AE.V · 2024-12-18 12:00:00

American Eagle Gold Delivers Multiple High- Grade Copper Equivalent Intercepts at NAK NAK24-33 intercepts: 50 m of 1.00% Copper Equivalent (CuEq) and; 104 m of 0.78% CuEq and; 103 m of 0.67% CuEq within; 505 m of 0.52% CuEq within;

Drill Results

American Eagle Gold Delivers Multiple High-

Grade Copper Equivalent Intercepts at NAK

NAK24-33

intercepts:

50 m of 1.00% Copper Equivalent (CuEq) and;

104 m of 0.78% CuEq and;

103 m of 0.67% CuEq within;

505 m of 0.52% CuEq within;

888 m of 0.40% CuEq

NAK24-34

Intercepts:

80 m of 0.75 % CuEq within;

323 m of 0.36% CuEq

Assay results for five holes are pending

Toronto, Ontario--(Newsfile Corp. - December 18, 2024) - American Eagle Gold Corp. (TSXV: AE)

(OTCQB: AMEGF) ("American Eagle" or the "Company") continues to deliver exciting results at NAK,

with NAK24-33 delivering three distinct zones of high-grade within an intercept of 505 metres at 0.52%

CuEq. NAK24-33 is the second most northerly drill hole assayed by the Company to date. It confirms the

presence of strong copper-gold mineralization, highlights NAK's scale, and extends the system

northward and to depth.

View Video of CEO Anthony Moreau and Lead Geo Neil Prowse Discuss Results

NAK24-32 and -34 are drill holes that were part of the Company's objective to connect the North and

South zones. Along with the results for previously released holes, such as NAK24-24 and -26, they show

that this part of the system is large, continuous and hosts localized zones of higher-grade copper-gold

mineralization, some of which extend to surface. Results from five additional holes from the 2024 drilling

program are pending. All parts of the NAK system tested to date remain open, with the Company just

beginning to unlock the property's full potential

(refer to drill hole map

"NAK continues to deliver standout results, with multiple intercepts of significant high-grade

mineralization," stated CEO Anthony Moreau. "The more we drill, the clearer our understanding of this

remarkable project becomes, showcasing impressive grade, scale, and near-surface mineralization. In

2024, we've seen substantial expansion in the South Zone, and now the North Zone is demonstrating

similar potential."

American Eagle's treasury is $37 million after South32's recent $29 million investment (

see NR here

providing the resources necessary to test the full extent of the property's exploration potential.

Plan Map, Long Section and Drill Core Images:

Interactive plan view map of drilling to date at NAK

Core images for Assayed 2024 Drill Core

NAK24-33 Assay Results (Table 1) and Details*

Hole

From (m)

To (m)

Length (m)

Cu (%)

Au (g/t)

Ag (g/t)

Mo (ppm)

CuEq (%)

NAK24-33

302

352

50.00

0.69

0.11

7.65

250

1.00

And

NAK24-33

491

595

104

0.52

0.22

2.4

108

0.78

And

NAK24-33

694

797

103

0.39

0.25

3.47

0.67

Within

NAK24-33

302

807

505

0.31

0.14

2.28

129

0.52

Within

NAK24-33

954

888

0.25

0.10

1.67

0.40

Cross Section of NAK24-33

Copper Equivalent (CuEq) shown in Tables for drill intersections are calculated on a basis of US$ 3.75/lb for Cu, US$ 1,900/oz for Au, US$ 20/oz

for Ag and US$ 25/lb for 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). 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.

NAK24-33

was collared 100 m to the north of NAK24-30, and drilled to the east, representing the

northernmost western step-out hole from the north-south trend outlined by historical drilling. It intersected

generally weakly mineralized siltstone and sandstone cut by several narrow copper-bearing porphyry

dykes to a depth of 493 m, with conglomerate intersected from there to a depth of 593 m; thereafter, to

the end of the hole at 962 m, intrusive rocks of the Babine porphyry stock were intersected.

Mineralization sharply increased downhole at 302 m, where it is driven by the presence of bornite-

chalcocite bearing sparsely feldspar phyric monzonitic dykes and by a younger intervening seriate-

textured relatively crowded porphyry dyke. The dykes are flanked by envelopes of local but prominent

coarse bornite veining in host sedimentary rocks, and the dykes themselves, here and elsewhere within

this hole return strongly elevated molybdenum, both as local disseminations and in purple anhydrite-

bearing veins that resemble those intersected much farther south in drill hole NAK23-17.

Strong mineralization also manifests between 493 m and 593 m as consistent bornite-chalcopyrite

disseminations and veining within the conglomerate. Within the lower part of the hole, in host rocks of the

Babine stock, is a broad interval between 694 m and

797 m of hydrothermal brecciation where angular

fragments of the stock are cemented by cryptocrystalline (chalcedonic) to colloform banded to drusy

quartz in open space fillings displaying local geopetal fabrics. Sulphide mineralization within the interval

occurs primarily as wispy chalcopyrite stringer veins and veinlets, and as angular mm- to cm-scale

masses within quartz veining, as well as sparsely distributed bornite within earlier emplaced veins within

breccia fragments. These mineralogical and textural features along with local zones of bladed barite and

the pervasively pyrite- and chalcopyrite-mineralized chalcedonic veining are indicative of an epithermal

environment, suggesting that this system has been telescoped onto the porphyry system at NAK. It also

suggests that additional similar epithermal-style targets may lie within the porphyry stock core farther to

the east where little drill-testing has taken place.

Overview of NAK24-32 and NAK24-34 and Central Part of the NAK Main Trend

Drill holes NAK24-32 and NAK24-34 were both drilled to the east at steep inclinations, sub-parallel with

drill holes NAK24-20 and -22, respectively. Together, these two pairs of holes establish east-west drill

sections, or preliminary' fences,' that lie approximately 100m apart in the area midway between the

historical North and South zones. This area of the 20/32 and 22/34 drill fences had seen only minimal

shallow historical drilling, and American Eagle itself has only drilled two holes in it, with both drilled early

in the 2022 campaign (NAK22-02 and 03). In hole NAK22-03, a vertical hole, the upper part generally

returned weaker grade with grade increasing downhole, and NAK22-02, which was drilled northerly from

the South zone, only reached the latitude of the 20/32 and 22/34 drill fences at considerable depths,

where it, like NAK22-03 intersected significant mineralized intervals.

More recently, drill holes NAK24-24

and NAK24-26, drilled on more northerly headings, pass through both drill fences at moderate depths,

again with significant mineralized intercepts.

Given the above, the expectations for results for the 20/32 and 22/34 drill fences were not high. While

NAK24-20 and NAK24-22 returned generally lower grades, both holes returned long intervals of

continuous mineralization. However, the up-dip and more easterly holes, NAK24-32 and NAK24-34,

returned grades that show that the deeper mineralization intersected in those more westerly holes

generally increases toward surface. Together with the results from the Company's earlier drill holes,

these results provide still further evidence for the existence of a broad zone of continuous mineralization

roughly 350m across and extending to at least 750m to depth, lying outboard of the Babine porphyry

contact and connecting the North and South zones at NAK. This zone corresponds with the presence of

a variety of dykes and sedimentary host rocks, both of which are commonly well-mineralized, and its

continuity, displaying local broad intercepts of higher-grade mineralization within continuously

mineralized lower grade material, now stretches for more than a kilometer from south to north.

Another notable feature of this North-South mineralized connection that is apparent from the recent

results is the subtle but steady increase in grade between the two drill fences. Given that the North zone

has returned excellent grades, such as in the two drill fences defined by 1) American Eagle holes

NAK23-12 and NAK24-27, and 2) holes NAK24-14, NAK24-30 and NAK24-33, in addition to the

historical North zone drilling, this further suggests that a number of additional "up-dip" or "infill" holes in

the intervening area between the 22/34 and 12/27 fences warrant drilling. These drill holes should be

designed to test to moderate and shallow depths outboard of and across the Babine porphyry contact,

and while focused initially in that area, larger gaps in drill data that exist farther to the south should also

be considered.

NAK24-34 Assay Results (Table 3) and Details

Hole

From (m)

To (m)

Length (m)

Cu (%)

Au (g/t)

Ag (g/t)

Mo (ppm)

CuEq (%)

NAK24-34

346

426

0.51

0.21

4.54

0.75

Within

NAK24-34

346

669

323

0.22

0.13

1.64

0.36

Within

NAK24-34

669

642

0.16

0.09

1.08

0.27

Cross Section of NAK24-34

NAK24-34

was collared 100 m east of NAK24-22 and north of NAK24-32, and was drilled eastward.

Like NAK24-32, it was designed to infill between the western string of holes drilled eastward to depth

toward the Babine porphyry stock contact during phase 1 of the 2024 program, and the historically drilled

holes targeting the same contact at shallow depths farther east. NAK24-34 was collared, surprisingly,

into a crowded porphyry dyke very similar in texture and composition to the Babine porphyry stock, and

apparently extending parallel to the trend of the intrusion to a depth of 346 m, where pebble to cobble

conglomerate was intersected. Within the intrusion, mineralization, while sparse, was similar to that

hosted by rocks of the Babine porphyry stock to the east, with veinlets and fracture coatings of bornite

and chalcopyrite, along with two meter-scale intercepts of strongly bornite mineralized feldspar phyric

monzonite dykes. A sharp increase in the tenor of mineralization coincides in the hole with the

appearance of conglomeratic wall rocks, where both disseminations and veins are common.

NAK24-32 Assay Results (Table 2) and Details*

Hole

From (m)

To (m)

Length (m)

Cu (%)

Au (g/t)

Ag (g/t)

Mo (ppm)

CuEq (%)

NAK24-32

458

545

0.21

0.12

1.15

0.33

And

NAK24-32

323

545

222

0.16

0.09

0.69

0.25

Within

NAK24-32

545

496

0.10

0.08

0.40

0.22

Cross Section of NAK24-32

NAK24-32

was collared 100 m east of NAK24-20 and north of NAK24-29, and was drilled eastward to a

total depth of 605 m. It was designed to infill between NAK24-20 and the north-trending set of shallow

historical holes. drilled close to the Babine porphyry stock contact approximately 200 m to the east. The

main aim of this hole was to better define the untested near-surface geology and mineralization, not far

outboard to the west of the contact, where both the historical holes and the Company's 2022-24 holes

encountered the best grades. NAK24-32 intersected finer-grained sedimentary rocks, sandstone and

siltstone, down to a depth of 100 m, beyond which, and down to a depth of 544 m, pebble to cobble

conglomerate, interrupted by local thin sandstone interlayers, and intruded by common porphyry dykes,

was intersected. At 544 m, rocks of the Babine porphyry were intersected. Mineralization within NAK24-

32 was consistent, but subdued although notably stronger than that intersected in NAK24-29 to the south.

Like NAK24-20 and NAK24-29, the strength of mineralization increases with depth, and is supported by

local meter scale zones of very strong grade in the form of cm-scale veins with semi massive bornite,

and locally abundant bornite and chalcopyrite disseminations within conglomerate.

Collar details for holes drilled in the 2022, 2023 and 2024 drill program (table 4):

Hole

UTM_Grid

UTM_East

UTM_North

Azimuth

Dip

News Release

NAK22-01

NAD83_Z9

675281

6129359

n/a

-90

881

07-Nov-22

NAK22-02

NAD83_Z9

675281

6129359

340

-70

984

05-Dec-22

NAK22-03

NAD83_Z9

675201

6129658

n/a

-90

941

25-Jan-23

NAK22-04

NAD83_Z9

675181

6129862

n/a

-90

548

25-Jan-23

NAK22-05

NAD83_Z9

675105

6130067

n/a

-90

824

02-Mar-23

NAK22-06

NAD83_Z9

675376

6129782

260

-77

920

02-Mar-23

NAK22-07

NAD83_Z9

675181

6129862

170

-81

874

02-Mar-23

NAK23-08

NAD83_Z9

675341

6129341

270

-60

881

09-Aug-23

NAK23-09

NAD83_Z9

675990

6129284

-65

837

14-Sep-23

NAK23-10

NAD83_Z9

675357

6129415

270

-60

855

19-Sep-23

NAK23-11

NAD83_Z9

675215

6129340

270

-60

836

19-Sep-23

NAK23-12

NAD83_Z9

674999

6129846

-70

929

12-Oct-23

NAK23-13

NAD83_Z9

675205

6129773

270

-60

620

08-Jan-24

NAK23-14

NAD83_Z9

675260

6129934

260

-70

749

08-Jan-24

NAK23-15

NAD83_Z9

675211

6129232

270

-60

617

08-Jan-24

NAK23-16

NAD83_Z9

675166

6129479

265

-65

743

08-Jan-24

NAK23-17

NAD83_Z9

674969

6129377

105

-73

810

08-Jan-24

NAK24-18

NAD83_Z9

674961

6129472

-77

914

20-Aug-24

NAK24-19

NAD83_Z9

675219

6129388

120

-55

951

20-Aug-24

NAK24-20

NAD83_Z9

674946

6129573

-72

933

20-Aug-24

NAK24-21

NAD83_Z9

675264

6129415

n/a

-90

419

20-Aug-24

NAK23-22

NAD83_Z9

674927

6129673

-71

943

21-Oct-24

NAK24-23

NAD83_Z9

675264

6129415

340

-70

526

20-Aug-24

NAK24-24

NAD83_Z9

675264

6129415

340

-55

950

21-Oct-24

NAK24-25

NAD83_Z9

674930

6129766

-74

923

21-Oct-24

NAK24-26

NAD83_Z9

675264

6129415

300

-60

586

21-Oct-24

NAK24-27

NAD83_Z9

674898

6129857

-70

977

07-Dec-24

NAK24-28

NAD83_Z9

675357

6129415

115

-55

632

21-Oct-24

NAK24-29

NAD83_Z9

675063

6129485

-70

599

07-Dec-24

NAK24-30

NAD83_Z9

675021

6129939

-72

899

07-Dec-24

NAK24-31

NAD83_Z9

675063

6129352

-78

494

Pending

NAK24-32

NAD83_Z9

675049

6129581

-70

605

This Release

NAK24-33

NAD83_Z9

675044

6130018

-70

962

This Release

NAK24-34

NAD83_Z9

675031

6129671

-70

669

This Release

NAK24-35

NAD83_Z9

675105

6130067

-65

922

Pending

NAK24-36

NAD83_Z9

675509

6129440

115

-55

641

Pending

NAK24-37

NAD83_Z9

675105

6130067

-55

842

Pending

NAK24-38

NAD83_Z9

675181

6129862

-55

890

Pending

QA/QC and Sampling Protocol

Sampling at NAK follows a rigorous methodology and internal QA/QC protocol. Drill core is halved on

site, and samples are submitted to ALS Geochemistry in Langley, British Columbia for preparation and

analysis. ALS is accredited to the ISO/IEC 17025 standard for assays. All analytical methods include

quality control standards inserted at set frequencies. The entire sample interval is crushed and

homogenized, and 250 g of the homogenized sample is pulped. All samples were analyzed for gold,

silver, copper, molybdenum and a suite of 45 other major and trace elements. Analysis for gold is by fire

assay fusion followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) on 30 g

of pulp. Analysis for silver, copper, and molybdenum is by four-acid digestion followed by Inductively

Coupled Plasma Mass Spectroscopy (ICP-MS). All other major and trace elements are analyzed by four-

acid digestion followed by ICP-MS.

Internal QA/QC protocols dictate that individual core samples are no less than 70 cm and no greater than

3 m in length. To control standard, blank, and duplicate sample frequency, and to better constrain

pass/fail re-analysis intervals, samples are submitted to the lab in 50 sample batches. Within each 50-

sample batch, there is one gold-copper standard and two coarse reject duplicates, inserted at regular

intervals, and two blank samples, inserted sequentially following well-mineralized samples where

possible, for a total of 10% QA/QC samples. All gold and copper standard analyses from the 2023

program passed within 2 standard deviations of expected values. Where duplicate values differed

significantly, the lower values from the resulting re-analyses were used.

About American Eagle's NAK Project

The NAK Project lies within the Babine copper-gold porphyry district of central British Columbia. It has

excellent infrastructure through all-season roads and is close to the towns of Smithers, Houston, and

Burns Lake, B.C., which lie along a major rail line and Provincial Highway 16. Historical drilling and

geophysical, geological, and geochemical work at NAK, which began in the 1960's, tested only to

shallow depths. Still, the work revealed a very large near-surface copper-gold system that measures over

1.5 km x 1.5 km. Drilling completed in 2022, 2023, and 2024 by American Eagle has returned significant

intervals of high-grade copper-gold mineralization that reach beyond and much deeper than the historical

drilling, indicating that zones of near-surface and deeper mineralization, locally with considerably higher

grades, exist within the broader NAK property mineralizing system.

For the latest videos from American Eagle, Ore Group, and all things mining, subscribe to our YouTube

Chanel:

youtube.com/@theoregroup

About American Eagle Gold Corp.

American Eagle is dedicated to advancing its NAK copper-gold porphyry project in west-central British

Columbia, Canada. The Company benefits from over $37 million in cash, bolstered by two strategic

equity partnerships formed in the past two years with Teck Resources and South32. With substantial

financial and technical resources, American Eagle Gold is well-positioned to drill, de-risk, and define the

full potential of the NAK Copper-Gold porphyry project.

Anthony Moreau, Chief Executive Officer

416.644.1567

[email protected]

www.americaneaglegold.ca

Q.P. 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

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 complete the Offering as anticipated, the receipt of regulatory approval,

including the approval of the TSX Venture Exchange, to complete the Offering, the intended use of

proceeds and intended drill program or its anticipated results at the Company's NAK project, the ability

of the Company to make the qualifying expenditures as anticipated by management, and other matters

ancillary or incidental to the foregoing. 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

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.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/234293

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