American Eagle Drills 125 m of 1.02% Copper Equivalent from Surface within 851 m of 0.33% Copper Equivalent in maiden drill hole at NAK
American Eagle Drills 125 m of 1.02% Copper
Equivalent from Surface within 851 m of 0.33%
Copper Equivalent in maiden drill hole at NAK
Highlights:
·
Maiden hole returned
851.28 m
of 0.33% copper equivalent ("CuEq"), including
126 m
of 1.02%
CuEq from surface
All 5 holes ended in mineralization at up to a maximum depth of
984 m
downhole
Strike length of mineralization encountered in holes NAK22-01 to -05 is
730 m
and is open in
multiple directions
Results indicate a potential system footprint over 1.5km x 1.5km X 1km depth, open along strike
and depth
Assays for holes NAK22-02 to -05 are pending. Current drill program has been expanded a
further
2,000 m
to define geometric extent of a potentially significant copper-porphyry system
TORONTO
,
Nov. 7, 2022
/CNW/ - American Eagle Gold Corp. (TSXV: AE) ("
American Eagle
" or
the "
Company
") is pleased to report assay results from NAK22-01, the first hole of its 2022
program on its NAK copper-porphyry project ("NAK"). All five holes drilled on NAK have intersected
broad intervals of porphyry-style mineralization from surface to end-of-hole, the longest of which was
984 m
.
NAK is a classic porphyry copper-gold target whose current
5,000 m
drill program tests the potential
for a mineralized footprint greater than 1.5 km x 1.5 km. All five holes drilled to-date hit broad
mineralization from surface to a maximum depth of
984 m
downhole. Assay results for NAK22-02 to
-05 are pending.
"Our objective at NAK is to discover a world-class copper-gold deposit with a high-grade core at
depth. Today's results exceeded our expectations. We have encountered mineralization in every hole
and intersected a wide, high-grade interval from surface on the first hole. The bounds of the system
are entirely unknown, including depth extensions of high grade. These early results set us up for an
exciting remainder of 2022 and 2023," said
Anthony Moreau
, American Eagle's CEO.
Click here for long section of NAK22 -01 and other Drill Holes
NAK22–01 Intersection Details:
Assay results from hole 1 confirm and expand upon NAK's historically discovered copper-gold South
Zone, which typically shows strong gold and copper results beginning at the bedrock surface.
Mineralization is best developed in Hole 01 between
29.30 m
(depth to the bedrock beneath glacial
overburden) to
155.50 m
(
125.78 m
of 1.02 % CuEq). It remains strong until a depth of
251.00 m
(
221.28 m
@ 0.68 CuEq) within host intermediate volcanic rocks and intruding Babine Suite porphyry
dykes. Mineralization through the zone is characterized by consistently high copper grades and
conspicuously strong gold results. The gold appears to be associated with abundant quartz veinlets,
mineralized fractures, and related dissemination. The zone's visible mineralization consists almost
entirely of chalcopyrite, with trace observed pyrite and bornite. Below approximately
250 m
in depth,
the hole encountered Babine Suite porphyritic intrusive rocks, continuous to end-of-hole,
intermittently mineralized with fracture and vein-hosted chalcopyrite and bornite. From
784 m
to
819
m
, a zone of more intensely mineralized rock was encountered, with the robust copper results in the
hole occurring between 801 and
818 m
(
17 m
of 2.23 % Copper equivalent). Mineralization therein
consisted of disseminated and semi-massive vein-hosted bornite and chalcopyrite. Highlighted
length-weighted assay intervals are presented in Table 1 below:
Table 1: NAK22-01 Assay Results
From (m)
To (m)
Length (m)
Au (g/t)
Cu (%)
Ag (g/t)
Cu Eq %
29.72
881.00
851.28
0.22
0.17
0.97
0.33
Including
29.72
155.50
125.78
1.01
0.29
1.45
1.02
Within
29.72
251.00
221.28
0.65
0.21
1.01
0.68
Within
29.72
557.00
527.28
0.33
0.16
0.56
0.40
And Including
801.00
818.00
17.00
0.39
1.63
20.69
2.23
Within
784.00
818.00
34.00
0.21
0.95
11.89
1.28
Within
753.37
818.00
64.63
0.15
0.58
6.78
0.78
*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 and Ag =
20 USD/oz. CuEq grade including copper, gold and silver based on 100% recoveries is calculated using the following equation:
CuEq. = Cu % + (Au grade x [Au price
÷ 31] / [Cu price
x22]) + (Ag grade x [Ag price
÷ 31] / [Cu price
x 22]). The assays have not been capped.
Click here for detailed core images from holes NAK22-01 to -05
Drill Core Descriptions for Holes NAK22-01 to -05
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
.
NAK22-02
was drilled to the north at a -70-degree angle from the same collar as NAK22-01. It
intercepted similarly mineralized intermediate composition volcanic rocks seen in hole NAK22-01
down to
400 m
and continued through Babine Suite intrusive rocks. Mineralization includes
disseminated and vein-hosted chalcopyrite-bornite mineralization intermittently from surface to end-
of-hole (
984 m
).
NAK22-03
is a vertical drill hole testing
300 m
north of NAK22-01. It passed 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
and Babine Suite
intrusive rocks from
600 m
to the end-of-hole at
941 m
. The volcanic rocks are mineralized by
disseminated and vein-hosted chalcopyrite-bornite, and the intrusive rocks by chalcopyrite-bornite
veining commonly associated with a soft metallic black mineral, inferred to be hypogene chalcocite,
with a conspicuous interval occurring between 740-
760 m
. The mineralization encountered in holes
NAK22-02 and NAK22-03 confirms the continuity of 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 (0-
100 m
) and deeper (350-
548 m
) disseminated and vein-
hosted chalcopyrite-bornite mineralization. One of the final holes in the 2022 program will be
completed beneath this hole by drilling from an off-section collar.
NAK22-05
was drilled vertically,
218 m
north of NAK22-04, with the aim of testing mineralization
along projected strike from the previously drilled holes. Mineralization is present throughout, although
it is subtle compared to 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
.
The five holes drilled to date are continuously mineralized to an approximate average of
900 m
depth, along a strike length of nearly
750 m
. The mineralized zone remains open in all directions.
Assays for holes 2, 3, 4, and 5 are pending, and the drilling of hole 6 is about to commence. A total
of seven holes and approximately
5,500 m
will be completed in the 2022 drill program.
About American Eagle's NAK Project
NAK is a classic porphyry copper-gold mineralized zone that exhibits many signs of a robust and
large-scale system. Historic shallow drilling programs defined a near-surface copper-gold system
with a footprint greater than 1.5km x 1.5km that was open and completely untested at depth. The
current drill program on NAK was designed to test geophysical targets at a depth based on new
interpretations from recent ZTEM, IP, 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, BC
, 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 (e.g. close
association of airborne magnetic highs with annular IP chargeability highs)
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 sequential
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.
All samples are assayed using a four-acid digestion multi-element ICP analysis and a separate
gold fire assay.
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
.
For the latest videos from American Eagle, Ore Group, and all things Mining, subscribe to
our YouTube Chanel:
youtube.com/@theoregroup
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.
www.americaneaglegold.ca
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. Actual results might differ materially from results
suggested in any 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
.
SOURCE
American Eagle Gold Corporation
View original content:
http://www.newswire.ca/en/releases/archive/November2022/07/c4405.html
%SEDAR: 00051688E
For further information:
Anthony Moreau, Chief Executive Officer, Phone:
416.644.1567, Email:
CO: American Eagle Gold Corporation
CNW 06:00e 07-NOV-22