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