TORONTO, April 29,
2022 /CNW/ - American Eagle Gold Corp.
(TSXV: AE) ("American Eagle"
or the "Company") has completed its inaugural
scout drill program located at its Golden Gate property, within
the Cortez Trend and adjacent to Barrick's
Goldrush mine. Drilling focused on the Northern Cortez
(GG21-001) and Southern Cortez targets
(GG21-002), located in the footwall of the
Cortez Fault zone, 10km southeast of Barrick's Cortez
Hills mine and 5km southwest of Barrick's Goldrush
mine
While no significant gold mineralization was encountered, the
Company is encouraged by having identified deep alteration
analogous to Barrick Gold's
Goldrush, Fourmile, and Cortez Hills
projects next door. The drill core from GG21-001 was geologically
logged in detail and photographed and sampled for gold and
multi-element geochemical analysis. Drilling at hole GG21-002 was
challenging due to difficult drilling conditions and supply chain
issues. Despite the technical problems, the target concept for
GG21-002 remains valid and requires full drill testing. Therefore,
GG21-002 will be re-entered and deepened upon sourcing a reverse
circulation rig to test for lower plate rocks and
mineralization.
Targeting and modelling work will continue over the Golden Gate
property in 2022, incorporating the geologic and geochemical data
from the 2021-22 drill program. In addition, new targeting work for
the eastern half of the project area will be advanced, and
additional geophysical surveys will be considered to highlight
potential deep structures.
Annual General Meeting
Notice
American Eagle will hold its annual general and special meeting
(the "Meeting") of shareholders of the Company
("Shareholders") on June 30,
2022, as more particularly described in the Notice of
Meeting filed on the Company's profile on the System for Electronic
Document Analysis and Retrieval (SEDAR). At the Meeting, the
Company will seek the approval of disinterested Shareholders for
its previously announced acquisition of the Cerros Rojos Project
(the "Transaction"), as more particularly described in the
Company's press release dated September 15,
2022. The TSX Venture Exchange ("TSXV") had provided
conditional approval for the Transaction, provided that the
Transaction received shareholder approval from the disinterested
Shareholders not later than April 30,
2022. The Company has received an extension from the TSXV
and now has until June 30, 2022, to
obtain disinterested shareholder approval of the Transaction.
About American Eagle Gold
Corp.
American Eagle Gold is traded on the TSX Venture Exchange under
the symbol 'AE' and is focused on exploring its two properties, NAK
and Golden Gate. NAK is in the Babine Copper-Gold Porphyry district
in central British Columbia.
Golden Gate is on the Cortez Trend, which hosts three large
Carlin-type gold deposits operated by Barrick and Newmont's Joint
Venture, Nevada Gold Mines
(Pipeline, Cortez Hills and
Goldrush). The Property is 10 km south of Cortez Hills and 5 km
south of Goldrush and shows many of the same geological
characteristics as the two deposit areas.
QP Statement
American Eagle's Vice President of Exploration, Mark Bradley, B.Sc., M.Sc., P.Geo., a Certified
Professional Geologist and 'qualified person' for Canada's National Instrument 43-101 Standards
of Disclosure for Mineral Properties, has verified and approved the
information contained in this news release.
www.americaneaglegold.ca
Forward-Looking
Statements
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the TSX Venture Exchange
policies) accepts responsibility for the adequacy or accuracy of
this release. 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 exercise its option to acquire
the Project as anticipated and whether the Company's exploration
efforts on the Project produce the results that are anticipated by
management. This information is based on current expectations that
are subject to significant risks and uncertainties that are
difficult to predict. Actual results might differ materially from
results suggested in any 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 the American Eagle Gold Corp. profile at www.sedar.com.
SOURCE American Eagle Gold Corporation