American Eagle Gold Drills Best Hole To Date At NAK Copper-Gold Porphyry Project

This morning, American Eagle Gold (TSX-V:AE, OTC:AMEGF) reported its best hole to date on its NAK copper-gold porphyry project in the Babine copper-gold porphyry district of British Columbia . NAK23-11 intersected 102 meters of 1.04% Copper Equivalent (“CuEq”) within 473 meters of 0.62% CuEq from surface.

American Eagle also reported assays from hole NAK23-10 which intersected 359 meters of 0.43% CuEq within 830 meters of 0.36% CuEq from surface. The results further demonstrate that the NAK mineralizing system has considerable scale and the potential for substantial growth in size and grade.

American Eagle has taken a methodical approach to stepping out and expanding the mineralized area at NAK. It is also notable that results from 2022 and 2023 drilling at NAK demonstrate an increasing grade profile, with strongly mineralized zones at depths less than 200 meters. 

In hole 11, the strongest gold grades (.59 g/t Au over a 200+ meter interval) are found beginning at around 217 meters downhole and remain conspicuously higher grade down to roughly 430 meters downhole. The higher gold grades appear to be associated with purple anhydrite veins that host chalcopyrite, bornite, and molybdenite. 

Hole 15, another large step-out 110 meters to the south of hole 11, is currently underway. Then the company will move the drill rig roughly 150 meters to the north of hole 11  in order to drill hole 16. Hole 16 will be drilled to the west at a similar orientation to hole 11, with the objective of further filling in the structure between the North Zone and South Zone. Currently there is a roughly 500 meter gap between the drilling to the west at the South Zone and the known extents of the North Zone. 

In addition, in the video that accompanied today’s news release American Eagle VP of Exploration Neil Prowse also noted that the area south of hole NAK23-09 is highly prospective, and “an area of focus” for the company.

A very large mineralized system is coming into focus at NAK and assays are still pending from holes 12, 13, and 14 drilled at the North Zone. In particular, these 3 holes are follow-up holes to last year’s hole 22-04 that intercepted 527 meters of .45 Cu-Eq. The NAK Project is unique in that the lithologies and metal combinations differ somewhat from the other Babine porphyries. NAK appears to share more similarities with deposits in the Golden Triangle, but without the infrastructure challenges associated with them.

Meanwhile, the AE.V chart shows a continued consolidation near 52-week high share price levels. 

AE.V (Daily)

American Eagle is starting to accumulate substantial volumes at NAK, and the extension of mineralization right to the surface is highly favorable. Several catalysts are on the horizon, including the assays of at least seven more drill holes.

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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