NAK is a porphyry copper-gold target that exhibits many signs of a robust and large-scale system. Historical drilling, while shallow, defined a near-surface copper-gold system with a footprint greater than 1.5km x 1.5km. Drilling in 2022 showed that the property holds substantial deep potential but remains largely untested at depth, while near-surface mineralization potential was shown to be significantly larger than what was historically defined.

The NAK property is road accessible, and many target areas coincide with forest industry clear cuts. Drilling can be undertaken 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 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 prospect into a major discovery. Drilling is expected to commence in early June, 2023. 

The objective of American Eagle Gold's 2023 drill program is to:

• Follow up the 2022 drill program via east-west step-out drilling and begin to delineate the true size of this potential deposit
• Expand and better define the orientation and distribution of the higher-grade zones of dyke-hosted bornite mineralization
• Expand the known footprint of the high-grade at-surface south gold zone (image here)
• Step-out and investigate the highly prospective southern margin of the main Babine stock porphyry

American Eagle is pleased to report assay results from the 7 drill holes of its 2022 program on its NAK copper-gold porphyry project ("NAK").

“NAK’s 2022 drill program outlined multiple well-mineralized zones, including a large near-surface zone, continuous zones at depth, and very high-grade bornite veins, which we are using to vector into more extensive high-grade zones within the mineralized footprint.  2022’s program was an aggressive step-out program, targeting exclusively deep geophysical targets, with holes spaced as wide as 300 metres.  We achieved a 100% success rate on hitting high-grade zones and widespread disseminated material, demonstrating that NAK hosts a very large porphyry system.  2023’s drilling will be focused on further delineating the near-surface high-grade zones to show additional continuity and vectoring into the potential source of the high-grade bornite mineralized dykes encountered throughout the 2022 drill holes," said Anthony Moreau, American Eagle's CEO.

Hole-by-Hole Highlights of NAK's 2022 Drill Program:

• 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
• NAK22-05 returned 804 m of 0.20% CuEq from surface
• NAK22-06 returned 900 m of 0.22% CuEq from surface, including 330 metres of 0.38% CuEq
• NAK22-07 returned 856 m of 0.30% CuEq, including 106 metres of 0.53% CuEq from surface

Links to Long Sections & New Video Update on All Drilling Holes

Plan View Map of High Grade Surface Mineralization at NAK

Neil Prowse and Charlie Greig's Video on the Significance of NAK’s complete 2022 Drill Program

Long Sections & Images

The NAK property has excellent logistical advantages and can be accessed via well-maintained forest production roads from Topley Landing. The NAK copper-gold porphyry deposit occurs in the Stikine Island Arc Terrane, which hosts many copper porphyry deposits in British Columbia. In addition, NAK is associated with Babine Intrusive Suite, which is Eocene age and locally hosts the Bell, Granisle, Morrison, Hearne Hill and Dorothy/Duke copper-gold deposits.

Exploration on the NAK dates back to the mid-1960s, and more than $9 million has been spent.

Historical Exploration

1964-1971: Noranda Exploration completed soil and geophysical surveying and 28 BQ holes for 1837m.

1973: Ducanex Resources conducted geophysical and geochemical surveying and 480m in 8 holes.

1993-1997: Hera Resources carried out IP and magnetic surveying and drilled 71 BQ holes for 13,311m. No core retained.

2008: Copper Ridge completed soil, IP and magnetic surveying and 1,265m in 5 NQ holes. Core retained and stored in Smithers.

2010-2014: Copper Ridge and Redtail Metals completed a helicopter ZTEM and magnetic survey comprising 1,083 line-km and ground IP and magnetics.

2016-2019: Generation Mining re-logging B08-04 holes, preliminary metallurgy and several generations of soil sampling 

2021: NAK Mining digitized, analyzed, reinterpreted and modelled all historical data for the first time on this property. Independent geophysical and geochemical analysis was completed for historical data. The company recently applied for a five-year, multi-hole drill permit.

2022: 6,000 metre, seven-hole drilling program.  Discovered broad intercepts of bornite-bearing copper-gold porphyry mineralization. 

2023: Estimated 6,000 metre program. Objective is to continue advancing our property by expanding its known mineralized footprint and identifying the high-grade source of the copper and gold on NAK

The property is underlain by a northwest-trending sequence of Jurassic-age rhyodacite, andesite, basalt and subordinate pyroclastic equivalents with basin-controlled conglomerates, siltstone and argillaceous sediments.

The older lithological units are intruded by an Eocene-age diorite stock, which is cut by a younger series of north-trending biotite-feldspar porphyry rhyodacitic intrusives.

The central stock is approximately 1.0 x 1.2 km is dominated by diorite but also includes a wide variety of subordinate intrusive rock types, including quartz-diorite, monzodiorite with minor granodiorite and quartz-monzonite.

Intrusive textures range from fine to coarse-grained equigranular, porphyritic to crowded porphyritic.  The copper-gold porphyry mineralization is commonly hosted by biotite-feldspar porphyry and rhyodacitic dykes but also occurs along the margins of the dykes.

Inter-mineral and post-mineral dykes include polymictic pebble dykes with mineralized intrusive clasts.

Due to a shortage of outcrop, the alteration pattern was established from core logging and petrographic studies. The pattern shows classic concentric zoning with an early stage high-temperature potassic core grading outward into phyllic and propylitic shells.  Late argillic alteration has destroyed or overprinted the higher levels of the hypogene alteration shells to a maximum depth of ~200m.

Extensional NW and NE trending faults may have caused the lateral and vertical displacement of the copper mineralization

A considerable amount of geophysical surveying has been completed over the NAK property. The surveys included airborne EM and VLF undertaken by Noranda in the late 60s followed up with ground magnetics, IP and VLF which were undertaken over localized grids in the central part of the NAK Intrusive Complex. In 2008, a ground IP survey (lines in yellow on the RTP map) was conducted over the central and southern portions of the property. In 2010, a 502 line km helicopter ZTEM and magnetic survey was completed over 70% of the property which generated high quality data. In 2014, a second close-spaced helicopter magnetic survey was completed over the entire property and extended further to the southeast covering the Dorothy/Duke copper porphyry prospect now owned by Amarc Resources. The survey totaled 581 line km of which ~300 line km covered the NAK property.

In order to facilitate a direct comparison with the geology, inversion modelling was completed for the ZTEM and magnetic data. The reliable depth penetration for the ZTEM survey data was estimated at 1000 to 1200m and 2500-3000m for the magnetic data. The 2D ZTEM inversion clearly defines a north-north-west trending elliptical shaped resistivity high measuring 1100 x 700m and centered on the North and South copper zones. The 2DI resistivity high is also coincident with an elliptical-shaped ZTEM In-Phase 30Hz low which reflects the location of the silicic core of the younger mineralized porphyry stock. The 3D magnetic inversion delineates a small, high intensity anomaly centered on the South copper zone and coincident with a strong ZTEM resistivity high and In-Phase low.

The older diorite stock and overlying volcanics are characterized by a moderate to strong IP resistivity low flanked by a zone of high chargeability which is best developed on the eastern margin of the older intrusive complex and related to pyritic phyllic alteration. Geophysical modeling indicates the the South Copper Zone offers the best potential for higher copper grades below a depth of ~500m. Deeper drilling will focus on the coincident ZTEM resistivity and magnetic high located in the South Copper zone in the vicinity of drill holes B-5, 95-15 and 95-55. These holes intersected strong magnetite alteration with abundant bornite with a high Au:Cu ratio. A number of world class, copper-gold deposits including Grasberg, Batu Hijau, Red Chris, Southwest Oyu, Maricunga, Cascabel, and Cadia exhibit similar geological characteristics as NAK in that they are magnetite rich and have a high gold to copper ratio.

IP shows a crude horse-shoe chargeability high (pink) developed outboard from the potassic alteration zone which is indicated by coincident magnetic and ZTEM resistivity highs. In the classic copper porphyry model, the chargeability high represents the phyllic alteration zone which contains significant pyrite but generally does not constitute a high priority exploration target. The deeper resistivity high is developed on the western margin of the older diorite stock. The anomaly is elongated in a northwest direction and measures 2.0 x 1.5 km with the highest values associated with the North and South Copper zones. A second discreet resistivity high is located to the southeast and is coincident with a group of copper and gold soil anomalies, a 3DI magnetic and ZTEM resistivity high and is designated as the Embayment anomaly. Based on 3DI, the top of the magnetic high at the Embayment anomaly is estimated at a depth of 300-500m. This anomaly represents a high priority drill target and again is developed along the southern margin of the older diorite pluton.

Geophysical interpretation was derived from ground IP and airborne magnetic and ZTEM survey data. The airborne data was processed using 3D/2D inversion to provide a better rendition of the deeper geophysical targets. The priority drill sites were ranked based on the geophysical and geochemical anomaly attributes. Highest ranked targets are located in the North and South copper zones which were delineated by historical drilling. SCZ is associated with well-defined coincident ZTEM and magnetic highs.

Detailed analysis and processing of multi-element ICP soil data generated a total of 8 geochemical target areas. The priority drill sites were ranked based on the geochemical anomaly attributes only. The highest ranked targets are again located in the NCZ and SCZ defined by historical drilling.

The Embayment anomaly is very prospective owing to the fact that no drilling has been undertaken and the soil anomalies are located along the westen flank of a coincident moderate magnetic and ZTEM high. Close spaced soil sampling is recommended owing to wide 500m line spacing used in the past.