TORONTO, July 8, 2022
/CNW/ - American Eagle Gold Corp. (TSXV: AE) ("American
Eagle" or the "Company") is pleased to announce that at
the annual and special meeting of its shareholders held on
June 30th, each item of business
placed before the shareholders was approved, including (i) the
re-election of the current board of directors; and (ii) the change
of the name of the Company to "Drillore Exploration Inc.".
The Company also decided to make a strategic shift in focus on
exploration in Canada.
American Eagle Gold's focus will be exploring its NAK
copper-gold porphyry project in Central
British Columbia. Since the acquisition of NAK in
December 2021, an extraordinary
amount of work has been put into the property, justifying the
Company's decision to focus its attention on exploring this
property. The vast amount of historical data and new
interpretations on NAK has provided confidence that a high-grade
underground deposit could exist. Compared to exploring in
Nevada, BC offers a far superior
risk-reward ratio, making it in the best interest of shareholders
to shift focus to a jurisdiction that is more cost-effective for
exploration drilling and managing a business. Therefore, American
Eagle will exit the USA and focus
on expanding its presence in BC by making a discovery, defining a
resource at NAK and further consolidating the area.
At NAK, drilling will begin this year, and the Company will test
5-7 drill site locations with a minimum of 3,000m of drilling. The Company has contracted
ITL Drilling, and drills will begin turning within two weeks of
receiving permits. Historical results at NAK have been encouraging,
with the majority of the historical drill holes ending in copper
and gold mineralization. The property exhibits an extensive
copper-gold bearing alteration footprint with indications of higher
grades occurring at depth. Historical drilling has been restricted
to the upper parts of the mineralized alteration zone and limited
drilling has been undertaken below a vertical depth of 170m. NAK shows strong geological similarities
with Newcrest's Red Chris and
Newmont's Saddle copper-gold deposits located to the north of NAK.
For more on the NAK project, please click
here.
As a result of the change in focus, the Company will not pursue
its interests on any claims in Nevada. Management believes that NAK and other
opportunities in the Company's strategy offer better prospects and
higher potential risk-adjusted returns for shareholders.
About the NAK Project
The NAK project, located in the Babine Copper-Gold Porphyry
District of British Columbia,
offers American Eagle Gold a valuable risk-reward proposition to
drill test a new geophysical feature within a well-understood
geologic environment. NAK's known copper-gold porphyry
mineralization is open at depth and is defined by a compelling
geophysical signature analogous to Newcrest's Red Chris Mine and Newmont's Saddle deposit
located in Northwest BC. The drilling targets of NAK were defined
and supported by the analysis and reinterpretation of geochemical,
geophysics and drilling data, all of which demonstrated
coincidental anomalies.
About American Eagle Gold Corp.
American Eagle Gold is traded on the TSX Venture Exchange under
the symbol 'AE'. It is focused on exploring its NAK project in the
Babine Copper-Gold Porphyry district in central British Columbia. The Company is fully funded
for NAK's 2022 exploration program and is awaiting its permit to
begin drilling. American Eagle has contracted C.J. Greig and
Associates to advise and execute the Company's exploration program
at NAK. Geologist and president of C.J Greig & Associates,
Charlie Greig, is a recipient of the
prestigious 2022 Bill Dennis Award, recognizing his contribution to
the prospecting and exploration industry or a significant mineral
discovery.
QP Statement
American Eagle's Vice President of Exploration, Mark Bradley, B.Sc., M.Sc., P.Geo., a Certified
Professional Geologist and 'qualified person' for Canada's National Instrument 43-101 Standards
of Disclosure for Mineral Properties, has verified and approved the
information contained in this news release.
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) accepts 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
the timing and scope of planned drilling on the NAK property 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