American Eagle Gold Corp (TSX-V:AE) reported that it continues to advance its British Columbia copper-gold porphyry project NAK.
The Toronto-based company revealed that Charlie Greig, who led the discovery of GT Gold's Saddle copper-gold deposit, is advising and executing American Eagle's exploration program at NAK. The company noted that it is “fully funded for NAK's 2022 exploration program” and is waiting for its permit to begin drilling.
American Eagle said the planned drill program on NAK consists of 8 diamond drill holes totaling 4,500 meters (m), targeting the newly-identified geophysical feature within a well-understood copper-gold porphyry province. NAK's known copper-gold porphyry mineralization is open at depth, and the compelling deep geophysical signature is analogous to Newcrest's Red Chris Mine and Newmont's Tatogga project in northwest British Columbia.
READ: American Eagle Gold expands its team to advance the NAK Copper-Gold Porphyry project
Interpretation of the historical geophysics data appears to delineate an underlying multi-phase porphyry source for the previously-drill-defined, near-surface low-grade copper-gold mineralization, said the company. This interpreted porphyry is a potential source and host for a deeper high-grade orebody, which has never been drill-tested, it added.
American Eagle’s proposed 2022 drill program will now test the top of the larger intrusive stock.
The firm added that it is engaging with local community stakeholders and “working towards attaining a permit to begin drilling in the summer.”
Finishes inaugural drill program at Golden Gate
In a separate statement, American Eagle revealed that it has completed its inaugural scout drill program located at its Golden Gate property, within the Cortez Trend and adjacent to Barrick's Goldrush mine.
The company said drilling focused on the Northern Cortez (GG21-001) and Southern Cortez targets (GG21-002), located in the footwall of the Cortez Fault zone, 10 kilometers (km) southeast of Barrick's Cortez Hills mine and 5 km southwest of Barrick's Goldrush mine.
While no significant gold mineralization was encountered, the company said it 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.
American Eagle said 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, noted the firm.
Therefore, GG21-002 will be re-entered and deepened upon sourcing a reverse circulation rig to test for lower plate rocks and mineralization.
In addition, targeting and modelling work will continue over the Golden Gate property in 2022, incorporating the geologic and geochemical data from the 2021-2022 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.
Meanwhile, American Eagle will hold its annual general meeting of shareholders on June 30, 2022. At the meeting, the company will seek the approval of shareholders for its previously-announced acquisition of the Cerros Rojos project, which is 50 km south of Newmont Gold’s Long Canyon mine in eastern Nevada and 72 km west of Kinross's Alligator Ridge deposit and 56 km north of its Kinsley Mt. Deposit.
The company said it has received an extension from the TSX Venture Exchange and now has until June 30, 2022, to obtain disinterested shareholder approval of the transaction.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive
