American Eagle Gold Corp. announced the discovery of a new area of interest at its NAK copper-gold porphyry project. Drill hole NAK23-09 intersected a new mineralized zone approximately 650 metres east of the collars of NAK22-01 and NAK23-08 along the southern margin of the main Babine porphyry stock, yielding a significant intercept from surface of 117 metres of 0.40% CuEq within 434 metres of 0.25% CuEq.

This new zone significantly increases the exploration potential at the property. It confirms that the mineralized system at NAK extends at least 650 metres east, with the boundaries still open in all directions and at depth. NAK 23-09 Details: Drill hole NAK23-09 was collared 650 metres east of NAK23-08 in a part of the NAK property not previously drill-tested.

It targeted a northwest trending deep ZTEM resistivity low associated with the margin of a magnetic high near an "embayment" in the large-scale circular IP chargeability anomaly, which helps define the Nak porphyry system. The geophysical anomaly, similar to that targeted by the Company along its 2022 drill "fence," is associated with a weakly defined multi-element soil geochemical anomaly. NAK23-09 was collared into intensely silicified volcanoclastic sedimentary rocks that are inferred to be similar to the stratigraphic package of clastic rocks encountered along the western drill fence.

The upper 133 m was characterized by the presence of fine-grained chalcopyrite and molybdenite mineralization, most commonly occurring along fracture planes. Below 133 m, intense silicification gave way to more consistent biotite-magnetite alteration associated with finely disseminated chalcopyrite with trace pyrite. At a depth of 650 m, granodiorite was intersected and continued to the end of the hole at 837 m. Mineralization within the granodiorite consisted of sparsely distributed mm- to cm-scale veins of massive chalcopyrite.

Overall, NAK23-09 encountered notably high gold and molybdenum values relative to the amount of observed chalcopyrite. The gold to copper ratio (g/t Au: Cu %) of greater than 2:1 is similar to that intersected in the relatively gold-rich South Zone, indicating strong potential that the hole was drilled marginal to higher grade copper-gold mineralization inferred to lie immediately to the south and west. Update on NAK Holes NAK 23-10 to -15: Assays for drill holes NAK23-10 and NAK23-11 will be received shortly.

Drilling for holes NAK23-12, -13, and -14 in the North Copper Zone is complete, and core samples from these holes have been sent to the lab for assaying. Drilling for NAK23-15 has begun, representing a 110-m step-out to the south from NAK23-11 to expand the South Zone copper mineralization in that direction.