Mr. Anthony Moreau reports

AMERICAN EAGLE'S HOLE 2: 956 METRES OF 0.37% COPPER EQUIVALENT FROM SURFACE

American Eagle Gold Corp. has released assay results from the second hole of its 2022 program on its NAK copper-gold porphyry project. All seven holes drilled on NAK intersected broad porphyry-style mineralization intervals from surface to end-of-hole, with assays pending on holes -03 to -07. NAK's second drill hole returned 956 metres of 0.37 per cent copper equivalent (CuEq), including 301 m of 0.61 per cent CuEq from surface.

"Hole NAK22-02's results add additional confidence to NAK's maiden discovery drill hole, showing mineralization through the entire length of the hole and extending the known system laterally and at depth. The distribution of mineralization in NAK22-02 relative to that in NAK22-01 also improves our understanding of the geometry and size potential of our higher grade zones, both near surface and at depth. The assays also validate our visual interpretations of the tenor of mineralization and correlate well with our on-site XRF results. We anticipate being able to deliver additional great results from this ongoing drill program," said Anthony Moreau, American Eagle's chief executive officer.

NAK22-02 details

Drill hole NAK22-02 returned strong copper-gold grades from surface to 300 m, along with a higher-grade copper zone at depth. The upper zone is hosted by chalcopyrite-mineralized andesitic volcanic rocks, while the lower copper zone is characterized by bornite-chalcopyrite mineralized granodioritic intrusive rocks. Below 800 m, two intersections of plagioclase porphyry dikes, up to 20 m wide and with increased bornite-chalcopyrite quartz vein densities, returned grades as high as 2.81 Cu. Also of note is a one-metre intercept, from 238 to 239 m, of a chalcopyrite-quartz vein-breccia displaying epithermal textures. It returned 20.4 g/t (grams per tonne) gold and 1.95 per cent Cu (16.36 per cent CuEq). Throughout NAK22-02, trace molybdenite is commonly present along fracture planes and occurs as sporadic flecks within mineralized quartz veins. The molybdenum concentrations are significant and contribute positively to the overall copper equivalent calculations.

Drill core descriptions for NAK22-01 to -07

NAK22-01 was a vertical hole collared into the inferred southwestern margin of the Nakinilerak stock, a Babine suite porphyry intrusion. This hole has confirmed the presence of consistent vein stockwork and fracture-hosted porphyry-style bornite-chalcopyrite mineralization to a depth of 880 m.

Disclosure update regarding hole NAK22-01

American Eagle Gold's technical team has determined that the concentration of molybdenum at NAK is significant enough to materially affect the overall copper equivalent grade of the assayed holes. As a result, the company will now report molybdenum and has updated and slightly improved the results for hole NAK22-01.

NAK22-02 was drilled to the north at a negative-70-degree angle from the same collar as NAK22-01. Down to approximately 400 m, it intersected mineralized intermediate composition volcanic rocks similar to those seen in hole NAK22-01. Below 400 m, the hole largely intersected Babine suite intrusive rocks intruded locally by well-mineralized porphyry dikes. Below 800 m, the dikes are flanked by zones of increased mineralized vein density, with vein-hosted chalcopyrite-bornite commonly accompanied by disseminated sulphides to end-of-hole (984 m).

NAK22-03 was drilled vertically 300 m north of NAK22-01, passing close to drill hole NAK22-02 at a depth of approximately 800 m. It intersected intermediate composition volcanic rocks similar to those observed in hole NAK22-01 between the surface and 600 m depth, and largely intersected Babine suite intrusive rocks from there to the end of hole. The volcanic rocks were mineralized by disseminated and vein-hosted chalcopyrite-bornite, and the intrusive rocks by chalcopyrite-bornite veining commonly associated with a soft metallic black mineral presumed to be hypogene chalcocite, with a conspicuously well-mineralized interval occurring between 740 to 760 m. The mineralization encountered in holes NAK22-02 and NAK22-03 supports the continuity of better grade copper mineralization at depth.

NAK22-04 is a vertical drill hole located 212 m north of NAK22-03. It is the shallowest hole of the 2022, drilling to date at 548 m total depth, with drilling halted due to poor ground conditions within what appeared to be high-grade material. Despite failing to reach the target depth, the drill hole showed the presence of both shallow (zero to 100 m) and deeper (350 to 548 m) disseminated and vein-hosted chalcopyrite-bornite mineralization.

NAK22-05 was drilled vertically 218 m north of NAK22-04, with the aim of testing mineralization along the projected strike from the previously drilled holes. Mineralization is present throughout, although it is subtle compared with the mineralization in NAK22-03 and NAK22-04. It occurs mainly as fine-grained disseminations and appears to increase in abundance below a depth of 500 m.

NAK22-06 was collared 180 m to the east of the main 2022 drilling trend, oriented 260 degrees, and inclined 77 degrees, targeting the area at depth between NAK22-03 and NAK22-04. The hole was designed in part to test the continuity of some of the better visual mineralization observed to date, at depth in holes 3 and 4. The hole intersected sparsely mineralized Babine stock intrusive rocks that were similar to those encountered deeper in holes -01, -02 and -03. An inferred steep contact with mineralized andesitic volcanic and clastic rocks was encountered at 500 m depth and the hole remained in intermittently mineralized volcanic rocks until completion at a depth of 920 m.

NAK22-07 is the final hole of the 2022 drill program and has a planned depth of approximately 900 metres. It was designed to add additional infill to the broad near-surface and deep areas of well-defined visual mineralization observed in the 2022 drilling campaign. NAK22-07 was collared from the same location as hole NAK22-04, drilling negative 81 degrees to the south. Lithology and mineralization to the current depth appear to correlate very well to that seen in hole -04, showing strong fracture hosted and disseminated chalcopyrite mineralization within andesitic volcanic rocks from surface down to approximately 160 m, with an increase in bornite and chalcopyrite observed below 400 m depth. As of the time of this release, the hole remains in progress and at a depth of approximately 660 m.

About American Eagle's NAK project

NAK is a classic porphyry copper-gold target with a mineralized surface footprint greater than 1.5 kilometres by 1.5 km, along with mineralization now drilled to a depth of approximately one km. All seven holes drilled by American Eagle to date have hit broad mineralization from surface to a maximum depth of 984 m downhole. Groundmass-hosted chalcopyrite and bornite disseminations, fracture-hosted bornite-chalcopyrite, vein-hosted quartz-chalcopyrite-bornite and epithermal textured chalcopyrite-quartz vein breccia, suggest classic porphyry mineralization styles may be overprinted locally by distal epithermal mineralization.

The current drill program on NAK was designed to test geophysical targets that were completely untested at depth, based on new interpretations from recent ZTEM, IP (induced polarization) and airborne magnetic surveys.

The NAK property is road accessible and many target areas coincide with forest industry clear cuts. Drilling can be completed year-round and no helicopter support is required. The NAK property is 85 kilometres from Smithers, B.C., occurs in the Babine copper-gold porphyry district of west-central British Columbia, and is close to nearby Babine district deposits (Bell, Granisle). It is defined by a compelling geophysical signature that has similarities to classic porphyry systems (such as close association of airborne magnetic highs with annular IP chargeability highs).

QA/QC (quality assurance/quality control) statement

The company follows a strict QA/QC protocol for the drilling program at NAK. The protocol includes regularly-submitted analytical standards, coarse reject duplicates and randomly inserted sequential blank samples. The QA/QC samples comprise 10 per cent of the total samples submitted. All drill core samples are cut and packaged on-site and are shipped to ALS Laboratories prep facility in Langley, B.C. All samples are assayed using a four-acid digestion multielement ICP analysis and a separate gold fire assay.

QP (qualified person) statement

Mark Bradley, BSc, MSc, PGeo, a certified professional geologist and qualified person for the purposes of Canada's National Instrument 43-101 -- Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release.

About American Eagle Gold Corp.

American Eagle trades under the symbol AE on the TSX Venture Exchange. The company is focused on exploring its NAK project in the Babine copper-gold porphyry district of west-central British Columbia.

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