Highlights:

• Maiden hole returned 851.28 m of 0.33% copper equivalent ("CuEq"), including 126 m of 1.02% CuEq from surface

• All 5 holes ended in mineralization at up to a maximum depth of 984 m downhole

• Strike length of mineralization encountered in holes NAK22-01 to -05 is 730 m and is open in multiple directions
• Results indicate a potential system footprint over 1.5km x 1.5km X 1km depth, open along strike and depth
• Assays for holes NAK22-02 to -05 are pending. Current drill program has been expanded a further 2,000 m to define geometric extent of a potentially significant copper-porphyry system

Toronto, Ontario – November 7, 2022 – American Eagle Gold Corp. (AE: TSXV) ("American Eagle" or the "Company") is pleased to report assay results from NAK22-01, the first hole of its 2022 program on its NAK copper-porphyry project ("NAK"). All five holes drilled on NAK have intersected broad intervals of porphyry-style mineralization from surface to end-of-hole, the longest of which was 984 m.

NAK is a classic porphyry copper-gold target whose current 5,000 m drill program tests the potential for a mineralized footprint greater than 1.5 km x 1.5 km. All five holes drilled to-date hit broad mineralization from surface to a maximum depth of 984 m downhole. Assay results for NAK22-02 to -05 are pending.

"Our objective at NAK is to discover a world-class copper-gold deposit with a high-grade core at depth. Today's results exceeded our expectations. We have encountered mineralization in every hole and intersected a wide, high-grade interval from surface on the first hole. The bounds of the system are entirely unknown, including depth extensions of high grade. These early results set us up for an exciting remainder of 2022 and 2023,” said Anthony Moreau, American Eagle’s CEO.

Click here for long section of NAK22 -01 and other Drill Holes

NAK22–01 Intersection Details:

Assay results from hole 1 confirm and expand upon NAK’s historically discovered copper-gold South Zone, which typically shows strong gold and copper results beginning at the bedrock surface. Mineralization is best developed in Hole 01 between 29.30 m (depth to the bedrock beneath glacial overburden) to 155.50 m (125.78 m of 1.02 % CuEq). It remains strong until a depth of 251.00 m (221.28 m @ 0.68 CuEq) within host intermediate volcanic rocks and intruding Babine Suite porphyry dykes. Mineralization through the zone is characterized by consistently high copper grades and conspicuously strong gold results. The gold appears to be associated with abundant quartz veinlets, mineralized fractures, and related dissemination. The zone’s visible mineralization consists almost entirely of chalcopyrite, with trace observed pyrite and bornite. Below approximately 250 m in depth, the hole encountered Babine Suite porphyritic intrusive rocks, continuous to end-of-hole, intermittently mineralized with fracture and vein-hosted chalcopyrite and bornite. From 784 m to 819 m, a zone of more intensely mineralized rock was encountered, with the robust copper results in the hole occurring between 801 and 818 m (17 m of 2.23 % Copper equivalent). Mineralization therein consisted of disseminated and semi-massive vein-hosted bornite and chalcopyrite. Highlighted length-weighted assay intervals are presented in Table 1 below:

Table 1: NAK22-01 Assay Results

*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 and Ag = 20 USD/oz.  CuEq grade including copper, gold and silver based on 100% recoveries is calculated using the following equation:

CuEq. = Cu % + (Au grade x [Au price ÷ 31] / [Cu price x22]) + (Ag grade x [Ag price ÷ 31] / [Cu price x 22]). The assays have not been capped.

Click here for detailed core images from holes NAK22-01 to -05

Drill Core Descriptions for Holes NAK22-01 to -05
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.  

NAK22-02 was drilled to the north at a -70-degree angle from the same collar as NAK22-01. It intercepted similarly mineralized intermediate composition volcanic rocks seen in hole NAK22-01 down to 400 m and continued through Babine Suite intrusive rocks. Mineralization includes disseminated and vein-hosted chalcopyrite-bornite mineralization intermittently from surface to end-of-hole (984 m).

NAK22-03 is a vertical drill hole testing 300 m north of NAK22-01. It passed 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 and Babine Suite intrusive rocks from 600 m to the end-of-hole at 941 m. The volcanic rocks are mineralized by disseminated and vein-hosted chalcopyrite-bornite, and the intrusive rocks by chalcopyrite-bornite veining commonly associated with a soft metallic black mineral, inferred to be hypogene chalcocite, with a conspicuous interval occurring between 740-760 m. The mineralization encountered in holes NAK22-02 and NAK22-03 confirms the continuity of 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. One of the final holes in the 2022 program will be completed beneath this hole by drilling from an off-section collar.

NAK22-05 was drilled vertically, 218 m north of NAK22-04, with the aim of testing mineralization along 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.

The five holes drilled to date are continuously mineralized to an approximate average of 900 m depth, along a strike length of nearly 750 m. The mineralized zone remains open in all directions. Assays for holes 2, 3, 4, and 5 are pending, and the drilling of hole 6 is about to commence. A total of seven holes and approximately 5,500 m will be completed in the 2022 drill program.

About American Eagle's NAK Project

NAK is a classic porphyry copper-gold mineralized zone that exhibits many signs of a robust and large-scale system. Historic shallow drilling programs defined a near-surface copper-gold system with a footprint greater than 1.5km x 1.5km that was open and completely untested at depth. The current drill program on NAK was designed to test geophysical targets at a 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)

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. 

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.

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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.

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