AE.V · 2024-08-20 12:00:00

American Eagle Intercepts 175 m of 1 g/t Gold Eq, 275 m of 0.9 g/t Gold Eq and 108 m of 1 g/t Gold Eq, All from Surface at NAK NAK's Gold Zone Drill Highlights: NAK24-23 intercepted 40 m of 2.01 g/t Gold Equivalent ("AuEq") from Surface

Drill Results

American Eagle Intercepts 175 m of 1 g/t Gold

Eq, 275 m of 0.9 g/t Gold Eq and 108 m of 1 g/t

Gold Eq, All from Surface at NAK

NAK's Gold Zone Drill Highlights:

NAK24-23 intercepted

40 m of 2.01 g/t Gold Equivalent

("AuEq") from Surface

within

175 m of 1.03 g/t AuEq

from Surface

within

276 m of 0.83 g/t AuEq

from Surface

NAK24-21 intercepted

130 m of 1.10 g/t AuEq

from Surface

within

275 m of 0.9 g/t AuEq

from Surface

NAK24-19 intercepted

108 m of 1.00 g/t AuEq

from Surface

within

191 m of 0.76 g/t AuEq

from Surface

Toronto, Ontario--(Newsfile Corp. - August 20, 2024) - American Eagle Gold Corp. (TSXV: AE)

(OTCQB: AMEGF) ("American Eagle" or the "Company") is pleased to announce a significant

expansion of its at-surface high-grade "Gold Zone."

The Company is reporting assay results for three recently drilled holes from the Gold Zone and two holes

drilled across the Main Zone. The Gold Zone holes were drilled in different directions, and each returned

well over 100 meters of 1 g/t AuEq from surface. The results significantly increase the Gold Zone's size

by extending it to depth and to the north. The Company believes this near-surface high-grade gold and

copper resource will be vital to unlocking the economic viability of the NAK project.

Gold Zone highlights:

NAK24-23:

175 m of 1.03 g/t AuEq from Surface

NAK24-21:

275 m of 0.9 g/t AuEq from Surface

NAK24-19:

108 m of 1.00 g/t AuEq from Surface

"The expansion of our higher-grade Gold Zone from surface at NAK continues to impress. The

substantial volume of copper-gold mineralization surrounding the newly expanded Gold Zone, coupled

with NAK's unique infrastructure advantages, with gentle terrain, drive-on year-round access for drilling

from a logging cut-block, and proximity to full-service towns and a major transportation corridor, positions

NAK for success. Simply put, NAK is easy to access and has great topography, which are major

advantages relative to its porphyry peers when considering exploration costs and operational and build-

out costs when evaluating NAK's economic potential. These holes represent the first few results of the

program, and we expect drilling to continue through November with consistent updates on our progress,"

says CEO Anthony Moreau.

Plan Maps, Long Section and Drill Core Images:

Plan view of drilling to date at NAK

Plan Map of NAK's Expanding Gold Zone

Long Section of NAK's Expanding Gold Zone

Core images for Assayed 2024 Drill Core

Ongoing Drilling at the NAK Project:

Drill holes NAK24-24, -26, and -28 have visually confirmed further expansion of the Gold Zone, with

NAK24-24 and NAK24-26 traversing north and northwest, respectively, of NAK24-21, beyond the gold-

enriched stockwork mineralization, drilling into the south and central parts of the broader main zone of

more copper-rich mineralization that extends in that direction. Due to the high tenor of gold in the Gold

Zone, the Company is emphasizing Gold Equivalent (AuEq) as well as Copper Equivalent (CuEq)

grades in this news release.

American Eagle expects NAK's current drill program to continue into November, with assays being

released upon receipt and following QA/QC (Quality Assurance/Quality Control).

Gold Zone and Main Zone:

Historically, the Gold Zone was termed the South or Stockwork zone, and was known to carry both

significant copper and gold. Given that most of the contained metal value appears to be in gold, it will be

referred to as the Gold Zone. It is continuous westward and northward with the larger and generally more

copper-rich northerly trending zone of mineralization that extends from it and connects to the historical

North, or Copper zone, hence for the referred to as the Main zone.

Gold Zone Highlights:

NAK24-23 Assay Results (Table 1) and Details*

Hole

From (m)

To (m)

Length (m)

Au (g/t)

Ag (g/t)

Mo (ppm)

AuEq (g/t)

CuEq

NAK24-23

1.45

0.36%

2.5

2.01

1.49%

within

NAK24-23

140

103

0.80

0.30%

1.7

1.26

0.93%

within

NAK24-23

212

175

0.60

0.28%

1.3

1.03

0.76%

within

NAK24-23

313

276

0.45

0.24%

1.0

0.83

0.61%

Cross Section of NAK24-23

Gold Equivalent (AuEq) 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 is unclear what metals will be the principal products,

assuming different recoveries is premature at this stage). The formula is: AuEq. = Au grade in g/t +

{Cu % + (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])} ÷

([Au price ÷ 31] /

[Cu price x 2200])

. The assays have not been capped.

NAK24-21 Assay Results (Table 2) and Details

From (m)

To (m)

Length (m)

Au (g/t)

Ag (g/t)

Mo (ppm)

AuEq (g/t)

CuEq

NAK24-21

112

242

130

0.70

0.27%

1.2

1.10

0.82%

within

NAK24-21

310

275

0.57

0.22%

1.3

0.90

0.67%

Cross Section of NAK24-21

NAK24-21 and NAK24-23 were collared from the same set-up, approximately 60 m north of NAK22-01

and NAK22-02. NAK24-21 was a vertical hole drilled to a depth of 419 m, while NAK24-23 was drilled

toward 340 degrees at an -70-degree inclination, to a total depth of 527m.

Both holes intersected

classic stockwork style mineralization with quartz veining containing local centerline chalcopyrite and

bornite mineralization. The upper 300 m of both holes were marked by broken core, with bornite and

chalcopyrite commonly coating fracture surfaces. Lithologically, the holes were characterized by

intercalated mineralized Babine porphyry stock intrusive rocks, and fine-grained sedimentary rocks.

Below 300 m in NAK24-23, dykes similar in composition to the Babine porphyry stock cut intervals of

chalcopyrite-mineralized conglomerate.

NAK24-19 Assay Results (Table 3) and Details

Hole

From (m)

To (m)

Length (m)

Au (g/t)

Ag (g/t)

Mo (ppm)

AuEq (g/t)

CuEq

NAK24-19

152

108

0.62

0.20%

1.7

1.00

0.74%

within

NAK24-19

239

195

0.43

0.19%

1.6

0.75

0.55%

within

NAK24-19

951

907

0.11

0.08%

0.6

0.27

0.20%

Cross Section of NAK24-19

NAK24-19 was collared 70 m to the northwest of NAK22-01 and NAK22-02 and drilled at a 55-degree

inclination toward the southeast. This hole was designed to traverse from near the western margin of the

gold-enriched South (Stockwork, Gold) zone, to ultimately test the flank of the IP embayment target.

Mineralization was very strong downhole to 239 m, with similar stockwork-style mineralization to that

encountered in holes NAK24-21, 23, and NAK22-01 and 02, with abundant veining and fracture-hosted

copper sulfides that decrease gradually downhole.

Below this depth, down to approximately 700m, a

sequence of silicified or siliceous fine-grained, and thin-bedded, and commonly structurally disrupted

sedimentary rocks predominates. It hosts only trace chalcopyrite and molybdenite, mainly as fracture

coatings and sparsely distributed veinlets. Below the fine-grained rocks, mineralization picks up and is

hosted largely by conglomeratic rocks and sandstone with similarities to rocks encountered in drill holes

to the west and northwest. They host disseminations and local breccia infill of chalcopyrite to a downhole

depth of 950m. Notably, near the end of the hole, a 30 cm wide zone of chalcopyrite-bearing vein breccia

and associated disseminations in the wall rocks returned 0.78 g/t Au and 0.77 % Cu across a one metre

interval, and overall, hole NAK24-19's strongly anomalous copper at depth near the IP embayment zone

is encouraging. Future testing of the zone will be undertaken from the north or northeast.

Update on NAK24-24, -26, -28:

Three additional holes have been drilled in the Gold Zone and are awaiting results. NAK24-24 was

collared from the same location as NAK24-21 and 23, drilling at a 55-degree inclination to the north. This

hole was allowed to continue northward through the Gold Zone as far north as what was originally known

as the North or Copper zone, thereby yielding a more complete understanding of the relationship

between the historical South (Stockwork, Gold) and North (Copper) zones. Visuals from the hole help

support our view that mineralization is largely continuous between the zones and show that to the north

and at depth (end of hole equalled 950m), the bornite-chalcopyrite rich disseminated, and vein

mineralization encountered in drill hole NAK23-12 is extensive.

NAK24-26 was also drilled from the same location as NAK24-24, but at a northwest, 300-degree

azimuth. As with hole NAK24-24, hole 26 was drilled from the gold-rich South zone (Gold zone),

traversing into the more copper-rich mineralization characteristic of the broader northerly-trending

mineralized zone at NAK (Main zone). The hole was shut down in fine-grained, weakly mineralized

silicified/siliceous sedimentary rocks at a depth of 600 m.

NAK24-28 was collared approximately 100 m to the east of NAK24-24 and drilled at a -55-degree

inclination to the southeast. This hole collared in the Gold Zone, in stockwork style mineralization that

included local chalcopyrite-mineralized centerline quartz veins, veins containing local bornite, and local

bornite-coated fracture surfaces, all accompanied by finely disseminated chalcopyrite and bornite

throughout the groundmass. Downhole of the stockwork style mineralization the hole intersected

disseminated chalcopyrite hosted by coarse-grained pebbly sandstone, down to a depth of

approximately 500m. where weaker mineralized silicified/siliceous fine grained sedimentary rocks were

intercepted. The hole was shut down at a depth of 623 m.

South to North "Main Zone" Drilling Highlights:

NAK24-18: 816 m of 0.25% CuEq

, including 25 m of 2.01% CuEq

and

12 m of 1.43% CuEq

NAK24-20: 316 m of 0.37% CuEq and 83 m of 0.52% CuEq within 557 m of 0.32% CuEq, all

within 827 m of 0.29% CuEq.

Along with holes NAK24-18 and -20, three further holes, NAK24-22, -25 and -27, have been collared on

the Main zone trend connecting mineralization in the south, at the Gold Zone and in rocks contiguous to

the west (e.g., NAK23-08, -11, 17, -10, and 16), with generally more copper-rich rocks in the north in the

historical Copper zone (e.g., NAK23-12 and -14). The three holes for which results are pending were

drilled west to east on sections spaced 100 m apart, north from the section along which hole NAK24-20

was drilled.

Overall, in these west-to-east deeper holes, mineralization has increased in abundance and

tenor northward, with a concomitant increase in bornite mineralization at depth, particularly in holes

NAK24-25 and NAK24-27. Consequently, the Company's systematic drilling of long holes from westerly

step-outs has helped to show that mineralization in the south is continuous with that in the north. This

work is also outlining a very large volume of mineralized rock that includes within it local zones of very

high tenor. Beyond this drilled zone, particularly to the north, lie considerable areas which remain largely

untested.

NAK24-18 Assay Results (Table 4) and Details

Hole

From (m)

To (m)

Length (m)

Au (g/t)

Ag (g/t)

Mo (ppm)

AuEq (g/t)

CuEq

NAK24-18

470

495

0.62

0.93%

8.7

797

2.71

2.01%

and

NAK24-18

848

860

0.09

0.94%

7.9

531

1.93

1.43%

within

NAK24-18

860

816

0.06

0.15%

0.8

0.33

0.25%

Cross Section of NAK24-18

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.

NAK24-18 was collared approximately 200 m west of NAK23-16 and drilled at an inclination of 77

degrees east. Down to a depth of 620 m, the drill hole intersected a mixed sedimentary package

consisting of dominant variably mineralized conglomerate interbedded with local and less mineralized,

well-bedded and commonly deformed very fine-grained rocks. Local semi massive cm-scale bornite

veins and zones of densely disseminated chalcopyrite disseminations occur, most notably between 470

and 495 m. Between 620 and 839 m, the hole intersected dark green fine-grained dykes/sills

mineralized by local stringers and disseminations of chalcopyrite and/or bornite, after which the Babine

porphyry stock was encountered. The stock itself was locally well mineralized, particularly between 848

and 860 m, which it was cut by common chalcopyrite-bornite-molybdenite bearing quartz-anhydrite veins.

The hole was shut down at a depth of 915 m.

NAK24-20 Assay Results (Table 5) and Details

Hole

From (m)

To (m)

Length (m)

Au (g/t)

Ag (g/t)

Mo (ppm)

AuEq (g/t)

CuEq

NAK24-20

192

508

316

0.17

0.18%

0.8

0.50

0.37%

within

NAK24-20

192

749

557

0.11

0.17%

0.8

0.24

0.32%

within

NAK24-20

871

827

0.09

0.16%

0.8

0.39

0.29%

including

NAK24-20

666

749

0.08

0.38%

1.9

103

0.71

0.52%

and including

NAK24-20

741

749

0.18

1.37%

10.5

411

2.52

1.87%

and including

NAK24-20

867

871

0.13

2.81%

14.7

323

4.38

3.25%

Cross Section of NAK24-20

NAK24-20 was collared 100 m to the north of NAK24-18, and inclined 70 degrees, drilling east. The hole

intersected similar sedimentary rocks to those intersected in hole 24-18, with pebble to cobble

conglomerate dominating. Mineralization was strongest between 192 and 508 m, and consistent in style

to that seen throughout the NAK property, with chalcopyrite and subordinate bornite as selective

replacements, primarily in the interstices between clasts.

Downhole of 508 m, to approximately 666 m, a

thicker sequence of fine-grained and thin-bedded sedimentary rocks hosts mineralization that occurs

solely along fractures and in local meter-scale crackle- brecciated zones. Below 666 m, coarser

sandstone intercalated with meter-scale intermediate dyking was intersected. Within this unit, some

unique styles of high-grade mineralization were encountered, with skarn-style epidote, garnet, and

magnetite appearing in association with bornite in replacements of what appear to be carbonate

concretions. At approximately 800 m NAK24-20 intersected the Babine porphyry stock, and the hole

was shut down at 930 m.

American Eagle's Continuing 2024 NAK Drill Program:

The ongoing 2024 drill program, which was planned for 15,000 metres, will focus on the Main zone, by

continuing to link, better define, and expand upon the historical North (Copper) and South (Gold Zone)

and associated mineralization to the west) zones, which the Company showed in its 2022 and 2023 drill

programs to extend to considerable depths (close to 950 m below surface) along a strike length of 750

m and across a width of approximately 400 m. Intercepts from 2023 include 900 m of 0.50% Copper

Equivalent from surface in the north (

Link to NAK23-12 News Release

) and 302 metres of 1.09%

Copper Equivalent within 606 m of 0.74% Copper Equivalent starting from 98 metres downhole in the

south (

Link to NAK23-17 News Release

Collar details for holes drilled in the 2022, 2023 and 2024 drill program: Table 6

Hole

UTM_Grid

UTM_East

UTM_North

Azimuth

Dip

NAK22-01

NAD83_Z9

675281

6129359

n/a

-90

881

NAK22-02

NAD83_Z9

675281

6129359

340

-70

984

NAK22-03

NAD83_Z9

675201

6129658

n/a

-90

941

NAK22-04

NAD83_Z9

675181

6129862

n/a

-90

548

NAK22-05

NAD83_Z9

675105

6130067

n/a

-90

824

NAK22-06

NAD83_Z9

675376

6129782

260

-77

920

NAK22-07

NAD83_Z9

675181

6129862

170

-81

874

NAK23-08

NAD83_Z9

675341

6129341

270

-60

881

NAK23-09

NAD83_Z9

675990

6129284

-65

837

NAK23-10

NAD83_Z9

675357

6129415

270

-60

855

NAK23-11

NAD83_Z9

675215

6129340

270

-60

836

NAK23-12

NAD83_Z9

674999

6129846

-70

929

NAK23-13

NAD83_Z9

675205

6129773

270

-60

620

NAK23-14

NAD83_Z9

675260

6129934

260

-70

749

NAK23-15

NAD83_Z9

675211

6129232

270

-60

617

NAK23-16

NAD83_Z9

675166

6129479

265

-65

743

NAK23-17

NAD83_Z9

674969

6129377

105

-73

810

NAK23-18

NAD83_Z9

674961

6129472

-77

914

NAK23-19

NAD83_Z9

675219

6129388

120

-55

951

NAK23-20

NAD83_Z9

674946

6129573

-72

933

NAK23-21

NAD83_Z9

675264

6129415

n/a

-90

419

NAK23-22

NAD83_Z9

674927

6129673

-71

943

NAK23-23

NAD83_Z9

675264

6129415

340

-70

526

NAK23-24

NAD83_Z9

675264

6129415

340

-55

950

NAK23-25

NAD83_Z9

674930

6129766

-74

923

NAK23-26

NAD83_Z9

675264

6129415

300

-60

586

NAK23-27

NAD83_Z9

674898

6129857

-70

977

NAK23-28

NAD83_Z9

675357

6129415

115

-55

632

NAK23-29

NAD83_Z9

675062

6129481

-70

In Progress

NAK23-30

NAD83_Z9

675021

6129939

-72

In Progress

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 and 2023 by American Eagle has returned significant

intervals of high-grade copper-gold mineralization that lie beyond the extent of historical drilling,

indicating that several 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 focused on exploring its NAK copper-gold porphyry project in west-central British

Columbia, Canada.

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/220510

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