American Eagle Intercepts 175 m of 1 g/t Gold Eq, 275 m of 0.9 g/t Gold Eq and 108 m of 1 g/t Gold Eq, All from Surface at NAK

NAK's Gold Zone Drill Highlights:

• NAK24-23 intercepted 40 m of 2.01 g/t Gold Equivalent ("AuEq") from Surface

  • within 175 m of 1.03 g/t AuEq from Surface

  • within 276 m of 0.83 g/t AuEq from Surface

• NAK24-21 intercepted 130 m of 1.10 g/t AuEq from Surface

  • within 275 m of 0.9 g/t AuEq from Surface

• NAK24-19 intercepted 108 m of 1.00 g/t AuEq from Surface

  • within 191 m of 0.76 g/t AuEq from Surface

Toronto, August 20, 2024 - American Eagle Gold Corp. (TSXV: AE) (OTCQB: AMEGF) ("American Eagle" or the "Company") is pleased to announce a significant expansion of its at-surface high-grade "Gold Zone."

The Company is reporting assay results for three recently drilled holes from the Gold Zone and two holes drilled across the Main Zone. The Gold Zone holes were drilled in different directions, and each returned well over 100 meters of 1 g/t AuEq from surface. The results significantly increase the Gold Zone's size by extending it to depth and to the north. The Company believes this near-surface high-grade gold and copper resource will be vital to unlocking the economic viability of the NAK project.

Gold Zone highlights:

• NAK24-23: 175 m of 1.03 g/t AuEq from Surface

• NAK24-21: 275 m of 0.9 g/t AuEq from Surface

• NAK24-19: 108 m of 1.00 g/t AuEq from Surface

"The expansion of our higher-grade Gold Zone from surface at NAK continues to impress. The substantial volume of copper-gold mineralization surrounding the newly expanded Gold Zone, coupled with NAK's unique infrastructure advantages, with gentle terrain, drive-on year-round access for drilling from a logging cut-block, and proximity to full-service towns and a major transportation corridor, positions NAK for success. Simply put, NAK is easy to access and has great topography, which are major advantages relative to its porphyry peers when considering exploration costs and operational and build-out costs when evaluating NAK's economic potential. These holes represent the first few results of the program, and we expect drilling to continue through November with consistent updates on our progress," says CEO Anthony Moreau.

Plan Maps, Long Section and Drill Core Images:

• Plan view of drilling to date at NAK

• Plan Map of NAK's Expanding Gold Zone

• Long Section of NAK's Expanding Gold Zone

• Core images for Assayed 2024 Drill Core

Ongoing Drilling at the NAK Project:

Drill holes NAK24-24, -26, and -28 have visually confirmed further expansion of the Gold Zone, with NAK24-24 and NAK24-26 traversing north and northwest, respectively, of NAK24-21, beyond the gold-enriched stockwork mineralization, drilling into the south and central parts of the broader main zone of more copper-rich mineralization that extends in that direction. Due to the high tenor of gold in the Gold Zone, the Company is emphasizing Gold Equivalent (AuEq) as well as Copper Equivalent (CuEq) grades in this news release.

American Eagle expects NAK's current drill program to continue into November, with assays being released upon receipt and following QA/QC (Quality Assurance/Quality Control).

Gold Zone and Main Zone:

Historically, the Gold Zone was termed the South or Stockwork zone, and was known to carry both significant copper and gold. Given that most of the contained metal value appears to be in gold, it will be referred to as the Gold Zone. It is continuous westward and northward with the larger and generally more copper-rich northerly trending zone of mineralization that extends from it and connects to the historical North, or Copper zone, hence for the referred to as the Main zone.

Gold Zone Highlights:

NAK24-23 Assay Results (Table 1) and Details*

Cross Section of NAK24-23

* Gold Equivalent (AuEq) shown in Tables for drill intersections are calculated on a basis of US$ 3.75/lb for Cu, US$ 1,900/oz for Au, US$ 20/oz for Ag and US$ 25/lb for Mo, with 80% metallurgical recoveries assumed for all metals (Since it is unclear what metals will be the principal products, assuming different recoveries is premature at this stage). The formula is: AuEq. = Au grade in g/t + {Cu % + (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])} ÷ ([Au price ÷ 31] / [Cu price x 2200]) . The assays have not been capped.

NAK24-21 Assay Results (Table 2) and Details

Cross Section of NAK24-21

NAK24-21 and NAK24-23 were collared from the same set-up, approximately 60 m north of NAK22-01 and NAK22-02. NAK24-21 was a vertical hole drilled to a depth of 419 m, while NAK24-23 was drilled toward 340 degrees at an -70-degree inclination, to a total depth of 527m. Both holes intersected classic stockwork style mineralization with quartz veining containing local centerline chalcopyrite and bornite mineralization. The upper 300 m of both holes were marked by broken core, with bornite and chalcopyrite commonly coating fracture surfaces. Lithologically, the holes were characterized by intercalated mineralized Babine porphyry stock intrusive rocks, and fine-grained sedimentary rocks. Below 300 m in NAK24-23, dykes similar in composition to the Babine porphyry stock cut intervals of chalcopyrite-mineralized conglomerate.

NAK24-19 Assay Results (Table 3) and Details

Cross Section of NAK24-19

NAK24-19 was collared 70 m to the northwest of NAK22-01 and NAK22-02 and drilled at a 55-degree inclination toward the southeast. This hole was designed to traverse from near the western margin of the gold-enriched South (Stockwork, Gold) zone, to ultimately test the flank of the IP embayment target. Mineralization was very strong downhole to 239 m, with similar stockwork-style mineralization to that encountered in holes NAK24-21, 23, and NAK22-01 and 02, with abundant veining and fracture-hosted copper sulfides that decrease gradually downhole. Below this depth, down to approximately 700m, a sequence of silicified or siliceous fine-grained, and thin-bedded, and commonly structurally disrupted sedimentary rocks predominates. It hosts only trace chalcopyrite and molybdenite, mainly as fracture coatings and sparsely distributed veinlets. Below the fine-grained rocks, mineralization picks up and is hosted largely by conglomeratic rocks and sandstone with similarities to rocks encountered in drill holes to the west and northwest. They host disseminations and local breccia infill of chalcopyrite to a downhole depth of 950m. Notably, near the end of the hole, a 30 cm wide zone of chalcopyrite-bearing vein breccia and associated disseminations in the wall rocks returned 0.78 g/t Au and 0.77 % Cu across a one metre interval, and overall, hole NAK24-19's strongly anomalous copper at depth near the IP embayment zone is encouraging. Future testing of the zone will be undertaken from the north or northeast.

Update on NAK24-24, -26, -28:

Three additional holes have been drilled in the Gold Zone and are awaiting results. NAK24-24 was collared from the same location as NAK24-21 and 23, drilling at a 55-degree inclination to the north. This hole was allowed to continue northward through the Gold Zone as far north as what was originally known as the North or Copper zone, thereby yielding a more complete understanding of the relationship between the historical South (Stockwork, Gold) and North (Copper) zones. Visuals from the hole help support our view that mineralization is largely continuous between the zones and show that to the north and at depth (end of hole equalled 950m), the bornite-chalcopyrite rich disseminated, and vein mineralization encountered in drill hole NAK23-12 is extensive.

NAK24-26 was also drilled from the same location as NAK24-24, but at a northwest, 300-degree azimuth. As with hole NAK24-24, hole 26 was drilled from the gold-rich South zone (Gold zone), traversing into the more copper-rich mineralization characteristic of the broader northerly-trending mineralized zone at NAK (Main zone). The hole was shut down in fine-grained, weakly mineralized silicified/siliceous sedimentary rocks at a depth of 600 m.

NAK24-28 was collared approximately 100 m to the east of NAK24-24 and drilled at a -55-degree inclination to the southeast. This hole collared in the Gold Zone, in stockwork style mineralization that included local chalcopyrite-mineralized centerline quartz veins, veins containing local bornite, and local bornite-coated fracture surfaces, all accompanied by finely disseminated chalcopyrite and bornite throughout the groundmass. Downhole of the stockwork style mineralization the hole intersected disseminated chalcopyrite hosted by coarse-grained pebbly sandstone, down to a depth of approximately 500m. where weaker mineralized silicified/siliceous fine grained sedimentary rocks were intercepted. The hole was shut down at a depth of 623 m.

South to North "Main Zone" Drilling Highlights:

• NAK24-18: 816 m of 0.25% CuEq, including 25 m of 2.01% CuEq and 12 m of 1.43% CuEq

• NAK24-20: 316 m of 0.37% CuEq and 83 m of 0.52% CuEq within 557 m of 0.32% CuEq, all within 827 m of 0.29% CuEq.

Along with holes NAK24-18 and -20, three further holes, NAK24-22, -25 and -27, have been collared on the Main zone trend connecting mineralization in the south, at the Gold Zone and in rocks contiguous to the west (e.g., NAK23-08, -11, 17, -10, and 16), with generally more copper-rich rocks in the north in the historical Copper zone (e.g., NAK23-12 and -14). The three holes for which results are pending were drilled west to east on sections spaced 100 m apart, north from the section along which hole NAK24-20 was drilled. Overall, in these west-to-east deeper holes, mineralization has increased in abundance and tenor northward, with a concomitant increase in bornite mineralization at depth, particularly in holes NAK24-25 and NAK24-27. Consequently, the Company's systematic drilling of long holes from westerly step-outs has helped to show that mineralization in the south is continuous with that in the north. This work is also outlining a very large volume of mineralized rock that includes within it local zones of very high tenor. Beyond this drilled zone, particularly to the north, lie considerable areas which remain largely untested.

NAK24-18 Assay Results (Table 4) and Details*

Cross Section of NAK24-18

* Copper Equivalent (CuEq) shown in Tables for drill intersections are calculated on a basis of US$ 3.75/lb for Cu, US$ 1,900/oz for Au, US$ 20/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.

NAK24-18 was collared approximately 200 m west of NAK23-16 and drilled at an inclination of 77 degrees east. Down to a depth of 620 m, the drill hole intersected a mixed sedimentary package consisting of dominant variably mineralized conglomerate interbedded with local and less mineralized, well-bedded and commonly deformed very fine-grained rocks. Local semi massive cm-scale bornite veins and zones of densely disseminated chalcopyrite disseminations occur, most notably between 470 and 495 m. Between 620 and 839 m, the hole intersected dark green fine-grained dykes/sills mineralized by local stringers and disseminations of chalcopyrite and/or bornite, after which the Babine porphyry stock was encountered. The stock itself was locally well mineralized, particularly between 848 and 860 m, which it was cut by common chalcopyrite-bornite-molybdenite bearing quartz-anhydrite veins. The hole was shut down at a depth of 915 m.

NAK24-20 Assay Results (Table 5) and Details

Cross Section of NAK24-20

NAK24-20 was collared 100 m to the north of NAK24-18, and inclined 70 degrees, drilling east. The hole intersected similar sedimentary rocks to those intersected in hole 24-18, with pebble to cobble conglomerate dominating. Mineralization was strongest between 192 and 508 m, and consistent in style to that seen throughout the NAK property, with chalcopyrite and subordinate bornite as selective replacements, primarily in the interstices between clasts. Downhole of 508 m, to approximately 666 m, a thicker sequence of fine-grained and thin-bedded sedimentary rocks hosts mineralization that occurs solely along fractures and in local meter-scale crackle- brecciated zones. Below 666 m, coarser sandstone intercalated with meter-scale intermediate dyking was intersected. Within this unit, some unique styles of high-grade mineralization were encountered, with skarn-style epidote, garnet, and magnetite appearing in association with bornite in replacements of what appear to be carbonate concretions. At approximately 800 m NAK24-20 intersected the Babine porphyry stock, and the hole was shut down at 930 m.

American Eagle's Continuing 2024 NAK Drill Program:

The ongoing 2024 drill program, which was planned for 15,000 metres, will focus on the Main zone, by continuing to link, better define, and expand upon the historical North (Copper) and South (Gold Zone) and associated mineralization to the west) zones, which the Company showed in its 2022 and 2023 drill programs to extend to considerable depths (close to 950 m below surface) along a strike length of 750 m and across a width of approximately 400 m. Intercepts from 2023 include 900 m of 0.50% Copper Equivalent from surface in the north (Link to NAK23-12 News Release) and 302 metres of 1.09% Copper Equivalent within 606 m of 0.74% Copper Equivalent starting from 98 metres downhole in the south (Link to NAK23-17 News Release).

Collar details for holes drilled in the 2022, 2023 and 2024 drill program: 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 is by four-acid digestion followed by Inductively Coupled Plasma Mass Spectroscopy (ICP-MS). All other major and trace elements are analyzed by four-acid digestion followed by ICP-MS.

Internal QA/QC protocols dictate that individual core samples are no less than 70 cm and no greater than 3 m 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 2023 program passed within 2 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 in 2022 and 2023 by American Eagle has returned significant intervals of high-grade copper-gold mineralization that lie beyond the extent of historical drilling, indicating that several zones of near-surface and deeper mineralization, locally with considerably higher grades, exist within the broader NAK property mineralizing system.

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About American Eagle Gold Corp.

American Eagle is focused on exploring its NAK copper-gold porphyry project in west-central British Columbia, Canada.

Q.P. 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

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 will be able to complete the Offering as anticipated, the receipt of regulatory approval, including the approval of the TSX Venture Exchange, to complete the Offering, the intended use of proceeds and intended 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/220510