American Eagle Gold Corp (TSX-V:AE) said it has fully exited Nevada with the termination of the Cerros Rojos agreement meaning that 100% of the company's focus will now be on the current drill program at its NAK copper-gold porphyry project located northeast of Smithers, British Columbia.
American Eagle also confirmed that it does not intend to change the corporation's name to Drillore Exploration.
NAK, in the Babine copper-gold porphyry district of British Columbia, is a classic porphyry target exhibiting many signs of a robust copper-gold system. Previous owners partially defined a large shallow copper-gold mineralization that is open in all directions.
READ: American Eagle Gold to make strategic shift to focus on exploration in Canada, change company name to Drillore Exploration
Reinterpretation of historical ZTEM (Z-axis tipper electromagnetic), induced polarization, magnetics, soil geochemistry and drilling data defined several compelling and untested exploration targets, which will be tested by four to six vertical holes of approximately 800 metres in length.
Previous drilling has intersected wide intervals of copper-gold mineralization, including DH95-15, which returned a grade of 0.35% copper and 0.645 gram per tonne gold over a width of 168.5 metres starting 5.5 metres from the surface.
The company believes the key to advancing the NAK project will be to extend existing mineralization to depth.
Copper-gold porphyry mineralization at NAK is open in all directions. It is defined by a compelling geophysical signature analogous to Newcrest's Red Chris mine and Newmont's Saddle deposit located in northwest British Columbia.
American Eagle is fully financed for NAK's 2022 exploration program and is currently permitted to drill and has contracted C.J. Greig and Associates to advise and execute the company's exploration program at NAK.
Contact the author at jon.hopkins@proactiveinvestors.com