This morning, American Eagle Gold (TSX-V:NAK) released the remaining results from its 2022 diamond drill program at the NAK Project near Smithers, BC. Hole NAK22-07 intersected 106 meters of .53% copper-equivalent from surface. In addition, holes NAK22-07 and 22-06 intersected several copper-rich bornite-bearing dykes at depth including:
- NAK22-06: 531.33 – 532.37 m; 1.04 meters @ 4.35% CuEq
- NAK22-07: 490.79 – 502.71 m; 11.92 meters @ 0.74 % CuEq
The copper-rich bornite-bearing dykes from holes 6 &7 are inferred to be associated with intercepts in previous holes drilled in 2022, such as:
- NAK22-02: 901.00 – 934.21 m; 33.21 m @ 0.95 % CuEq
- NAK22-02: 952.00 – 956.72 m; 4.72 m @ 1.52 % CuEq
- NAK22-04: 505.82 – 522.00 m; 16.18 m @ 0.86 % CuEq
It’s worth pointing out from the above long section that hole 01 has a considerable amount of purple and red (economic grade mineralization) that warrants being followed up in 2023 drilling. The initial plan is to step out from and infill between this year’s drill collars, as well as to expand and define the zones of higher-grade mineralization intercepted in holes NAK22-01, -02 and -04. In particular, hole NAK22-01 showed grades near surface that were exceptional for NAK, and this is particularly encouraging given that the closest historical hole, NAK95-15, was collared nearly 100 meters to the east of NAK22-01. That drill hole returned an intercept of 168.5 meters @ 0.81% CuEq from surface. The next closest, NAK96-55, was drilled 105 meters away to the northeast and returned 70 m @ 1.07% CuEq starting from 85 meters.
Furthermore, Hole 02 returned 301 meters of 0.61% copper-equivalent from surface. This is the sort of broad copper-gold mineralized intercept that helped GT Gold eventually receive a $393 million buyout offer in 2021 from the world’s largest gold producer, Newmont. Hole 04 was arguably the best hole ever drilled on the property, returning 185 meters @ 0.74% CuEq, ending in high-grade mineralization (88 m @ 0.98% CuEq), representing the best deep intercept to date in the 2022 drill program.
I believe that American Eagle is onto something potentially very large at NAK and this first pass core drilling program has returned encouraging results that have generated many targets that merit follow-up drilling in 2023. The repeated intersections of bornite rich dykes at a variety of depths, and at great distances apart, point to the presence of a high grade source on the property, an additional potential prize at depth.
American Eagle technical advisor Charlie Greig explained things succinctly in this video.
Disclosure: Author owns AE.V shares at the time of publishing and may choose to buy or sell at any time without notice.
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