American Eagle Intersects 302 Metres of 1.09% Copper Equivalent within 606 Metres of 0.74% Copper Equivalent
American Eagle Intersects 302 Metres of 1.09%
Copper Equivalent within 606 Metres of 0.74%
Copper Equivalent
Highlights:
NAK23-17 intersected 302 m of 1.09% Copper Equivalent within 606 m of 0.74% Copper
Equivalent beginning at 98 m downhole.
NAK23-17 was collared 250 metres west of NAK23-11 (473 metres of 0.62% Copper Equivalent,
beginning at surface), and more than 250 metres away from any previous hole drilled on the
property, extending high-grade mineralization westward.
The fully funded 2024 drill program will prioritize expanding the large, high-grade, mineralized
South Zone and testing linkages between it and other higher-grade parts of the extensive NAK
system.
Toronto, Ontario--(Newsfile Corp. - January 8, 2024) - American Eagle Gold Corp. (TSXV: AE)
(OTCQB: AMEGF) ("American Eagle" or the "Company") is pleased to announce that hole NAK23-17
intersected 302 metres of 1.09% Copper Equivalent within 606 metres of 0.74% Copper Equivalent
("CuEq") beginning at 98 metres downhole, west of the South Zone at its NAK Copper Gold porphyry
project ("NAK" or the "Project") in British Columbia, Canada.
Hole NAK23-17 was collared more than 250 metres distant from any previous drill hole on the property,
the nearest being hole NAK23-11, which intersected 473 metres of 0.62% Copper Equivalent from
surface. The high-grade intercept in NAK23-17 has served to confirm and improve upon the scale and
tenor of high-grade mineralization discovered west of the historically defined South Zone, by showing
continuity between the higher-grade mineralization in hole NAK23-11 and that in holes NAK23-08 and
NAK22-01. For the 2024 drill program, the Company intends to test and expand this area of higher-
grade mineralization, identify where it reaches the surface, and to determine how much farther it extends
to the south, west, and north, including possible connections to deeper, higher-grade mineralization at
the North Zone, such as that intersected in drill holes NAK22-04 and NAK23-12.
"The more we drill, the better NAK gets, as shown by the bold, westerly step out with NAK23-17. This
risk paid off, revealing what may be a high-grade mineralized belt that remains open to the north and the
south, and proving that the high-grade mineralization encountered previously in NAK23-11 is extensive in
both the vertical and east-west dimensions.
2022's drill program demonstrated that NAK is a copper and
gold porphyry system with a very large near-surface footprint that extends to depth. Since then, we have
identified increasingly high-grade zones throughout 2023. Intersecting 302 metres of 1.09% Copper
Equivalent grade in our final 2023 drill hole suggests that our evolving understanding of NAK's geology
has been efficient and successful. We look forward to our 2024 drill campaign, and to continue making
discoveries that deliver value to American Eagle shareholders and our partners in exploration in the
Babine Lake region," stated CEO Anthony Moreau.
Sections and Drill Core Images relating to NAK23-17:
Cross-section showing mineralization for NAK23-17
Plan view of drilling to date at NAK
Core images for the 2023 Drill Campaign
NAK23-17 Assay Results (Table 1*) and Details
*
Hole
From (m)
To (m)
Length (m)
Au (g/t)
Cu (%)
Ag (g/t)
Mo ppm
CuEq (%)
NAK23-17
166.9
469
302.1
0.53
0.40%
1.27
431.4
1.09%
within
NAK23-17
98.8
549.5
450.7
0.44
0.33%
1.15
326.3
0.89%
within
NAK23-17
98.8
705
606.2
0.35
0.30%
1.14
255.70
0.74%
within
NAK23-17
44
815
771
0.28
0.25%
0.96
207
0.61%
*
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.
NAK23-17 was collared approximately 250 metres west of hole NAK23-11 in the westernmost part of
the South Zone. The hole was drilled east-southeastward (105 degrees) at an inclination of -73 degrees
and was targeted to confirm continuity between the higher-grade intervals of mineralization in holes
NAK23-11 and NAK23-08, while also testing a broad zone of favourable induced polarization (IP)
signature. NAK23-17 intersected strong mineralization throughout much of its length, beginning at 98 m
and continuing until the Babine porphyry stock was intersected at approximately 700 m. Mineralization
consists primarily of vein hosted and disseminated chalcopyrite, with minor bornite and molybdenite.
Gold and molybdenum grades remained consistently high throughout the mineralized zone in NAK23-17,
with the highest grades being closely related to the presence of chalcopyrite- and molybdenite-bearing
purple anhydrite veins. Mineralization is dominantly hosted by coarser grained sedimentary rocks, chiefly
conglomerate, and short intervals of relatively narrow dikes. The best-mineralized interval from 98.8 m to
705 m returned
606.2 m of 0.74 % CuEq
(0.35 g/t Au, 0.30 % Cu, 1.14 g/t Ag, and 0.026 % Mo), while
the strongest zone of mineralization returned
302 m of 1.09 % Cu equivalent
(0.53 g/t Au, 0.40 % Cu,
1.27 g/t Ag, and 0.043 % Mo) between 166.87 and 469 m. This strongest zone occurred within a
broader zone of
450.7m of 0.89 % CuEq
(0.44 g/t Au, 0.33 % Cu, 1.15 g/t Ag, and 0.033 % Mo) from
98.8 to 549.5 m.
Results from NAK23-13, -14, -15 and -16:
Holes NAK23-13 to -16 intersected zones of copper and gold mineralization hundreds of metres across,
and most of the holes also intersected higher-grade intervals as well.
The holes help to expand the
footprints of the higher-grade parts of both the North and the South zones, and holes NAK23-13 (south
side of North Zone) and -16 (north end of South Zone) in particular give the Company further confidence
that the area between the two zones will yield additional significant intercepts in both length and grade.
Cross sections showing mineralization for NAK23-13 to -16
NAK23-13 Assay Results (Table 2) and Details
Hole
From (m)
To (m)
Length (m)
Au (g/t)
Cu
Ag (g/t)
Mo ppm
CuEq
NAK23-13
269
372
103
0.05
0.40%
1.53
130.0
0.54%
within
NAK23-13
233
429.42
196.42
0.05
0.28%
1.09
84.9
0.38%
within
NAK23-13
14
620
606
0.040
0.16%
0.72
44.20
0.23%
including
NAK23-13
14
134
120
0.07
0.22%
0.93
38.1
0.30%
NAK23-13 was collared 110 metres south of NAK22-04 in the North Zone and drilled to the west at an
inclination of -60 degrees. The drill hole targeted both the southern extension of the near surface North
Zone mineralization intersected historically, as well as higher-grade and somewhat deeper North Zone
mineralization intersected in holes NAK22-04 and NAK23-12. Consistent with other holes in this area
drilled to date, NAK23-13 encountered conglomerate, sandstone, and interbedded fine grained
sedimentary rocks that are cut by variably mineralized dykes of Babine stock granodiorite, and later-
stage fine grained porphyries. NAK23-13 encountered copper mineralization of moderate grade from
the bottom of overburden at 14 metres, to
134 metres depth, returning
120 m at 0.30 % CuEq
(0.067 g/t
Au, 0.22 % Cu, 0.34), with the strongest interval containing
103 m of 0.54 % Cu Eq
(0.050 g/t Au, 0.40
% Cu, 1.53 g/t Ag and 0.013 % Mo) between 269 and 372 m. Hole NAK23-13 extended the near
surface mineralization at the North Zone to the south and showed that a substantial body of strong
mineralization occurs at moderate depths to the west.
NAK23-14 Assay Results (Table 3) and Details
Hole
From (m)
To (m)
Length (m)
Au (g/t)
Cu (%)
Ag (g/t)
Mo ppm
CuEq (%)
NAK23-14
347.7
479.3
131.6
0.10
0.42
2.95
109.9
0.59
within
NAK23-14
347.7
560
212.3
0.09
0.35
2.14
99.0
0.51
within
NAK23-14
20
560
540
0.07
0.25
1.38
66.0
0.36
within
NAK23-14
20
749
729
0.06
0.21
1.12
53.3
0.30
NAK23-14 was collared 110 metres to the northeast of NAK22-04 at the North Zone and drilled to the
west at an inclination of -70 degrees. The drilling aimed to expand the known extent of near surface
mineralization at the North Zone intersected both historically and in American Eagle holes NAK22-04
and NAK23-12 (please see News Releases dated
January 25
and
October 17, 2023).
A further aim was
to test to depth and along trend to the north from deeper and higher-grade mineralization intersected in
holes NAK23-12 and 13. As in NAK23-13, NAK23-14 intersected extensive sequences of conglomerate
interbedded with subordinate intervals of finer-grained sedimentary rocks that were intruded by
mineralized dykes, including those resembling medium-grained granodiorite of the Babine porphyry
stock. NAK23-14 intersected broad and consistently chalcopyrite and bornite mineralized rock of
moderate tenor from surface to a depth of 560 metres, where the mineralized intervals become shorter
and more sporadic. The best mineralization was encountered between 347.71 m and 560 m, returning
212.29 m of 0.51 % Cu Eq
(0.089 g/t Au, 0.35 % Cu, 2.14 g/t Ag and 0.0098% Mo), while the entire
hole, from the base of overburden at 20 m returned
729 m of 0.30 % Cu Eq
(0.056g/t Au, 0.21 % Cu,
1.11 g/t Ag, and 0.0053 % Mo).
NAK23-15 Assay Results (Table 4) and Details
Hole
From (m)
To (m)
Length (m)
Au (g/t)
Cu (%)
Ag (g/t)
Mo ppm
CuEq (%)
NAK23-15
20.6
563
542.4
0.05
0.11
0.49
163.0
0.27
NAK23-15 was collared 110 m south of NAK23-11 and was drilled to the west at an inclination of -60
degrees. It is the most southerly hole drilled by the Company at Nak and was designed to test the
southern and western extents of mineralization at the Nak South Zone, as well as to more completely test
the western part of the high chargeability phyllic alteration halo defined by IP and drill data around the
Babine porphyry stock. NAK23-15 encountered broad intervals of medium- to coarse-grained
sandstone, and conglomerate, intruded by a variety of porphyry dykes. Compared to holes drilled farther
north, copper mineralization was less consistent downhole, although metre-scale zones of better grade,
ranging up to approximately 10 metres in core length, occur throughout the hole, being hosted primarily
within conglomerate and sandstone. NAK23-15 returned
542.4m of 0.25 % Cu Eq
(0.05 g/t Au, 0.11 %
Cu, 0. 49 g/t Ag, and 0.016% Mo) and, as expected, pyrite was both more abundant overall and
increased in abundance downhole to the west, confirming that the phyllic alteration is present at depth
and suggesting that the higher-grade mineralization encountered in holes NAK23-17 and 11 may track
with the moderate chargeability response to the east.
NAK23-16 Assay Results (Table 5) and Details
Hole
From (m)
To (m)
Length (m)
Au (g/t)
Cu (%)
Ag (g/t)
Mo ppm
CuEq (%)
NAK23-16
262
652.9
390.9
0.07
0.23
0.95
78.7
0.34
within
NAK23-16
55.3
743
687.7
0.08
0.17
0.75
69.9
0.28
Including
NAK23-16
262
336
74
0.11
0.37
1.04
155.2
0.57
and Including
NAK23-16
575
652.9
77.9
0.09
0.39
2.21
107.3
0.54
and including
NAK23-16
698
711
13
0.36
0.82
4.91
100.8
1.20
NAK23-16 was collared 150 m north-northwest of NAK23-11 at the South Zone and was drilled at an
azimuth of 265 degrees and an inclination of -65 degrees. The hole was designed to test along trend to
the north of the higher-grade mineralization intersected at depth in holes NAK23-11, 23-08, and to a
lesser extent in hole NAK23-10. The rocks encountered were predominantly conglomerate and
sandstone, beginning at top of hole, interbedded locally with finer-grained sedimentary rocks and
intruded by metre-scale porphyry dykes, including some of similar granodioritic composition to the
Babine porphyry stock. Vein and disseminated copper-gold-molybdenum mineralization in NAK23-16
was intersected from the base of overburden at 55.25 m until end of the hole at 743 m, and was
strongest within conglomeratic host rocks between 262 m and 652.87 m, yielding
390.87 m of
0.34 %
Cu Eq
(0.071 g/t Au, 0.23 % Cu, 0.95 g/t Ag, and 0.0078 % Mo). Disseminated and vein hosted
pyrrhotite was first encountered at approximately 600 m, and pyrrhotite became the dominant sulfide by
approximately 660 m. While the appearance of pyrrhotite in holes NAK21-11 and NAK23-08
corresponded with a marked decrease in the abundance of copper sulfide, in hole NAK23-16 a zone of
strong chalcopyrite mineralization was intersected between 698 and 711 m, being manifest as distorted
wispy sulfide veins within a fine-grained porphyry dyke. This intersection returned
13 m of 1.20 % Cu
Eq
(0.36 g/t Au, 0.82 % Cu, 4.91 g/t Ag and 0.010 % Mo), suggesting potential for higher grade zones
within and associated with dykes at depth beyond the limit of known mineralized zones, as well as within
the high chargeability phyllic alteration halo surrounding the Babine porphyry stock.
Update on IP Survey and Offseason Geological Work
Data from a late-season three-line, deeper-looking IP survey are currently being integrated with historical
geophysical data. Preliminary results indicate a strong correlation between Cu-bearing sulfide
mineralization and coincident moderate resistivity and chargeability responses along a northerly trend
near the western side of the main area of focus for the Company's 2022-23 drilling. Work is also
underway to integrate this season's geochemical and hyperspectral results with a detailed re-
examination of the drill core to more conclusively identify and constrain intrusive lithologies, which
appear to play an important role in controlling the distribution of copper mineralization.
Preliminary SOW for 2024 Drill Program
Following this season's encouraging results, planning is underway for an early and aggressive follow-up
drill program in 2024.
Early work will include expanding and better defining the high-grade mineralized
zone intersected in drill holes NAK23-08, -11 and -17.
A specific emphasis will be to determine where
the best grade mineralization comes to surface.
Following that, possible connections to deeper, higher-
grade mineralization at the North Zone, such as that intersected in drill holes NAK22-04 and NAK23-12,
will be evaluated.
Later in the season, attention may focus on linking known mineralization to the newly identified, near
surface mineralization encountered to the east in drill hole NAK23-09. Before drilling, additional IP
surveying is planned for the spring of 2024 to complement the survey completed in 2023-the aim is to
provide more confidence at depth in the IP inversion model.
Collar Details for Holes Drilled in the 2022 and 2023 Drill Program: Table 6
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
NAK23-13
NAD83_Z9
675205
6129773
270
-60
NAK23-14
NAD83_Z9
675260
6129934
260
-70
NAK23-15
NAD83_Z9
675211
6129232
270
-60
NAK23-16
NAD83_Z9
675166
6129479
265
-65
NAK23-17
NAD83_Z9
674969
6129377
105
-73
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 sample, and duplicate 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 mineralization 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 B.C. It has excellent
infrastructure, being accessed by a network of active all-season logging roads, and being supported by
proximity not only by nearby logging camps, but also by the vibrant town of Smithers B.C., through which
a cross-Canada rail line and a major Provincial Highway (Hwy. 16) pass. The property is also close to
the past-producing Bell and Granisle open pit Cu-Au mines. Historical drilling and geophysical,
geological and geochemical work at NAK, which began in the 1960's, tested only to shallow depths, but
the work revealed a very large near-surface copper-gold system that measures over 1.5 km x 1.5 km.
Drilling by the Company in 2022 and 2023 has returned significant intervals of high grade copper-gold
mineralization that lie beyond the extent of historical drilling, indicating that a number of zones of near
surface and deeper mineralization, locally with considerably higher grades, exist within the broad NAK
property mineralizing system.
For the latest videos from American Eagle, Ore Group, and all things mining, subscribe to our
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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
, the Company announced a strategic investment by Teck Resources
Limited, who now owns a 19.9% equity stake in the Company after subsequent investments in
August
and
November
2023.
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/193480