, please visit our website at www.chesapeakegold.com or contact Alan Pangbourne 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.

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¹ Mexico's biggest undeveloped gold deposits as published by Bnamericas, Tuesday, November 24, 2020.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/168118