Highlights:

• Hole NAK22-01 returned 135 metres of 1.00% CuEq from surface within 851 metres of 0.37% CuEq (see Table 1 below)
• Hole NAK22-02 returned 301 metres of 0.61% CuEq from surface within 956 metres of 0.37% CuEq (see Table 2 below)
• Mineralized footprint over 1.5km x 1.5km at surface; extends 1km to depth
• All seven drill holes display mineralization throughout and end in mineralization; mineralization remains open in all directions
• Assays for holes NAK22-03 and NAK22-04 are expected before the year-end, and results for holes 05 to 07 will be available in the New Year

Toronto, Ontario – December 19, 2022 – American Eagle Gold Corp. (AE: TSXV) ("American Eagle" or the "Company") has completed its 2022 drill program at the NAK Project ("NAK") in west-central British Columbia. Results from the first two core holes were released on November 7 and December 5, respectively.  They confirmed that the broad NAK porphyry copper-gold system, previously drilled closer to surface, extends to depths close to 1 km.

As part of its ongoing work, American Eagle is pleased to present an interview with Charlie Greig, who advises American Eagle and whose consulting firm provides day-to-day technical support to the Company.  Charlie was the recipient of PDAC's 2022 Bill Dennis Award.  The interview discusses aspects of the early success of the present NAK program, the Project's "blue-sky" potential, and the proposed 2023 drill plan.

Click Here to View Discussion with NAK's Geologist, Charlie Greig

Update on NAK Holes NAK22-03 to -07

American Eagle expects to receive assay results for NAK22-03 and NAK22-04 before the year-end and results for holes 05 to 07 in the New Year.  Please see the link below for updated and detailed images of core from NAK's 2022 drill program.

Click here for detailed core images from holes NAK22-01 to -07

With drilling for 2022 now complete, the Company's focus is now on interpreting and modelling the drill results to design the 2023 exploration program. 

NAK22-01 Assay Results: Table 1

NAK22-02 Assay Results: Table 2

*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 Two Drill Hole Intersections

About American Eagle's NAK Project

NAK is a classic porphyry copper-gold mineralized target that exhibits many signs of a robust and large-scale system.  Historical shallow drilling programs defined a near-surface copper-gold system with a footprint greater than 1.5km x 1.5km.  It remains open and largely untested at depth.

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, in the Babine copper-gold porphyry district of west-central British Columbia.  It lies close to nearby Babine district past-producing mines (Bell, Granisle), in proximity to excellent infrastructure.  NAK's highly encouraging initial results make it a prime candidate for further exploration.  The Company's main objective is to advance this newly revitalized mineralizing system into a major discovery. 

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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.

Anthony Moreau, Chief Executive Officer
Phone:  416.644.1567
Email:   amoreau@oregroup.ca
www.americaneaglegold.ca

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 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., where they are analyzed via a four-acid digestion multi-element ICP process 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.

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.  Therefore, actual results might differ materially from those suggested in 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.