Trenching Cuts Significant Mineralization at Crisy Discovery

Vancouver, British Columbia--(Newsfile Corp. - December 19, 2019) - Chesapeake Gold Corp (TSXV: CKG) (OTCQX: CHPGF) ("Chesapeake" or the "Company") is pleased to provide further exploration results from a bulldozer trenching program on its Crisy prospect. Crisy is one of several new grassroots discoveries generated from an on-going regional exploration program southeast of its world class Metates Project in Durango State, Mexico. Metates hosts one of the largest undeveloped gold, silver and zinc reserves in the world. Crisy is located about 15 kilometers south of Metates.

Since mid October 2019, Chesapeake has completed an additional 400 meters of bulldozer trenching at Crisy. Recent exploration has focused on extending the trenches previously reported (see CKG NR5-2019) with deeper excavation to bedrock. The trenches spaced at 80 meter intervals, cut across the prevailing, northwest-southeast strike of the mineralization over a ridge at different elevations. The new trench samples significantly expanded the width of the gold-silver mineralized zones with good grades.

TRENCHING RESULTS

Approximately 200 meters to the northwest, a trench located 100 meters below the stockwork mineralized zone cut the silicified structure including post-mineral felsic dikes and returned values ranging from 0.2 g/t to 1.0 g/t gold over 40 meters. In addition, 300 meters to the southeast, outcrops of subparallel quartz structures returned high grade values including 4 meters of 3.8 g/t gold, 34 g/t silver; 4 meters of 2.8 g/t gold, 487 g/t silver and 3 meters of 4.3 g/t gold, 934 g/t silver. A recent bulldozer trench in this area cut a 50 meter wide quartz breccia-vein swarm. Assay results are pending. Chesapeake plans to excavate additional test trenches in this southeast extension area.

To date, the bulldozer trenching at Crisy focused in the southern portion of a larger northwest-southeast trending mineralized corridor over 6 kilometers long, 2.5 kilometers wide with at least 400 meters of vertical extent. Along this trend, numerous sulfide-bearing quartz breccias, veins and silicified stockwork zones with disseminated gold-silver mineralization have been mapped and sampled. Mineralization is associated with deep seated faults and typically hosted within Cretaceous-age fine-grained sandstone and shale which are locally altered to sericite rich rocks especially near the contact with intrusive felsic dikes.

So far, two additional target areas have been identified along trend 3 kilometers to the northwest and a third target, 2 kilometers southeast of the trenching program. The three targets have similar host rock alterations and quartz mineralized structures to the area of the bulldozer trenching. Preliminary sampling of each target returned 9 meters of 1 g/t gold and 2 meters of 2.7 g/t gold, 5 meters of 1 g/t gold, 17 g/t silver and 3 meters of 4.6 g/t gold, respectively.

District reconnaissance will continue in 2020 to discover and define additional mineralized zones targeting quartz stockworks, disseminations and breccia-vein swarms. Excellent potential exists within the extensive hydrothermal system at Crisy to develop a multiple areas mining camp. Planned exploration includes mechanized trenching, channel sampling, geological mapping and geophysical surveys.

Presently, Chesapeake is well funded with $17.5 million in cash and marketable securities.

ALS Global was the analytical laboratory used for the samples included in this release. The samples were crushed and ground at ALS facilities in Zacatecas, Mexico and a representative sample split was sent to Vancouver, Canada for assaying using ALS methods Au-ICP21 and ME-ICP61.

Alberto Galicia, P. Geo, Chesapeake's Vice President Exploration and a Qualified Person as defined by NI43-101, has reviewed the technical information in this release.

For more information on Chesapeake and its Metates Project and regional exploration program, please visit our website at www.chesapeakegold.com or contact investor relations at 604-731-1094.

CHESAPEAKE GOLD CORP

"P. Randy Reifel"

P. Randy Reifel
President

Neither the 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 release.

FORWARD LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward looking statements and information herein include, but are not limited to, statements regarding prospective gold, silver and related metal production, timing and expenditures to explore and develop prospective mineral properties, gold, silver and related metal resources, grades and recoveries, cash costs per ounce, capital and operating expenditures and sustaining capital and the ability to fund mine development. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Chesapeake and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others: ability to finance mine development, fluctuations in the prices of gold, silver and zinc, fluctuations in the currency markets (particularly the Mexican peso, Canadian dollar and U.S. dollar); changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining(including environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressures, cave-ins and flooding);inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, diminishing quantities or grades of mineral reserves as properties are mined; risks in obtaining necessary licenses and permits, and challenges to the Company's title to properties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward- looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

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