Mr. Anthony Moreau reports

AMERICAN EAGLE DRILLS 776 METRES OF 0.50% COPPER EQUIVALENT FROM SURFACE

American Eagle Gold Corp. has intersected 776 metres of 0.50 per cent copper equivalent in the initial hole of its 2023 drill campaign on its NAK copper-gold porphyry project. The hole was collared in the NAK South zone and drilled to a historically untested area to the west, roughly perpendicular to most of the holes drilled on the Project in 2022, which were drilled along a northerly fence. The results show that the northerly trending mineralized zone outlined in previous geophysical surveys and successfully drill tested in 2022 is broad and extends significantly to the west from surface to depth. The results indicate further that the NAK mineralizing system has considerable scale and potential for substantial growth.

"NAK continues to separate itself from its peers by demonstrating size, an impressive grade profile, consistency of mineralization, and bulk tonnage potential that begins near surface. NAK23-08 is our best intercept to date at NAK. This hole was planned to be shallow, but we've now learned that the near-surface mineralization at the South zone is continuous westward and to depth into completely untested ground. This first hole of 2023 shows that we have only scratched the surface of the potential at NAK. Additionally, mineralization on our pending holes looks consistent with what we see in this hole, and we look forward to publishing further results," said Anthony Moreau, American Eagle's CEO.

NAK22-08 Details:

NAK23-08 was collared ~ 50 m southeast of NAK22-01 and oriented at 270 degrees, with a -60 degree inclination. The hole was designed to test the near-surface high-grade gold-bearing mineralization encountered at the Nak South zone in 2022 and previously, with an original target depth of 300 m. Visual mineralization remained strong well beyond the initially planned shutdown depth, and assay results revealed that broad zones of strong gold grades are present to a depth of 802 m. Also of note is the much stronger molybdenum mineralization encountered at depth, with molybdenite commonly recorded in veinlets below the 300 m depth mark. NAK23-08 hosts a strong polymetallic signature, with diffuse broad zones of higher grade (> 0.5 % CuEq), flanked by moderate grades (0.1 - 0.3 % CuEq) throughout most of the hole until the grade gradually diminishes below 802 m. NAK23-08 substantially expands the mineralized footprint of the NAK prospect, extending mineralization to depth almost 400 m west of the main north-south deep fence drilled at NAK in 2022.

Hole NAK22-08 was collared into intensely brecciated and weathered intermediate volcanic/fine clastic rocks, transitioning to polymictic conglomerate and pebbly sandstone below 100 m, intruded locally by Babine Stock granodiorite dykes, and rare, chalcopyrite-mineralized fine-grained andesitic dykes. Alteration was characterized by biotite and magnetite-bearing mafic-potassic alteration from surface to a depth of ~ 500 m, gradually transitioning to pyrite-rich phyllic alteration as the hole traversed further to the west. From surface to 802 m, mineralization dominantly consisted of disseminated and veinlet-hosted chalcopyrite, with local zones of bornite present to a depth of ~ 500 m. From 500, pyrite abundance, as fine disseminations and within veinlets increases, and pyrrhotite becomes the dominant sulfide below 802 m.

Update on NAK Holes NAK22-09 to -12

American Eagle expects to receive initial assay results for drill holes NAK22-09 to -11 in the coming weeks. Drilling on NAK23-12 commenced on August 5, 2023. NAK23-12 was designed to test in the vicinity of the higher-grade zone intersected at moderate depths in hole NAK22-04 and to provide better control on the orientation of the bornite-bearing mineralized dykes inferred to be associated with the best copper mineralization intersected in hole NAK22-04. Please see the link above for updated and detailed images of core from the Company's 2023 drill program at NAK.

About American Eagle's NAK Project

The NAK Project is in the Babine copper-gold porphyry district of British Columbia, near past-producing mines and with excellent infrastructure. Previous drilling at NAK revealed a large near-surface copper-gold system measuring over 1.5 km x 1.5 km. Historical exploration was limited to shallow depths, averaging 170 m. In 2022, American Eagle's 2022 drilling program explored deeper and discovered significant copper-gold mineralization. The objective for 2023 is to expand the known mineralized footprint at NAK and identify high-grade sources of copper and gold. The property is accessible by road, can be drilled year-round, and is mostly without helicopter support. The promising initial results make NAK an ideal candidate for further exploration. Drilling resumed in June 2023.

About American Eagle Gold Corp.American Eagle is focused on exploring its NAK project in the Babine Copper-Gold Porphyry district of central British Columbia. In May 2023, the Company announced a strategic investment by Teck Resources Limited.

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