Toronto, Ontario – July 13, 2023 – American Eagle Gold Corp. (AE: TSXV) ("American Eagle" or the "Company") is pleased to update shareholders on its ongoing drill program at the NAK Copper-Gold Porphyry project ("NAK") in British Columbia.   The visual assessment of NAK23-08, NAK23-09 and NAK 23-10 is encouraging, showing zones of consistent mineralization, though management emphasizes that visual interpretations do not always correlate with positive assay results.

Video of CEO Anthony Moreau Providing Update on the 2023 NAK Drill Program

See Core Photos of NAK 23-08, 23-09  and 23-10 here

View 2022 and 2023 NAK Drill Program

NAK 23-08 Complete

NAK 23-08 at NAK has revealed compelling visual chalcopyrite mineralization, extending to a downhole depth of 881 meters. This hole has provided access to untested ground west of the main historically drilled South zone, and west of the north-south fence of deep holes drilled by the Company in 2022. Initially, hole 23-08 was planned to be drilled to 300m depth, but visuals prompted continuation of drilling and have provided us with encouragement to drill additional step-out holes to the west. The visuals in NAK 23-08 highlight the significant potential of this area and further emphasize the potential at the NAK property.

NAK 23-09 Complete

Drill hole NAK23-09, was drilled 730 meters east of NAK22-01, in an area immediately south of the main Babine Stock intrusion. It also yielded encouraging visuals, and confirms the presence of mineralization beyond the limit of historical drilling. American Eagle is assessing the results and actively integrating them into the overall NAK system. Adjustments to the 2023 drilling plan may prioritize further exploration in this area, which we now refer to as the Southern Margin Zone.

NAK 23-10 In-progress

NAK 23-10 is focused on extending the historically higher-grade near-surface mineralization encountered in NAK 22-01 and NAK22-02 and linking this shallower mineralization with the newly- recognized deeper mineralization farthest west in drill hole NAK23-08. Early visuals from the top of the hole are promising. The local zones of chalcopyrite, molybdenite, and bornite veining are consistent with that observed in NAK 23-08.

The aim of the Company’s 2023 exploration efforts is to  build scale, discover further high grade zones, and to link those together with an improved understanding of the geology and controls on mineralization within the extensive NAK system.

Assay Results and Core Photos 

The Company plans to release assay results in batches as it receives data from the laboratory. The Company may also share photos of the core, though it will not comment on the timing of dissemination of such material and assays.

About American Eagle's NAK Project

The NAK Project is in the Babine copper-gold porphyry district of British Columbia, near past-producing mines and with excellent infrastructure. Previous drilling at NAK revealed a large near-surface copper-gold system measuring over 1.5 km x 1.5 km. Historical exploration was limited to shallow depths, averaging 170 m. In 2022, American Eagle's 2022 drilling program explored deeper and discovered significant copper-gold mineralization. The objective for 2023 is to expand the known mineralized footprint at NAK and identify high-grade sources of copper and gold. The property is accessible by road, can be drilled year-round, and largely without helicopter support. The promising initial results make NAK an ideal candidate for further exploration. Drilling resumed in June 2023.

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About American Eagle Gold Corp.

American Eagle is focused on exploring its NAK project in the Babine Copper-Gold Porphyry district of central British Columbia.

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

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 can exercise its option to acquire the Project as anticipated and whether the Company's exploration efforts on the Project produce the results 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.