American Eagle Gold Corp. reported assay results from the third and fourth holes of its 2022 program on its NAK copper-gold porphyry project. NAK22-01 returned 851 m of 0.37% CuEq, including 126 metres of 1.05% CuEq from surface NAK22-02 returned 956 m of 0.37% CuEq, including 301 metres of 0.61% CuEq from surface NAK22-03 returned 906 m of 0.21% CuEq from surface, including 645 metres of 0.24% CuEq NAK22-04 returned 527 m of 0.45% CuEq from surface, including 89 metres of 0.98% CuEq.

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 2200] /[Cu price x 2200]).

The assays have not been capped. NAK22-04 hosts the most consistent high-grade copper-gold intercept in the 2022 drilling to date. The hole bottomed in high-grade mineralization, as the drill hole had to be terminated due to technical issues (swelling clays in a narrow fault zone, later penetrated successfully in drill hole NAK22-07).

Given the high-grade nature of the mineralization encountered at the bottom of NAK22-04, the Company targeted this area with drill holes NAK22-06 and -07 to test its continuation at depth beneath hole NAK22- 04. Assays for NAK22-05, 06, & 07 are pending, and the Company's focus going forward will be to expand and better define the higher-grade deeper zones, such as those intersected in holes NAK22-04, 01 and 02 (e.g., 126 m of 1.05% CuEq in NAK22-01, 33 m of 1% CuEq in NAK22-02 and 89 m of 0.98% CuEq in NAK22-04). NAK22-03, while lower grade, again demonstrates the size and strength of the NAK porphyry system along strike and at depth, with another nearly 1km of continuous mineralization.

The hole also shows numerous meter-scale intercepts in excess of 1 % Cu where denser bornite mineralization is present. Hole NAK22-03 is a vertical hole collared in the area between the historically defined south and north zones at NAK. The collar lies approximately 300 m north of the collar location of holes NAK22-01 and - 02.

Mineralization from the top of hole down to 296m is sparse and consists of finely disseminated chalcopyrite, predominantly hosted by andesitic volcanic rocks. The overall intensity of disseminated mineralization increases proximal to the contact with the main granodiorite intrusion (Babine stock), which was intercepted at a depth of 640 m. The host rock for the remainder of the hole to final depth of 941m is Babine stock granodiorite, which hosts sporadically distributed chalcopyrite-bornite +/- chalcocite veins and veinlets. Hole NAK22-03 graded 0.21% CuEq over its entire 906 m length from the overburden-bedrock contact, with a slight increase to 0.24% Cu over its lower 645 m. NAK22-04 was collared approximately 200 m north of hole NAK22-03.

It intercepted well mineralized andesitic volcanic rocks to a depth of 166.59 m, which included an intercept of 40cm of massive chalcopyrite in the final meter (165.59 - 166.59 m) grading 11.05 % Cu. For the next 200m, mineralization is relatively low-grade within andesitic volcanics and clastic rocks until an abrupt change at 363 m, where coarse andesitic volcaniclastic rocks host abundant disseminated chalcopyrite and bornite. Mineralization remained very strong until end of hole at 548 m (the hole was shut down due swelling clays in a narrow fault zone), and included conspicuous disseminated bornite mineralization within a porphyritic andesite dike between 505 -522 m-this mineralization is identical in texture and composition to that encountered below 901 m in NAK22-02.

The final 185.0 m of drill hole NAK22-04 represents a discovery of an exciting new higher-grade copper- gold bearing zone at moderate depths, of a tenor not previously encountered. The intercept, along with still deeper zones intercepted in previous holes, suggests that there is excellent potential for additional mineralized zones at NAK that occur at depths below the historically-defined higher grade zones such as the south zone, which was well defined only to depths of approximately 200-300 meters. In addition, the similarities of host rocks and styles as well as mineralization composition between drill holes NAK22-04 and -02 also suggest the possibility that the zones may be continuous.

Hole NAK22-07, drilled off of the same collar as - 04 but at an inclination of 81 degrees south, encountered similar visuals to hole -04, and was strongly mineralized between 400 and 600 m, and was intermittently well- mineralized to the end of hole at 874 m. As a consequence, there remains considerable room for expansion of this zone to the east, west, and north, as well as at depth. This area will be one focus for follow-up drilling in 2023. With drilling for 2022 now complete, the Company's focus is on interpreting and modelling drill results with the aim of designing an aggressive follow-up drill program for the 2023 season.

In general, the program will step out from and infill between this year's drill collars and aims to expand and define the zones of higher-grade mineralization intercepted in the 2022 drilling.