Orecap Invest Portfolio Company American Eagle Drills 776 Meters at 0.5% Copper Equivalent on its NAK Project
Highlights:- NAK23-08 returned 776 m @ 0.50% copper equivalent ("CuEq") from surface, representing the best intercept to date
- This hole was drilled into a large, previously untested area, significantly expanding the mineralized footprint to the west.
- Mineralization starts from surface, and mineralization was consistent throughout the hole.
Toronto, August 10, 2023 - Orecap Invest Corp. (TSXV: OCI) (OTCQB: ORFDF) (the "Company" or "Orecap") is pleased to provide an update on American Eagle Gold's (TSXV: AE) (OTCQB: AMEGF) NAK Project. Orecap owns over 5 million shares of American Eagle and 20% of the NAK Project.
Plans, Sections, and Drill Core Images for American Eagle's NAK23-08:
- Cross-section with Mineralization and Lithology of NAK23-08
- Plan View Map of NAK23-08
- Core images from holes NAK23-08 to -11
- Video on the Significance of NAK23-08
American Eagle's NAK23-08 highlighted above represents the first assays of the American Eagle Gold Phase two drill program on the NAK copper-gold Porphyry project (the "Project" or "NAK") near Smithers, British Columbia. NAK23-08 was the first hole of a targeted 7,000-metre drill program for the 2023 season.
"NAK continues to separate itself from its peers by demonstrating size, an impressive grade profile, consistency of mineralization, and bulk tonnage potential that begins near surface. NAK23-08 is our best intercept to date at NAK. This hole was planned to be shallow, but we've now learned that the near-surface mineralization at the South zone is continuous westward and to depth into completely untested ground. This first hole of 2023 shows that we have only scratched the surface of the potential at NAK. Additionally, mineralization on our pending holes looks consistent with what we see in this hole, and we look forward to publishing further results," said Anthony Moreau, American Eagle's CEO.
NAK23-08 Assay Results: Table 1
| Hole | From (m) | To (m) | Length (m) | Au g/t | Cu % | Ag g/t | Mo ppm | Cu Eq % * |
| NAK23-08 | 26.1 | 881 | 854.9 | 0.25 | 0.2 | 1.12 | 92 | 0.46 |
| Including | ||||||||
| NAK23-08 | 26.1 | 802 | 775.9 | 0.27 | 0.22 | 1.19 | 99.8 | 0.50 |
| NAK23-08 | 26.1 | 509 | 482.9 | 0.37 | 0.19 | 1.33 | 83.52 | 0.53 |
| NAK23-08 | 26.1 | 263 | 236.9 | 0.5 | 0.19 | 2 | 61.2 | 0.62 |
| NAK23-08 | 26.1 | 170 | 143.9 | 0.58 | 0.27 | 3.02 | 40.95 | 0.75 |
| And Including | ||||||||
| NAK23-08 | 64 | 170 | 106 | 0.73 | 0.25 | 2.28 | 42.33 | 0.84 |
| And Including | ||||||||
| NAK23-08 | 344 | 802 | 458 | 0.18 | 0.25 | 0.89 | 124.65 | 0.48 |
| NAK23-08 | 344 | 509 | 165 | 0.3 | 0.24 | 0.77 | 121.1 | 0.55 |
* Copper Equivalent (CuEq) for drill intersections is calculated based on US$ 3.75/lb Cu, US$ 1,900/oz Au, US$ 20/oz Ag and US$ 25/lb 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. As such an 80% recovery rate is justified at this point in time ). 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.
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. In May 2023, the Company announced a strategic investment by Teck Resources Ltd..
About Orecap Invest Corp.
Orecap seeks Special Situation investments in the natural resource sector that offer shareholders diverse exposure to high returns in precious and critical metal assets and businesses. Orecap has significant equity positions in portfolio companies, such as American Eagle Gold (TSXV: AE) (OTCQB: AMEGF) , QC Copper and Gold (TSXV: QCCU) (OTCQB: QCCUF), Mistango (CSE: MIS) and Awale Resources (TSXV: ARIC) in addition to owning a broad portfolio of land packages focussed on gold, copper and zinc. Agnico Eagle Mines Ltd. is a 9.9% shareholder and holds an option to acquire up to a 75% interest in Orecap's Knight and McGarry projects in exchange for spending $60 million on the Projects.
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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.
For further information, please contact us:
Orecap Invest Corp.
Stephen Stewart, Chief Executive Officer
416.644.1567
sstewart@oregroup.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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