American Eagle Updates on Golden Gate Project
American Eagle Updates on Golden Gate
Project
TORONTO
,
April 29, 2022
/CNW/ - American Eagle Gold Corp. (
TSXV:
AE
) ("
American Eagle
" or
the "
Company
") has completed its inaugural scout drill program located at its Golden Gate property,
within the
Cortez
Trend and adjacent to
Barrick's Goldrush
mine. Drilling focused on the Northern
Cortez
(GG21-001) and Southern
Cortez
targets (GG21-002), located in the
footwall
of the
Cortez
Fault zone, 10km southeast of
Barrick's Cortez
Hills mine and 5km southwest of
Barrick's Goldrush
mine
While no significant gold mineralization was encountered, the Company is encouraged by having
identified deep alteration analogous to
Barrick Gold's
Goldrush, Fourmile, and
Cortez Hills
projects
next door. The drill core from GG21-001 was geologically logged in detail and photographed and
sampled for gold and multi-element geochemical analysis. Drilling at hole GG21-002 was challenging
due to difficult drilling conditions and supply chain issues. Despite the technical problems, the target
concept for GG21-002 remains valid and requires full drill testing. Therefore, GG21-002 will be re-
entered and deepened upon sourcing a reverse circulation rig to test for lower plate rocks and
mineralization.
Targeting and modelling work will continue over the Golden Gate property in 2022, incorporating the
geologic and geochemical data from the 2021-22 drill program. In addition, new targeting work for
the eastern half of the project area will be advanced, and additional geophysical surveys will be
considered to highlight potential deep structures.
Annual General Meeting Notice
American Eagle will hold its annual general and special meeting (the "
Meeting
") of shareholders of
the Company ("
Shareholders
") on
June 30, 2022
, as more particularly described in the Notice of
Meeting filed on the Company's profile on the System for Electronic Document Analysis and
Retrieval (SEDAR). At the Meeting, the Company will seek the approval of disinterested
Shareholders for its previously announced acquisition of the Cerros Rojos Project (the
"
Transaction
"), as more particularly described in the Company's press release dated
September
15, 2022
. The TSX Venture Exchange ("
TSXV
") had provided conditional approval for the
Transaction, provided that the Transaction received shareholder approval from the disinterested
Shareholders not later than
April 30, 2022
. The Company has received an extension from the TSXV
and now has until
June 30, 2022
, to obtain disinterested shareholder approval of the Transaction.
About American Eagle Gold Corp.
American Eagle Gold is traded on the TSX Venture Exchange under the symbol 'AE' and is focused
on exploring its two properties, NAK and Golden Gate. NAK is in the Babine Copper-Gold Porphyry
district in central
British Columbia
. Golden Gate is on the Cortez Trend, which hosts three large
Carlin-type gold deposits operated by Barrick and Newmont's Joint Venture,
Nevada Gold Mines
(Pipeline,
Cortez Hills
and Goldrush). The Property is 10 km south of Cortez Hills and 5 km south of
Goldrush and shows many of the same geological characteristics as the two deposit areas.
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 whether the
Company will be able to exercise its option to acquire the Project as anticipated 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 the American Eagle Gold Corp. profile at
www.sedar.com
.
SOURCE
American Eagle Gold Corporation
View original content:
http://www.newswire.ca/en/releases/archive/April2022/29/c9850.html
%SEDAR: 00051688E
For further information:
Anthony Moreau, Chief Executive Officer, Phone:
416.644.1567, Email:
CO: American Eagle Gold Corporation
CNW 16:30e 29-APR-22