American Eagle's Hole 2: 956 metres of 0.37% Copper Equivalent from Surface
American Eagle's Hole 2: 956 metres of 0.37%
Copper Equivalent from Surface
Highlights:
Drill Hole NAK22-02 intersected
956 m
of 0.37% copper equivalent, including
301m
of 0.61%
CuEq from surface, and ending within
150 m
of 0.60 % CuEq, from
834 m
to
984 m
.
NAK22-02 is a follow-up from NAK22-01's
851 m
of 0.37% copper equivalent
All 7 holes drilled have displayed widespread mineralization throughout, with 6 holes terminating
in mineralization and one hole in progress.
Assays for holes NAK22-03 to 07 are pending
System footprint over 1.5km x 1.5km X 1km depth and is open in all directions
TORONTO
,
Dec. 5, 2022
/CNW/ - American Eagle Gold Corp. (TSXV: AE) ("
American Eagle
" or
the "
Company
") is pleased to report assay results from the second hole of its 2022 program on its
NAK copper-gold porphyry project ("NAK"). All seven holes drilled on NAK intersected broad
porphyry-style mineralization intervals from surface to end-of-hole, with assays pending on Hole's 03
to 07. NAK's second drill hole returned
956 m
of 0.37% copper equivalent ("CuEq"), including
301 m
of 0.61% CuEq from surface.
NAK22-02 Assay Results: Table 1
From (m)
To (m)
Length (m)
Au (g/t)
Cu (%)
Ag (g/t)
Mo (ppm)
Cu Eq %
28.00
984
956
0.19
0.20 %
1.30
37.7
0.37 %
including
28.00
251.8
223.8
0.57
0.22 %
1.27
44.7
0.67 %
within
28.00
329
301
0.50
0.22 %
1.13
45.1
0.61 %
within
28.00
602
574
0.29
0.17 %
0.89
31.2
0.40 %
And Including
834
984
150
0.11
0.44 %
3.72
82.2
0.60 %
*Copper Equivalent (CuEq) % calculated using copper and gold length weighted assay results, with
commodity prices assumed at Cu = 3.50 USD/lb, Au = 1700 USD/oz, Ag = 20 USD/oz, and Mo = 21 USD/lb.
CuEq grade including copper, gold, silver, and molybdenum based on 100% recoveries is calculated using
the following equation: CuEq. = Cu % + (Au grade in g/t x [Au price
÷ 31] / [Cu price
x 2200]) + (Ag grade
in g/t x [Ag price
÷ 31] / [Cu price
x 2200] + (Mo grade in % x [Mo price
x 22] / [Cu price
x 2200]). The
assays have not been capped.
Click here for a long-section of NAK's Intersections
"Hole NAK22-02's results add additional confidence to NAK's maiden discovery drill hole, showing
mineralization through the entire length of the hole and extending the known system laterally and at
depth. The distribution of mineralization in NAK22-02 relative to that in NAK22-01 also improves our
understanding of the geometry and size potential of our higher grade zones, both near surface and
at depth. The assays also validate our visual interpretations of the tenor of mineralization and
correlate well with our on-site XRF results. We anticipate being able to deliver additional great
results from this ongoing drill program," said
Anthony Moreau
, American Eagle's CEO.
NAK22–02 Details:
Drillhole NAK22-02 returned strong copper-gold grades from surface to
300 m
, along with a higher
grade copper zone at depth. The upper zone is hosted by chalcopyrite-mineralized andesitic
volcanic rocks, while the lower copper zone is characterized by bornite-chalcopyrite mineralized
granodioritic intrusive rocks. Below
800 m
, two intersections of plagioclase porphyry dykes, up to
20
m
wide, and with increased bornite-chalcopyrite quartz vein densities, returned grades as high as
2.81 Cu. Also of note is a
1 m
intercept, from 238 to
239 m
, of a chalcopyrite-quartz vein-breccia
displaying epithermal textures. It returned 20.4 g/t Au and 1.95% Cu (16.36 CuEq %). Throughout
NAK22-02, trace molybdenite is commonly present along fracture planes, and occurs as sporadic
flecks within mineralized quartz veins. The molybdenum concentrations are significant and contribute
positively to the overall copper equivalent calculations.
Click here for detailed core images from holes NAK22-01 to -05
Drill Core Descriptions for NAK22-01 to -07:
NAK22-01
was a vertical hole collared into the inferred southwestern margin of the Nakinilerak
stock, a Babine Suite porphyry intrusion. This hole has confirmed the presence of consistent vein
stockwork and fracture-hosted porphyry-style bornite-chalcopyrite mineralization to a depth of
880
m
.
Disclosure Update Regarding Hole NAK22-01
American Eagle Gold's technical team has determined that the concentration of molybdenum at
NAK is significant enough to materially affect the overall Copper Equivalent grade of the assayed
holes. As a result, the Company will now report molybdenum and has updated and slightly improved
the results for hole NAK22-01.
NAK22-01 Restated Assay Results: Table 2
From (m)
To (m)
Length (m)
Au (g/t)
Cu (ppm)
Ag (g/t)
Mo (ppm)
Cu Eq %
29.72
881.00
851.28
0.22
0.17 %
0.97
73.92
0.37 %
Within
29.72
165.00
135.28
0.96
0.27 %
1.41
47.44
1.00 %
Within
29.72
331.52
301.80
0.49
0.18 %
0.79
60.28
0.57 %
And Including
753.37
818.00
64.63
0.15
0.58 %
6.78
86.91
0.79 %
NAK22-02
was drilled to the north at a -70-degree angle from the same collar as NAK22-01. Down
to approximately
400 m
it intersected mineralized intermediate composition volcanic rocks similar to
those seen in hole NAK22-01. Below
400m
the hole largely intersected Babine Suite intrusive rocks
intruded locally by well-mineralized porphyry dykes. Below
800 m
, the dykes are flanked by zones of
increased mineralized vein density, with vein-hosted chalcopyrite-bornite commonly accompanied by
disseminated sulphides to end-of-hole (
984 m
).
NAK22-03
was drilled vertically
300 m
north of NAK22-01, passing close to drill hole NAK22-02 at a
depth of approximately
800 m
. It intersected intermediate composition volcanic rocks similar to those
observed in hole NAK22-01 between the surface and
600 m
depth, and largely intersected Babine
Suite intrusive rocks from there to the end of hole. The volcanic rocks were mineralized by
disseminated and vein-hosted chalcopyrite-bornite, and the intrusive rocks by chalcopyrite-bornite
veining commonly associated with a soft metallic black mineral presumed to be hypogene chalcocite,
with a conspicuously well-mineralized interval occurring between 740-
760 m
. The mineralization
encountered in holes NAK22-02 and NAK22-03 supports the continuity of better grade copper
mineralization at depth.
NAK22-04
is a vertical drill hole located
212 m
north of NAK22-03. It is the shallowest hole of the
2022 drilling to date at
548 m
total depth, with drilling halted due to poor ground conditions within
what appeared to be high-grade material. Despite failing to reach the target depth, the drill hole
showed the presence of both shallow (0-
100 m
) and deeper (350-
548 m
) disseminated and vein-
hosted chalcopyrite-bornite mineralization.
NAK22-05
was drilled vertically
218 m
north of NAK22-04, with the aim of testing mineralization
along the projected strike from the previously drilled holes. Mineralization is present throughout,
although it is subtle compared to the mineralization in NAK22-03 and NAK22-04. It occurs mainly as
fine-grained disseminations and appears to increase in abundance below a depth of
500 m
.
NAK22-06
was collared
180 m
to the east of the main 2022 drilling trend, oriented 260°, and inclined
77°, targeting the area at depth between NAK22-03 and NAK22-04. The hole was designed in part
to test the continuity of some of the better visual mineralization observed to date, at depth in holes 3
and 4. The hole intersected sparsely mineralized Babine Stock intrusive rocks that were similar to
those encountered deeper in holes 01, 02 and 03. An inferred steep contact with mineralized
andesitic volcanic and clastic rocks was encountered at
500 m
depth, and the Hole remained in
intermittently mineralized volcanic rocks until completion at a depth of
920 m
.
NAK22-07
is the final hole of the 2022 drill program and has a planned depth of ~900 m. It was
designed to add additional infill to the broad near-surface and deep areas of well-defined visual
mineralization observed in the 2022 drilling campaign. NAK22-07 was collared from the same
location as hole NAK22-04, drilling -81° to the south. Lithology and mineralization to the current
depth appear to correlate very well to that seen in hole 04, showing strong fracture hosted and
disseminated chalcopyrite mineralization within andesitic volcanic rocks from surface down to ~
160
m
, with an increase in bornite and chalcopyrite observed below
400 m
depth. As of the time of this
release, the hole remains in progress and at a depth of approximately
660 m
.
Collar details for holes drilled in the 2022 drill program: Table 3
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
About American Eagle's NAK Project
NAK is a classic porphyry copper-gold target with a mineralized surface footprint greater than 1.5
km x 1.5 km, along with mineralization now drilled to a depth of approximately1 km. All seven holes
drilled by American Eagle to-date have hit broad mineralization from surface to a maximum depth of
984 m
downhole. Groundmass-hosted chalcopyrite and bornite disseminations, fracture-hosted
bornite-chalcopyrite, vein-hosted quartz-chalcopyrite-bornite, and epithermal textured chalcopyrite-
quartz vein breccia, suggest classic porphyry mineralization styles may be overprinted locally by
distal epithermal mineralization.
The current drill program on NAK was designed to test geophysical targets that were completely
untested at depth, based on new interpretations from recent ZTEM, IP, and airborne magnetic
surveys.
The NAK property is road accessible, and many target areas coincide with forest industry clear cuts.
Drilling can be completed year-round, and no helicopter support is required. The NAK property is 85
kilometres from
Smithers, BC
, occurs in the Babine copper-gold porphyry district of west-central
British Columbia
, and is close to nearby Babine district deposits (Bell,
Granisle
). It is defined by a
compelling geophysical signature that has similarities to classic porphyry systems (e.g. close
association of airborne magnetic highs with annular IP chargeability highs)
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QA/QC Statement
The Company follows a strict QA/QC protocol for the drilling program at NAK. The protocol includes
regularly-submitted analytical standards, coarse reject duplicates, and randomly inserted sequential
blank samples. The QA/QC samples comprise 10% of the total samples submitted. All drill core
samples are cut and packaged on-site and are shipped to ALS Laboratories prep facility in
Langley,
B.C.
All samples are assayed using a four-acid digestion multi-element ICP analysis and a separate
gold fire assay.
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.
About American Eagle Gold Corp.
American Eagle trades under the symbol AE on the TSX Venture Exchange. The Company is
focused on exploring its NAK project in the Babine Copper-Gold Porphyry district of west-central
British Columbia
.
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) accept 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 American Eagle Gold Corp. profile at
www.sedar.com
.
SOURCE
American Eagle Gold Corporation
View original content:
http://www.newswire.ca/en/releases/archive/December2022/05/c8568.html
%SEDAR: 00051688E
For further information:
Anthony Moreau, Chief Executive Officer, Phone:
416.644.1567, Email:
CO: American Eagle Gold Corporation
CNW 06:00e 05-DEC-22