American Eagle Drills 776 Metres of 0.50% Copper Equivalent from Surface
American Eagle Drills 776 Metres of 0.50%
Copper Equivalent from Surface
Highlights:
NAK23-08 returned 776 m @ 0.50% copper equivalent ("CuEq") from surface, representing the
best intercept to date
This hole was drilled into a large, previously untested area, significantly expanding the mineralized
footprint to the west.
Mineralization starts from surface, and mineralization was consistent throughout the hole.
Follow-up holes NAK23-10 and NAK23-11 have encountered similar or better visual mineralization
over similar intervals, further expanding the footprint of mineralization to the previously untested
area to the west (see plan view map below; updated drill core images for these holes are also now
available).
Toronto, Ontario--(Newsfile Corp. - August 9, 2023) -
American Eagle Gold Corp
. (TSXV: AE)
(OTCQB: AMEGF)
("
American Eagle
" or the "
Company
") is pleased to announce that it has
intersected 776 metres of 0.50 % copper equivalent in the initial hole of its 2023 drill campaign on its
NAK copper-gold porphyry project ("NAK" or the "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.
Plans, Sections, and Drill Core Images for NAK23-08:
Cross-section with Mineralization and Lithology of NAK23-08
Plan View Map of NAK23-08
Core images from holes NAK23-08 to -11
Video of CEO Anthony Moreau and Neil Prowse Discussing the Significance of NAK23-08
"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.
NAK23-08 Assay Results: Table 1
Hole
From (m)
To (m)
Length (m)
Au g/t
Cu %
Ag g/t
Mo ppm
Cu Eq % *
NAK23-08
26.1
881
854.9
0.25
0.2
1.12
92
0.46
Including
NAK23-08
26.1
802
775.9
0.27
0.22
1.19
99.8
0.50
NAK23-08
26.1
509
482.9
0.37
0.19
1.33
83.52
0.53
NAK23-08
26.1
263
236.9
0.5
0.19
2
61.2
0.62
NAK23-08
26.1
170
143.9
0.58
0.27
3.02
40.95
0.75
And Including
NAK23-08
64
170
106
0.73
0.25
2.28
42.33
0.84
And Including
NAK23-08
344
802
458
0.18
0.25
0.89
124.65
0.48
NAK23-08
344
509
165
0.3
0.24
0.77
121.1
0.55
*
Copper Equivalent (CuEq) for drill intersections is calculated 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.
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.
Collar details for holes drilled in the 2022 and 2023 drill program: Table 3
Hole
UTM_Grid
UTM_East
UTM_North
Azimuth
Dip
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
NAK23-08
NAD83_Z9
675341
6129341
270
-60
NAK23-09
NAD83_Z9
675990
6129284
20
-65
NAK23-10
NAD83_Z9
675357
6129415
270
-60
NAK23-11
NAD83_Z9
675215
6129340
270
-60
NAK23-12
NAD83_Z9
674999
6129846
80
-70
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.
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
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/176588