American Eagle Extends South Zone Discovery by over 300 Metres; Returns 91 m of 1.53% CuEq Within 167 m of 1.06% CuEq

Highlights:

• South Zone Expansion:
  
  

  • NAK25-57 intersected 167 m of 1.06% Copper Equivalent (CuEq), including 91 m of 1.53% CuEq, within 909 m averaging 0.41% CuEq from surface; this extends the NAK25-46 discovery more than 100 m west.

  • NAK25-52 extends the high-grade NAK25-48 discovery by over 200 metres to the east, returning 85 m of 0.92% CuEq.

  • Holes -57 and -52, together, extend the east-west strike length of the zone originally defined by NAK25-48 (77 m of 1.78% CuEq within 140 m averaging 1.23% CuEq) and NAK25-46 (97 m of 0.89% CuEq) to almost 500 metres.

• The South Zone continues to demonstrate strong potential for a large, high-grade system open to expansion both at surface and at depth.

American Eagle Gold Corp. (TSXV: AE,OTC:AMEGF) (OTCQB: AMEGF) ("American Eagle" or the "Company") is pleased to report that recent drilling has expanded the high-grade South Zone at its NAK copper-gold porphyry project in British Columbia, Canada.

Drill holes NAK25-57 and NAK25-52 intersected significant intervals of high-grade mineralization, extending the high-grade South Zone discovery in NAK25-46 and NAK25-48 (news release here) to almost 500 metres in an east-west direction. The South Zone remains open along strike, with follow-up drilling already undertaken to further define its continuity and to expand it both down- and up-dip.

"These latest drill results at NAK underscore the exceptional potential of this large-scale copper-gold system," said Anthony Moreau, CEO of American Eagle. "We are defining and expanding a high-grade core at depth that appears to feed into the extensive near-surface mineralization. It is evident that high-grade mineralization is extensive at depth, and that it may show strong continuity with surface zones and thereby confirm the significance of this discovery and the NAK Project."

View Cross Section of Expanding High Grade South Zone

View Interactive 2D Map of NAK

View Interactive 3D Model of NAK

View Core Photos for Released Holes

Watch: Webinar with Anthony Moreau, Charlie Greig and Neil Prowse

NAK25-NAK25-57 Assay Results (Table 1) and Details*

Cross Section | View Hole Location
* Copper Equivalent (CuEq) shown in Tables for drill intercepts are calculated on the basis of US$ 3.75/lb for Cu, US$ 1,900/oz for Au, US$ 25/oz for Ag and US$ 25/lb for Mo, with 80% metallurgical recoveries assumed for all metals (since it's unclear what metals will be the principal products, assuming different recoveries is premature at this stage). The formula is: CuEq = Cu % + (Au grade in g/t x (Au recovery / Cu recovery) x [Au price ÷ 31] / [Cu price x 2200]) + (Ag grade in g/t x (Ag recovery / Cu recovery) x [Ag price ÷ 31] / [Cu price x 2200] + (Mo grade in % x (Mo recovery / Cu recovery) x [Mo price x 2200] / [Cu price x 2200]). The assays have not been capped.

NAK25-57 was drilled to the west-northwest to test the continuity of mineralization to depth from a collar location approximately 400 m southeast of the near surface high-grade South Zone. Moderate grade mineralization from surface gave way abruptly at approximately 600 metres downhole to consistently higher grades characterized by disseminated and vein-hosted chalcopyrite and bornite mineralization within dark magnetite-biotite altered sandstone and conglomerate.

As the drill hole traversed farther to the west, the tenor of mineralization decreased, being characterized by an increase in the relative proportions of pyrite and pyrrhotite versus chalcopyrite.

The location of the strongest mineralization in this hole pushes the known extent of deep, high-grade mineralization over 100 m west of the strong zone intersected in NAK25-46. The zone remains open at depth to the north, where there has been little testing of what appears in part to be a sub-horizontal higher grade body.

NAK25-52 Assay Results (Table 2) and Details*

Cross Section | View Hole Location

NAK25-52 was collared from the same location as NAK25-49, approximately 200 m south of the historical near-surface South Zone mineralization, and drilled steeply to the east. Similar to NAK25-57, the upper 425 m of the hole returned low to moderate grades, with local high-grade spikes hosted within late cross-cutting dykes and mixed fine- to coarse-grained sedimentary rocks, giving way down hole to more consistently mineralized conglomerate.

From 687 m to 772 m, mafic dyking with conspicuous irregular bornite veining and associated disseminated sulphides were consistent with the style of mineralization encountered in NAK25-48; this intercept extends the sub-horizontal zone of high-grade mineralization over 200 m to the east.

NAK25-51 Assay Results (Table 3) and Details*

Cross Section | View Hole Location

NAK25-51 was collared from the same location as NAK25-48, and drilled shallowly to the west. It was designed, in part, to help test the eastern and northern limits to near-surface, high-grade mineralization at the historical South Zone. The hole returned an intercept of moderate grade from consistent copper- and gold-bearing vein mineralization from surface to a depth of 111 m, where more sparsely mineralized rocks of the Babine porphyry stock were encountered.

While a significant focus for the Company's 2025 drilling was toward strong mineralization at depth to the west and south of the historical South Zone, the testing of the area farther north and east was limited to short historical drill holes. The results form NAK25-51 indicate that additional potential remains for expansion of the near-surface mineralization in that direction with systematic step-out drilling.

NAK25-50 Assay Results (Table 4) and Details*

Cross Section | View Hole Location

NAK25-50 was collared from the same location as NAK25-52 (see above) and was drilled shallowly to the southwest. It encountered interbedded sandstone and siltstone at the top of hole, then conglomerate between 80 and 380 m down hole, before ending in sandstone at a depth of 564 m. As is common at NAK, the strongest mineralization was hosted in the conglomerate, and it consisted of variably dense disseminations, with local matrix and/or clast replacement by chalcopyrite. As with drill hole NAK25-57 (again, see above) sulphide speciation changed as the hole traversed farther southwest, from more chalcopyrite-rich to pyrite-dominant with a concomitant decrease in grade; this gives the Company a better understanding of the limits to mineralization and the extent of the system to the south and west.

NAK25-54 Assay Results (Table 5) and Details*

Cross Section | View Hole Location

NAK25-54 was collared approximately 100 m west of NAK25-15, and was drilled shallowly to the west, much like NAK25-50, and with the similar aim of further testing the limits of the NAK mineralizing system. The hole collared in sandstone that was cut by feldspar porphyritic dykes, primarily hosting disseminated pyrite, but locally exhibiting zones richer in chalcopyrite. Farther downhole, at a depth of approximately 150 m, the abundance of chalcopyrite increased, coinciding with a transition from host sandstone to conglomerate. Chalcopyrite continued as the dominant sulphide down to a depth of 233 m, where the sulphide speciation changed back to pyrite and/or pyrrhotite dominant.

Collar details for holes in this release (table 6):

QA/QC and Sampling Protocol

Sampling at NAK follows a rigorous methodology and internal QA/QC protocol. Drill core is halved on site, and samples are submitted to ALS Geochemistry in Langley, British Columbia for preparation and analysis. ALS is accredited to the ISO/IEC 17025 standard for assays. All analytical methods include quality control standards inserted at set frequencies. The entire sample interval is crushed and homogenized, and 250 g of the homogenized sample is pulped. All samples were analyzed for gold, silver, copper, molybdenum and a suite of 45 other major and trace elements. Analysis for gold is by fire assay fusion followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) on 30 g of pulp. Analysis for silver, copper, and molybdenum and all other major and trace elements are analyzed by four-acid digestion followed by Inductively Coupled Plasma Mass Spectroscopy (ICP-MS).

Internal QA/QC protocols dictate that individual core samples are no less than 70 centimetres long and no greater than 3 metres in length. To control standard, blank, and duplicate sample frequency, and to better constrain pass/fail re-analysis intervals, samples are submitted to the lab in 50 sample batches. Within each 50-sample batch, there is one gold-copper standard and two coarse reject duplicates, inserted at regular intervals, and two blank samples, inserted sequentially following well-mineralized samples where possible, for a total of 10% QA/QC samples. All gold and copper standard analyses from the 2024 program passed within 3 standard deviations of expected values. Where duplicate values differed significantly, the lower values from the resulting re-analyses were used.

About American Eagle's NAK Project

The NAK Project lies within the Babine copper-gold porphyry district of central British Columbia. It has excellent infrastructure through all-season roads and is close to the towns of Smithers, Houston, and Burns Lake, B.C., which lie along a major rail line and Provincial Highway 16. Historical drilling and geophysical, geological, and geochemical work at NAK, which began in the 1960's, tested only to shallow depths. Still, the work revealed a very large near-surface copper-gold system that measures over 1.5 km x 1.5 km. Drilling completed by American Eagle in 2022, 2023, and 2024 returned significant intervals of high-grade copper-gold mineralization that reached beyond and much deeper than the historical drilling, indicating that zones of near-surface and deeper mineralization, locally with considerably higher grades, exist within the broader NAK property mineralizing system. Drilling is currently in progress, with almost the entirety of the planned 30,000-metre drill program completed, and over 40 holes drilled. Three drills are actively operating, including one helicopter-supported hole, and work is expected to be completed in mid-December.

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About American Eagle Gold Corp.

American Eagle is dedicated to advancing its NAK copper-gold porphyry project in west-central British Columbia, Canada. The Company benefits from over $36 million in cash, bolstered by strategic investments made in the past several years, by Teck Resources and South32. With substantial financial and technical resources, American Eagle Gold is well-positioned to drill, de-risk, and define the full potential of the NAK Copper-Gold porphyry project.

Q.P. Statement

Charles Beaudry, M.Sc., P.Geo., géo. a Certified Professional Geologist and independent '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

Certain information in this press release may contain forward-looking statements. Forward-looking statements in this press release include, but are not limited to: including statements relating to the use of proceeds of the Offering, the tax treatment of the Charity FT Shares, the receipt of all necessary regulatory approvals in connection with the Offering, the 2025 drill program or its anticipated results at the Company's NAK project, the ability of the Company to make the Qualifying Expenditures as anticipated by management, and other matters ancillary or incidental to the foregoing. 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.sedarplus.ca.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277709