American Eagle Gold (TSX-V:AE) Corp. revealed that it has engaged Major Drilling for the company's initial drill program at its flagship Golden Gate property, which is strategically situated on the Cortez Trend, in Nevada.
The Nevada-focused explorer said drill pad construction will be underway soon, and drilling is expected to kick off in November.
“Drill permits have been received from the Bureau of Land Management for the Golden Gate drill campaign,” noted the company.
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"American Eagle Gold (TSX-V:AE) has taken great care in completing the appropriate groundwork to maximize the potential outcome of this upcoming drill program. Our team understands the challenges that discovery brings, but being located within the Cortez Trend, adjacent to world-class orebodies owned by Barrick and Newmont provides us valuable information and insight on the gold system we believe travels through the Golden Gate property,” American Eagle Gold CEO Anthony Moreau said in a statement.
“Also, being led by Mark Bradley, who discovered Barrick's Gold Rush deposit, gives us great confidence in our exploration team. The Cortez trend has been an incredibly fertile ground for gold, and we believe we are well-positioned for discovery," he added.
American Eagle also provided shareholders with an exploration update on its groundwork and targeting to date:
- The exploration team has utilized geochemistry and geophysics to delineate two initial drill target zones on the Cortez Fault zone, south of Barrick's Cortez Hills mine;
- Geophysical targeting includes a 2D seismic survey which showed significant folding and thrusting near-surface that could provide mineralization traps for Carlin-type deposits;
- And a CSAMT which showed sizable and 'rooted' areas of high resistivity characteristic of lower plate carbonate rocks;
- The campaign will begin with a 3,000-metre program, with 3–4 drill holes focused on the Northern Cortez and Southern Cortez target zones;
- The goal of the program is to intercept lower plate rocks and identify deep alteration, and mineralization analogous to Barrick Gold's Gold Rush and Cortez Hills projects next door.
The company said that results of the drill program will help the exploration team delineate a second drill campaign to vector into a discovery of an orebody.
American Eagle Gold’s 2,286-acre (925 hectares) Golden Trend property is located on the Cortez Trend, next door to Barrick Gold and Newmont Mining’s Gold Rush and Cortez Mine, which host over 27 million ounces of gold.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive
