American Eagle Updates on AGM Results, Name Change and Shift of Focus to Copper and Gold Exploration in Canada
American Eagle Updates on AGM Results,
Name Change and Shift of Focus to Copper
and Gold Exploration in Canada
TORONTO
,
July 8, 2022
/CNW/ - American Eagle Gold Corp. (TSXV: AE) ("
American Eagle
" or
the "
Company
") is pleased to announce that at the annual and special meeting of its shareholders
held on
June 30th
, each item of business placed before the shareholders was approved, including (i)
the re-election of the current board of directors; and (ii) the change of the name of the Company to
"Drillore Exploration Inc.". The Company also decided to make a strategic shift in focus on
exploration in
Canada
.
American Eagle Gold's focus will be exploring its NAK copper-gold porphyry project in
Central British
Columbia
. Since the acquisition of NAK in
December 2021
, an extraordinary amount of work has
been put into the property, justifying the Company's decision to focus its attention on exploring this
property. The vast amount of historical data and new interpretations on NAK has provided
confidence that a high-grade underground deposit could exist. Compared to exploring in
Nevada
, BC
offers a far superior risk-reward ratio, making it in the best interest of shareholders to shift focus to
a jurisdiction that is more cost-effective for exploration drilling and managing a business. Therefore,
American Eagle will exit the
USA
and focus on expanding its presence in BC by making a discovery,
defining a resource at NAK and further consolidating the area.
At NAK, drilling will begin this year, and the Company will test 5-7 drill site locations with a minimum
of
3,000m
of drilling. The Company has contracted ITL Drilling, and drills will begin turning within two
weeks of receiving permits. Historical results at NAK have been encouraging, with the majority of the
historical drill holes ending in copper and gold mineralization. The property exhibits an extensive
copper-gold bearing alteration footprint with indications of higher grades occurring at depth.
Historical drilling has been restricted to the upper parts of the mineralized alteration zone and limited
drilling has been undertaken below a vertical depth of
170m
. NAK shows strong geological
similarities with Newcrest's
Red Chris
and Newmont's Saddle copper-gold deposits located to the
north of NAK.
For more on the NAK project, please click
here
.
As a result of the change in focus, the Company will not pursue its interests on any claims in
Nevada
. Management believes that NAK and other opportunities in the Company's strategy offer
better prospects and higher potential risk-adjusted returns for shareholders.
About the NAK Project
The NAK project, located in the Babine Copper-Gold Porphyry District of
British Columbia
, offers
American Eagle Gold a valuable risk-reward proposition to drill test a new geophysical feature within
a well-understood geologic environment. NAK's known copper-gold porphyry mineralization is open
at depth and is defined by a compelling geophysical signature analogous to Newcrest's
Red Chris
Mine
and Newmont's Saddle deposit located in Northwest BC. The drilling targets of NAK were
defined and supported by the analysis and reinterpretation of geochemical, geophysics and drilling
data, all of which demonstrated coincidental anomalies.
About American Eagle Gold Corp.
American Eagle Gold is traded on the TSX Venture Exchange under the symbol 'AE'. It is focused on
exploring its NAK project in the Babine Copper-Gold Porphyry district in central
British Columbia
. The
Company is fully funded for NAK's 2022 exploration program and is awaiting its permit to begin
drilling. American Eagle has contracted C.J. Greig and Associates to advise and execute the
Company's exploration program at NAK. Geologist and president of C.J Greig & Associates,
Charlie
Greig
, is a recipient of the prestigious 2022 Bill Dennis Award, recognizing his contribution to the
prospecting and exploration industry or a significant mineral discovery.
QP Statement
American Eagle's Vice President of Exploration,
Mark Bradley
, B.Sc., M.Sc., P.Geo., a Certified
Professional Geologist and 'qualified person' for
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) 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 the timing and
scope of planned drilling on the NAK property 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/July2022/08/c0948.html
%SEDAR: 00051688E
For further information:
Anthony Moreau, Chief Executive Officer, Phone:
416.644.1567, Email:
CO: American Eagle Gold Corporation
CNW 06:00e 08-JUL-22