American Eagle Confirms Continuity of Copper-Gold Mineralization at NAK with Multiple Significant Intercepts at Depth and Near Surface
American Eagle Confirms Continuity of
Copper-Gold Mineralization at NAK with
Multiple Significant Intercepts at Depth and
Near Surface
Highlights:
NAK22-07 intersected
106 m of 0.53% CuEq
from surface
NAK22-06 intersected
127 m of 0.5% CuEq
from 707m, and NAK22-07 intersected
173 m of
0.42% CuEq
from 538 m, confirming the continuity of deeper mineralization between holes
NAK22-02 and NAK22-04
NAK22-06 & 07 intersected several copper-rich bornite-bearing dykes:
NAK22-06: 531.33 - 532.37 m;
1.04 m @ 4.35% CuEq
NAK22-07: 490.79 - 502.71 m;
11.92 m @ 0.74 % CuEq
NAK22-06 and -07's copper-rich bornite-bearing dykes are inferred to be associated with
intercepts in previous holes drilled in 2022, such as:
NAK22-02: 901.00 - 934.21 m; 33.21 m @ 0.95 % CuEq*
NAK22-02: 952.00 - 956.72 m; 4.72 m @ 1.52 % CuEq*
NAK22-04: 505.82 - 522.00 m; 16.18 m @ 0.86 % CuEq*
NAK22-06 & 07 intersected numerous zones of dense copper sulfide (bornite, chalcopyrite,
chalcocite) mineralization, including:
NAK22-06: 714.00 - 715.00 m; 1.00 m @ 4.40% CuEq
NAK22-06: 822.00 - 824.00 m; 2.00 m @ 3.16% CuEq
NAK22-07: 620.00 - 621.00 m; 1.00 m @ 3.55% CuEq
NAK22-06 and 07's high grade copper sulfide veining is analogous in mineralogy to multiple
intercepts in previously reported holes, including:
NAK22-01: 801.00 - 802.08 m; 1.08 m @ 14.04% CuEq*
NAK22-02: 238.00 - 239.00 m; 1.00 m @ 16.55% CuEq*
NAK22-04: 165.59 - 166.59 m; 1.00 m @ 11.25% CuEq*
NAK22-04: 474.65 - 475.65 m; 1.00 m @ 9.16% CuEq*
NAK22-06 and 07 link higher-grade mineralized zones intersected in NAK22-04 and reaffirmed
the potential of the NAK property for hosting economic concentrations of copper-gold
mineralization at depth
Extensive zones of near-surface mineralization are outlined with the following drill holes:
NAK22-01's 126 m of 1.05% CuEq from surface*
NAK22-02's 301 m of 0.61% CuEq from surface*
NAK22-04's 146.31 m of 0.51% CuEq from surface*
NAK22-07's 106 m of 0.53% CuEq from surface
* Previously reported
Toronto, Ontario--(Newsfile Corp. - March 2, 2023) - American Eagle Gold Corp. (TSXV: AE)
("American Eagle" or the "Company") is pleased to report assay results from the (5
th
, 6th and 7
th
) drill
holes of its 2022 program on its NAK copper-gold porphyry project ("NAK").
"NAK's 2022 drill program outlined multiple well-mineralized zones, including a large near-surface zone,
continuous zones at depth, and very high-grade bornite veins, which we are using to vector into more
extensive high-grade zones within the mineralized footprint.
2022's program was an aggressive step-out
program, targeting exclusively deep geophysical targets, with holes spaced as wide as 300 metres.
We
achieved a 100% success rate on hitting high-grade zones and widespread disseminated material,
demonstrating that NAK hosts a very large porphyry system.
2023's drilling will be focused on further
delineating the near-surface high-grade zones to show additional continuity and vectoring into the
potential source of the high-grade bornite mineralized dykes encountered throughout the 2022 drill
holes," said Anthony Moreau, American Eagle's CEO.
Hole-by-Hole Highlights of NAK's 2022 Drill Program:
NAK22-01 returned
851 m of 0.37% CuEq, including 126 metres of 1.05% CuEq from
surface
NAK22-02 returned
956 m of 0.37% CuEq, including 301 metres of 0.61% CuEq from
surface
NAK22-03 returned
906 m of 0.21% CuEq from surface, including 645 metres of 0.24%
CuEq
NAK22-04 returned
527 m of 0.45% CuEq from surface, including 89 metres of 0.98% CuEq
NAK22-05 returned
804 m of 0.20% CuEq from surface
NAK22-06 returned
900 m of 0.22% CuEq from surface, including 330 metres of 0.38%
CuEq
NAK22-07 returned
856 m of 0.30% CuEq, including 106 metres of 0.53% CuEq from
surface
Links to Long Sections & New Video Update on All Drilling Holes
Plan View Map of High Grade Surface Mineralization at NAK
Neil Prowse and Charlie Greig's Video on the Significance of NAK's complete 2022 Drill Program
Long Sections & Images
Details for Drill Holes in this Release:
NAK22-07 Assay Results: Table 1
From (m)
To (m)
Length (m)
Au (g/t)
Cu (%)
Ag (g/t)
Mo (ppm)
Cu Eq %
13.04
869.00
855.96
0.07
0.21
1.09
44
0.30%
Including
13.04
119.00
105.96
0.06
0.46
1.24
25
0.53%
And Including
538.00
711.00
173.00
0.09
0.32
1.98
45
0.42%
Within
538.00
843.30
305.33
0.09
0.27
1.67
40
0.37%
NAK22-07 Geological Details:
NAK22-07 was collared from the same location as hole NAK22-04 and was drilled at an inclination of
-
81 degrees due south.
The drill hole was designed to test the area between the higher grade zone
identified at moderate depths in NAK22-04 and the higher grade zone intersected at depth in NAK22 -
02.
As with NAK22-04, the hole intersected andesitic volcanic and volcaniclastic rocks.
The highlights
were higher grade zones of vein-hosted and disseminated copper sulfide mineralization in the
uppermost 100 m and between 500 m and the end of the hole at 843.30 m.
Together holes NAK22-06
and -07 show that mineralization is continuous to depth below the higher-grade zone seen in
NAK22-04.
NAK22-06 Assay Results: Table 2
From (m)
To (m)
Length (m)
Au (g/t)
Cu (%)
Ag (g/t)
Mo (ppm)
CuEq %
20.00
920.00
900.00
0.07
0.14
0.94
23.63
0.22
Including
707.00
834.37
127.37
0.17
0.33
2.05
55.68
0.50
Within
504.52
834.37
329.85
0.14
0.25
1.45
31.01
0.38
NAK22-06 Geological Details:
NAK22-06 was the sole step-out hole from the main north-south drill fence and section in the 2022
program.
It was collared 180 m to the east of the north-section section and was drilled on a 260 azimuth
at an inclination of -70 towards the 2022 drill fence, in part with the aim of drilling beneath hole NAK22-
04, which was lost in bad ground (
see News Release dated January 25, 2023
).
Hole NAK22-06 collared
into the western margin of the main Babine porphyry stock (as outlined by historical drilling and
geophysics).
It remained within intrusive rocks until a depth of 550m, where it encountered the intensely
altered andesitic volcanic and volcaniclastic rocks that host the stock.
The drill hole remained largely
within those volcanic rocks until its total depth (920 m), except where it encountered intrusions of local
meter-scale dykes of granodiorite.
Mineralization within the intrusive rocks was consistent with what was
observed in holes NAK22-01, -02, and -03, with sparse mm- to cm-scale bornite-chalcopyrite veinlets
occurring throughout.
In addition, not far from the granodiorite-volcanic contact, between 531.33 and
532.37 m, an irregularly oriented aplitic dyke, hosting up to 30% disseminated bornite, intrudes the
Babine granodiorite.
The dyke returned
3.66% Cu, 0.58 g/t Au and 20.4 g/t Ag.
Within the volcanic
rocks, chalcopyrite and bornite were also present as variably abundant disseminations but also as
veinlets.
The strongest zone of continuous mineralization occurred between 707.00 and 843.37 m,
returning 0.50% Copper Equivalent over 127.37 m.
NAK22-05 Assay Results: Table 3
From (m)
To (m)
Length (m)
Au (g/t)
Cu (%)
Ag (g/t)
Mo (ppm)
CuEq %
19.19
824.00
804.81
0.04
0.14
0.49
35.26
0.20
*Copper Equivalent (CuEq) % calculated using copper and gold length weighted assay results, with commodity prices assumed at Cu = 3.50
USD/lb, Au = 1700 USD/oz, Ag = 20 USD/oz, and Mo = 21 USD/lb.
CuEq grade, including copper, gold, silver, and molybdenum based on 100%
recoveries, is calculated using the following equation:
CuEq. = Cu % + ([Au grade in g/t x 100]
x [Au price ÷ 31] / [Cu price x 2200]) + ([Ag grade in
g/t x 100] x [Ag price ÷ 31] / [Cu price x 2200] + (Mo grade in %
x [Mo price x 2200] / [Cu price x 2200]). The assays have not been capped.
NAK22-05 Geological Details:
Hole NAK22-05 was the northernmost hole drilled in the 2022 program.
From surface to the end of hole,
NAK22-05 encountered andesitic volcanic rocks and conglomeratic rocks, which were variably
mineralized with chalcopyrite and pyrite.
Rare instances of cm-scale bornite-quartz veins are present
throughout the hole.
Intervals of densely disseminated chalcopyrite are also locally present, occurring
predominantly within conglomeratic intervals.
Overall, copper grades remain strongly anomalous
throughout the entire hole, returning 804.81 m of 0.20% Copper Equivalent from surface to end of hole.
Linking 2022 Drilling with Historical Results - Piecing the Mineralized System Together
The Company is currently interpreting and modelling its drill results to design an aggressive follow-up drill
program for 2023.
The initial plan is to step out from and infill between this year's drill collars and expand
and define the zones of higher-grade mineralization intercepted in holes NAK22-01, -02 and -04.
NAK22-01 showed grades near surface that were exceptional for NAK, and this is particularly
encouraging given that the closest historical hole, NAK95-15, was collared nearly 100 m to the east of
NAK22-01.
That drill hole returned an intercept of 168.5 m @ 0.81% CuEq from surface.
The next
closest, NAK96-55, was drilled 105 m away to the northeast and returned 70 m @ 1.07% CuEq starting
from 85 metres.
Given the grades of NAK22-01 and -02, combined with the grades and distance for
holes NAK95-15 and -96-55, the Company infers excellent potential for a large, near-surface zone of
copper-gold mineralization exceeding the bounds of what was historically delineated.
Click on this link
to
view the plan view map illustrating the high grade surface mineralization at NAK.
The focus for the 2023 exploration season will be to expand, better define, and link up higher-
grade parts of the NAK system, which were intersected both in 2022 and in years prior:
NAK22-01: 126 m @ 1.05% CuEq from surface
NAK22-02: 37 m @ 1.01% CuEq from surface
NAK22-04: 89 m @ 0.98% CuEq from 439.2 m
Historical Intercepts:
NAK08-B4: 98 m @ 0.56% CuEq from surface*
NAK95-15: 168.5 m @ 0.81% CuEq from surface*
NAK96-51: 106.7 m @ 0.66% CuEq from surface*
NAK96-55: 70 m @ 1.07% CuEq from 84.7 m*
NAK96-70: 21.3 m @ 1.05% CuEq from 38.7 m & 115.3 m @ 0.68% CuEq from 75.3 m*
*Historical CuEq Calculations may be understated as they do not include Mo or Ag grade
One of the significant accomplishments of the Company's 2022 drill program was that it showed that the
historically defined and relatively higher-grade NAK project "South Zone" remains open to expansion.
Along with being open to depth, the South Zone mineralization
at surface
remains open for over 100 m
in all directions from where holes NAK22-01 and -02 were collared (fig. 2).
It is also notable that
historical drilling in this area never exceeded 250m true depth below surface, and that the higher grade
zones in the uppermost parts of holes NAK22-01 and -02 extend to depths greater than 300 m.
Drilling in 2022 was also successful in relating the expressions of previous surface and airborne
geophysical surveys, such as airborne magnetics and VTEM, and ground-based Induced Polarization
chargeability and resistivity, to styles of mineralization and alteration at depth.
For example, well-
developed potassic alteration closely associated with mineralization and characterized by the presence
of secondary magnetite and biotite strongly affects most host lithologies, including the volcaniclastic and
volcanic rocks, and is reflected as a magnetic high.
Furthermore, silicification, which affects the stratified
rocks and dikes in the higher-grade zones, is reflected in elevated resistivity that is apparent in
inversions of the geophysical data.
Understanding that these geophysical features correspond well with
the mineralized zones drilled in 2022 strongly suggests that there is significant potential for expansion to
the east and west of the fence of holes drilled in 2022.
Given this knowledge, the geophysical data also
suggests that the southern and western margins of the main Babine intrusive stock that were outlined
previously represent excellent target areas.
Finally, the common presence (in drill holes NAK 22-02, -04, -06, and -07) of high-grade copper- and
gold-bearing porphyry dykes, which are intensely mineralized with disseminated bornite, may well reflect
the presence of a higher-grade source intrusion, or intrusions, on the NAK property.
Therefore, a better
understanding of their distribution, geometry, and timing, along with their geometric relation to more
permeable or reactive host lithologies, may ultimately be key to locating and defining the highest-value
zones on the property.
Collar details for holes drilled in the 2022 drill program: Table 3
Hole
UTM_Grid
UTM_East
UTM_North
Azimuth
Inclination
NAK22-01
NAD83_Z9
675281
6129359
n/a
-90
NAK22-02
NAD83_Z9
675281
6129359
340
-70
NAK22-03
NAD83_Z9
675201
6129658
n/a
-90
NAK22-04
NAD83_Z9
675181
6129862
n/a
-90
NAK22-05
NAD83_Z9
675105
6130067
n/a
-90
NAK22-06
NAD83_Z9
675376
6129782
260
-77
NAK22-07
NAD83_Z9
675181
6129862
170
-81
About American Eagle's NAK Project
NAK is a classic porphyry copper-gold mineralized target that exhibits many signs of a robust and large-
scale system.
Historical drilling, while shallow, defined a near-surface copper-gold system with a
footprint greater than 1.5km x 1.5km.
The property shows substantial deep potential but remains largely
untested at depth, while near-surface mineralization potential is significantly larger than was historically
defined and continues to expand with new drilling.
The NAK property is road accessible, and many target areas coincide with forest industry clear cuts.
Drilling can be undertaken year-round, and no helicopter support is required.
The NAK property is 85
kilometres from Smithers, BC, in the Babine copper-gold porphyry district of west-central British
Columbia.
It lies close to past-producing mines (Bell, Granisle), in proximity to excellent infrastructure.
NAK's highly encouraging initial results make it a prime candidate for further exploration.
The Company's
main objective is to advance this newly revitalized mineralizing system into a major discovery.
For the latest videos from American Eagle, Ore Group, and all things mining, subscribe to our
YouTube Channel:
youtube.com/@theoregroup
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.
American Eagle Gold will be present at booth #2324 at the PDAC from Sunday March 5
th
to
Wednesday March 8
th
.
Anthony Moreau, Chief Executive Officer
Phone:
416.644.1567
Email:
www.americaneaglegold.ca
QA/QC 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 blank samples.
The QA/QC samples comprise 10% 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., are analyzed via a
four-acid digestion multi-element ICP process and a separate gold fire assay at ALS North Vancouver.
QP Statement
Mark Bradley, B.Sc., M.Sc., P.Geo., 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.
Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX
Venture Exchange policies) accept responsibility for the adequacy or accuracy of this release.
Certain
information in this press release may contain forward-looking statements.
Forward-looking statements in
this press release include, but are not limited to, statements regarding whether the Company will be able
to exercise its option to acquire the Project as anticipated and whether the Company's exploration
efforts on the Project produce the results that are anticipated by management.
This information is based
on current expectations that are subject to significant risks and uncertainties that are difficult to predict.
Therefore, actual results might differ materially from those suggested in forward-looking statements.
American Eagle Gold Corp. assumes no obligation to update the forward-looking statements or to
update the reasons why actual results could differ from those reflected in the forward looking-statements
unless and until required by securities laws applicable to American Eagle Gold Corp. Additional
information identifying risks and uncertainties is contained in filings by American Eagle Gold Corp. with
Canadian securities regulators, which filings are available under American Eagle Gold Corp. profile at
www.sedar.com
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/156801