American Eagle Drills 102 Metres of 1.04% Copper Equivalent within 473 Metres of 0.62% Copper Equivalent from Surface in NAK23-11
American Eagle Drills 102 Metres of 1.04%
Copper Equivalent within 473 Metres of 0.62%
Copper Equivalent from Surface in NAK23-11
Highlights:
NAK23-11 returned
473 m @ 0.62%
Copper Equivalent ("CuEq")
from surface
, including:
214 m @ 0.91%
CuEq, in turn including:
102 m @ 1.04%
CuEq
NAK23-10 returned
359 m @ 0.43%
CuEq within:
830 m @ 0.36%
CuEq
from Surface
With two drill holes on a single section returning long intersections of over 0.5% CuEq from surface
(NAK23-08 and 11), both size and tenor of the NAK South Zone continue to increase.
Holes NAK23-10 and 11 affirm that the northerly trending continuously mineralized zone drill-tested
in 2022 also has significant width and higher grades.
Assays are pending from drill holes NAK23-12, 13 and 14.
Drilling continues, and several more holes are planned for this season.
Toronto, Ontario--(Newsfile Corp. - September 19, 2023) -
American Eagle Gold Corp
.
(TSXV: AE)
(OTCQB: AMEGF) ("
American Eagle
" or the "
Company
") is pleased to announce that it has drilled its
best hole to date on its NAK copper-gold porphyry project ("NAK" or the "Project"). NAK23-11
intersected 102 metres of 1.04% Copper Equivalent ("CuEq") within 473 metres of 0.62% CuEq from
surface.
In addition, NAK23-10 intersected 359 metres of 0.43% CuEq within 830 metres of 0.36% CuEq from
surface. The results further demonstrate that the NAK mineralizing system has considerable scale and
the potential for substantial growth in size and grade.
Sections, Drill Core Images, and a New Video relating to NAK 23-10 and NAK 23-11:
Cross-section showing mineralization for NAK 23-10
Cross-section showing mineralization for NAK 23-11
Plan view of drilling to date at NAK
Core images from holes NAK 23-08 to -11
Video detailing the significance of NAK 23-10 and -11
"We've seen significant grade improvement in our drilling at NAK. Our discovery hole in 2022 had 0.37%
CuEq, followed by 0.5% in our first hole this year. In our latest drill hole, NAK23-11, we intercepted over
0.6% across nearly 500 metres. This increasing grade profile, and fact that NAK's mineralization begins
near surface, within an even broader envelope of consistently mineralized rock, and all in an area with
excellent year-round access and infrastructure, helps set NAK apart from its peers in British Columbia,"
said Anthony Moreau, American Eagle's CEO.
NAK 23-11 Assay Results: Table 1
From (m)
To (m)
Length (m)
Au g/t
Cu %
Ag g/t
Mo ppm
Cu Eq %*
45.58
707
661.42
0.29
0.20
1.03
136
0.52
Including
45.58
587
541.42
0.34
0.22
1.04
161
0.58
Including
45.58
519
473.42
0.37
0.22
1.05
165
0.62
And Including
217.41
431
213.59
0.59
0.33
1.5
192
0.91
Including
306.33
431
124.67
0.59
0.39
1.9
194
0.97
Including
316.76
419
102.24
0.67
0.39
1.8
205
1.04
NAK 23-10 Assay Results: Table 2
From (m)
To (m)
Length (m)
Au g/t
Cu %
Ag g/t
Mo ppm
Cu Eq %*
25.95
855.93
829.98
0.17
0.17
0.65
83
0.36
Including
25.95
548
522.05
0.22
0.13
0.69
67
0.35
Including
25.95
402
376.05
0.28
0.13
0.64
61
0.39
Including
119
204
85
0.53
0.25
1.07
51
0.69
And Including
379
738
359
0.14
0.23
0.76
125
0.43
*
Copper Equivalent (CuEq) for drill intersections is calculatged based on US$ 3.75/lb Cu, US$ 1,900/oz Au, US$ 20/oz Ag and US$ 25/lb Mo, with
80% metallurgical recoveries assumed for all metals (Since it's unclear what metals will be the principal products, assuming different recoveries
is premature at this stage. As such an 80% recovery rate is justified at this point in time ). The formula is: CuEq. = Cu % + (Au grade in g/t
x (Au
recovery / Cu recovery) x [Au price ÷ 31] / [Cu price x 2200]) + (Ag grade in g/t x
(Ag recovery / Cu recovery) x [Ag price ÷ 31] / [Cu price x 2200] +
(Mo grade in %
x (Mo recovery / Cu recovery) x [Mo price x 2200] / [Cu price x 2200]). The assays have not been capped.
NAK 22-11 Details:
NAK 23-11 was collared approximately 120 m west of NAK23-08, and intersected similar fine to coarse
grained clastic rocks, intruded by polyphase dykes that are inferred to be associated with the Babine
porphyry stock intrusion. The best zones of mineralization were within conglomeritic units, proximal to
variably mineralized dykes. Copper mineralization increased significantly below 217 m, where the hole
intersected conglomerate, with a coincident increase in gold grades. Gold and molybdenum grades
show a strong correlation throughout this hole. Conspicuously high gold grades down hole from 217 m
appear to be associated with purple anhydrite veins that host chalcopyrite, bornite, and molybdenite,
although gold grades remain strong from top of hole to that point, almost always returning values greater
than 0.2 ppm Au. As the hole traverses deeper and to the west, copper values remained steady, with a
gradual decrease in gold grade. These changes accompany an increase in the proportion of pyrite with
depth. At 707 m, pyrrhotite makes its first appearance, and both gold and copper values drop off sharply.
NAK 22-10 Details:
NAK 23-10 was collared approximately 75 m to the north-northeast of NAK23-08 into intensely altered
and brecciated intrusive rocks of the Babine porphyry stock.
Broad intervals of intense bleaching and
clay alteration appear to reflect late-stage fluid flow that stripped sulphide mineralization in the upper 119
m, below which the hole transitions to conglomerate and brecciated finer grained sedimentary rocks.
Mineralization, consisting of chalcopyrite with minor bornite and pyrite, sharply increases within the
sedimentary lithologies and remains strong through several porphyry dykes. In contrast to holes NAK23-
08 and 11, the strongest disseminated mineralization in NAK23-10 occurs below 540 m within coarse
grained sandstone that is intruded by well-mineralized dykes. As the hole traverses deeper and to the
west, the relative abundance of pyrite increases, and similarly to NAK23-11, pyrrhotite makes a first
appearance below 730 m. While the appearance of pyrrhotite is associated with a similar decrease in
grade, the drop in CuEq values is not as pronounced as in NAK23-11, with overall Cu grades remaining
strongly anomalous until the end of the hole at 856 m.
Update on NAK Holes NAK 23-12 to -15
Assays for drill holes NAK23-12 and NAK23-13 will be received in the coming weeks.
With the recent
completion of NAK23-14, drilling in the North Zone has been completed and core samples from that hole
have been shipped to the lab for assaying. Drilling on NAK23-15 is in progress, representing a 110-m
step-out to the south from NAK23-11 in the South Zone and targeting additional copper-gold
mineralization in that direction. The Company's current plan is that the next hole, NAK23-16, will be a
westerly directed hole collared 150 metres north of NAK23-11. NAK23-16 is intended to test the
continuity of mineralization encountered to the west and at depth in the South zone from our 2022 drill
fence, between the copper-rich North zone and the relatively more gold-rich South zone.
Collar details for holes drilled in the 2022 and 2023 drill program: Table 2
Hole
UTM_Grid
UTM_East
UTM_North
Azimuth
Dip
NAK 22-01
NAD83_Z9
675281
6129359
n/a
-90
NAK 22-02
NAD83_Z9
675281
6129359
340
-70
NAK 22-03
NAD83_Z9
675201
6129658
n/a
-90
NAK 22-04
NAD83_Z9
675181
6129862
n/a
-90
NAK 22-05
NAD83_Z9
675105
6130067
n/a
-90
NAK 22-06
NAD83_Z9
675376
6129782
260
-77
NAK 22-07
NAD83_Z9
675181
6129862
170
-81
NAK 23-08
NAD83_Z9
675341
6129341
270
-60
NAK 23-09
NAD83_Z9
675990
6129284
20
-65
NAK 23-10
NAD83_Z9
675357
6129415
270
-60
NAK 23-11
NAD83_Z9
675215
6129340
270
-60
NAK 23-12
NAD83_Z9
674999
6129846
80
-70
NAK 23-13
NAD83_Z9
675205
6129773
270
-60
NAK 23-14
NAD83_Z9
675260
6129934
260
-70
NAK 23-15
NAD83_Z9
675211
6129232
270
-60
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 along a northerly trend. The objective for 2023 is to expand the
known mineralized footprint at NAK and to identify higher-grade zones of copper and gold. The property
is accessible by road and can be drilled year-round. The promising initial results make NAK an ideal
candidate for further exploration
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 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.
Anthony Moreau, Chief Executive Officer
Phone:
416.644.1567
Email:
www.americaneaglegold.ca
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.
Reader Advisory
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX
Venture Exchange policies) accepts 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 can
exercise its option to acquire the Project as anticipated and whether the Company's exploration efforts
on the Project produce the results 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.sedarplus.ca
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/181090