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American Eagle Gold Corp
Symbol AE
Shares Issued 70,224,291
Close 2023-01-24 C$ 0.195
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American Eagle drills 527 m of 0.45% CuEq at NAK

2023-01-25 08:32 ET - News Release

Mr. Anthony Moreau reports

AMERICAN EAGLE DRILLS 527 METRES OF 0.45% COPPER EQUIVALENT FROM SURFACE, INCLUDING 185 METRES OF 0.74% COPPER EQUIVALENT

American Eagle Gold Corp. has released assay results from the third and fourth holes of its 2022 program on its NAK copper-gold porphyry project.

"This fourth drill hole is our best intercept to date and encountered a new, higher-grade, copper-rich zone 500 metres from our discovery hole. Hole NAK22-04 ended within a wide, high-grade zone, but was unfortunately terminated early for technical reasons; however, holes NAK22-06 and -07 successfully intersected the continuation of the same zone at depth and hit similar mineralization. We anticipate that the pending assays from those two holes will show similar results. Our stepout drilling continues to demonstrate a substantial footprint for this system," said Anthony Moreau, American Eagle's chief executive officer.

Highlights of NAK's 2022 drill program:

  • NAK22-01 returned 851 m of 0.37 per cent copper equivalent, including 126 metres of 1.05 per cent copper equivalent from surface.
  • NAK22-02 returned 956 m of 0.37 per cent copper equivalent, including 301 metres of 0.61 per cent copper equivalent from surface.
  • NAK22-03 returned 906 m of 0.21 per cent copper equivalent from surface, including 645 metres of 0.24 per cent copper equivalent.
  • NAK22-04 returned 527 m of 0.45 per cent copper equivalent from surface, including 89 metres of 0.98 per cent copper equivalent.

NAK22-04 hosts the most consistent, high-grade copper-gold intercept in the 2022 drilling to date. The hole bottomed in high-grade mineralization, as the drill hole had to be terminated due to technical issues (swelling clays in a narrow fault zone, later penetrated successfully in drill hole NAK22-07). Given the high-grade nature of the mineralization encountered at the bottom of NAK22-04, the company targeted this area with drill holes NAK22-06 and NAK22-07 to test its continuation at depth beneath hole NAK22-04. Assays for NAK22-05, NAK22-06 and NAK22-07 are pending, and the company's focus going forward will be to expand and better define the higher-grade, deeper zones, such as those intersected in holes NAK22-04, NAK22-01 and NAK22-02 (126 m of 1.05 per cent CuEq in NAK22-01, 33 m of 1 per cent CuEq in NAK22-02 and 89 m of 0.98 per cent CuEq in NAK22-04).

NAK22-03, while lower grade, again demonstrates the size and strength of the NAK porphyry system along strike and at depth, with another nearly one kilometre of continuous mineralization. The hole also shows numerous metre-scale intercepts in excess of 1 per cent Cu where denser bornite mineralization is present.

NAK22-03 details

Hole NAK22-03 is a vertical hole collared in the area between the historically defined south and north zones at NAK. The collar lies approximately 300 m north of the collar location of holes NAK22-01 and NAK22-02. Mineralization from the top of hole down to 296 m is sparse and consists of finely disseminated chalcopyrite, predominantly hosted by andesitic volcanic rocks. The overall intensity of disseminated mineralization increases proximal to the contact with the main granodiorite intrusion (Babine stock), which was intercepted at a depth of 640 m. The host rock for the remainder of the hole to a final depth of 941 m is Babine stock granodiorite, which hosts sporadically distributed chalcopyrite-bornite plus/minus chalcocite veins and veinlets. Hole NAK22-03 graded 0.21 per cent CuEq over its entire 906 m length from the overburden-bedrock contact, with a slight increase to 0.24 per cent Cu over its lower 645 m.

NAK22-04 details

NAK22-04 was collared approximately 200 m north of hole NAK22-03. It intercepted well-mineralized andesitic volcanic rocks to a depth of 166.59 m, including an intercept of 40 centimetres of massive chalcopyrite in the final metre (165.59 m to 166.59 m) grading 11.05 per cent Cu. For the next 200 m, mineralization is relatively low grade within andesitic volcanics and clastic rocks until an abrupt change at 363 m, where coarse andesitic/volcaniclastic rocks host abundant disseminated chalcopyrite and bornite. Mineralization remained very strong until end of hole at 548 m (the hole was shut down due to swelling clays in a narrow fault zone) and included conspicuous, disseminated bornite mineralization within a porphyritic andesite dike between 505 m to 522 m. This mineralization is identical in texture and composition to that encountered below 901 m in NAK22-02.

The final 185 metres of drill hole NAK22-04 represent a discovery of an exciting, new, higher-grade, copper-gold-bearing zone at moderate depths, of a tenor not previously encountered. The intercept, along with still-deeper zones intercepted in previous holes, suggests that there is excellent potential for additional mineralized zones at NAK that occur at depths below the historically defined, higher-grade zones, such as the south zone, which was well defined only to depths of approximately 200 m to 300 m. In addition, the similarities of host rocks and styles, as well as mineralization composition, between drill holes NAK22-04 and NAK22-02 also suggest the possibility that the zones may be continuous. Hole NAK22-07, drilled off of the same collar as NAK22-04 but at an inclination of 81 degrees south, encountered similar visuals to hole NAK22-04. NAK22-07 was strongly mineralized between 400 m and 600 m, and was intermittently well mineralized to the end of the hole at 874 m. As a consequence, there remains considerable room for expansion of this zone to the east, west and north, as well as at depth. This area will be one focus for follow-up drilling in 2023.

Update on NAK holes NAK22-05 to NAK22-07

American Eagle expects to receive assay results for NAK22-05 to NAK22-07 shortly.

With drilling for 2022 now complete, the company's focus is on interpreting and modelling drill results, with the aim of designing an aggressive follow-up drill program for the 2023 season. In general, the program will step out from and infill between this year's drill collars and aims to expand and define the zones of higher-grade mineralization intercepted in the 2022 drilling.

About American Eagle Gold Corp.

American Eagle is focused on exploring its NAK project in the Babine copper-gold porphyry district of west-central British Columbia.

Quality assurance/quality control statement

The company follows a strict quality assurance/quality control protocol for the drilling program at NAK. The protocol includes regularly submitted analytical standards, coarse reject duplicates and randomly inserted blank samples. The quality assurance/quality control 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's preparation facility in Langley, B.C., where they are analyzed via a four-acid digestion multielement ICP process and a separate gold fire assay.

Qualified person statement

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

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