American Eagle Gold Corp. announced that it has intersected 776 metres of 0.50 % copper equivalent in the initial hole of its 2023 drill campaign on its NAK copper-gold porphyry project ("NAK" or the "Project"). The hole was collared in the NAK "South Zone" and drilled to a historically untested area to the west, roughly perpendicular to most of the holes
drilled on the Project in 2022, which were drilled along a northerly fence. The results show that the northerly trending mineralized zone outlined in previous geophysical surveys and successfully drill tested in 2022 is broad and extends significantly to the west from surface to depth. The results indicate further that the NAK mineralizing system has considerable scale and potential for substantial growth. NAK23-08 was collared 50 m southeast of NAK22-01 and oriented at 270 degrees, with a -60 degree inclination. The hole was designed to test the near-surface high-grade gold-bearing mineralization encountered at the Nak South zone in 2022 and previously, with an original target depth of 300 m. Visual mineralization remained strong well beyond the initially planned shutdown depth, and assay results revealed that broad zones of strong gold grades are present to a depth of 802 m. Also of note is the much stronger molybdenum mineralization encountered at depth, with molybdenite commonly recorded in veinlets below the 300 m depth mark. NAK23-08 hosts a strong olymetallic signature, with diffuse broad zones of higher grade (> 0.5 % CuEq), flanked by moderate grades (0.1 - 0.3 % CuEq) throughout most of the hole until the grade gradually diminishes below 802 m. NAK23-08 substantially expands the mineralized footprint of the NAK prospect, extending mineralization to depth almost 400 m west of the main north-south deep fence drilled at NAK in 2022. Hole NAK22-08 was collared into intensely brecciated and weathered intermediate volcanic/fine clastic rocks, transitioning to polymictic conglomerate and pebbly sandstone below 100 m, intruded locally by Babine Stock granodiorite dykes, and rare, chalcopyrite-mineralized fine-grained andesitic dykes. Alteration was characterized by biotite and magnetite-bearing mafic-potassic alteration from surface to a depth of 500 m, gradually transitioning to pyrite-rich phyllic alteration as the hole raversed further to the west. From surface to 802 m, mineralization dominantly consisted of disseminated and veinlet- hosted chalcopyrite, with local zones of bornite present to a depth of 500 m. From 500, pyrite abundance, as fine disseminations and within veinlets increases, and pyrrhotite becomes the dominant sulfide below 802 m. American Eagle expects to receive initial assay results for drill holes NAK22-09 to -11 in the coming weeks. Drilling on NAK23-12 commenced on August 5, 2023. NAK23-12 was designed to test in the vicinity of the higher-grade zone intersected at moderate depths in hole NAK22-04 and to provide better control on the orientation of the bornite-bearing mineralized dykes inferred to be associated with the best copper mineralization intersected in hole NAK22-04. Please see the link above for updated and detailed images of core from the Company's 2023 drill program at NAK.