American Eagle Gold drills 844 metres at 0.30% CuEq at NAK

American Eagle Gold Corp. CVEAE OTCMKTSAMEGF reported on Tuesday that NAK26-92 returned 844 metres at 0.30 per cent copper equivalent at its NAK copper-gold project in British Columbia. The nine-hole batch completes infill work ahead of a planned 2027 resource estimate, while step-out drilling now tests the system's margins.

Shares rose 2.2 per cent to C$0.93 on the TSX Venture Exchange at Monday's 4:00 p.m. EST close, before Tuesday's release, according to CVEAE. The explorer owns all of NAK.

The headline interval began at 58 metres and included 410 metres at 0.37 per cent copper equivalent. American Eagle said copper minerals continued to the end of the hole.

Phase 2 is following the boundary between the Babine porphyry stock and surrounding rocks, including step-outs south and east into previously undrilled ground. The first assays are expected in the coming weeks, ahead of a resource estimate and engineering studies planned for 2027.

"We are now stepping out along the margins of the stock, where our model says the higher-grade potential lies," chief executive Anthony Moreau said in the release.

NAK26-97 returned 711 metres at 0.32 per cent copper equivalent. That interval began at 44 metres and included 277 metres at 0.41 per cent.

Both strongest holes followed the stock's western margin. American Eagle said holes drilled entirely inside the stock returned lower grades, supporting its model that the better targets lie near the surrounding-rock contact.

Read more: FireFly Metals extends Green Bay core with 16.4 metres at 9.2 per cent CuEq

The infill holes added mineralized volume within an area drilled to date measuring approximately 1.7 kilometres by 1.5 kilometres, the company said.

Results have been reported from 15 of the 32 holes drilled so far. The reported holes cover approximately 11,700 metres of the planned 55,000-metre program.

Three rigs are working, with assays pending from the other completed holes. Several Phase 2 holes have already been completed, and further holes are planned before year-end.

Starting closer to the deposit's core let crews build trails and pads ahead of the rigs, replacing helicopter access to isolated collars. That infrastructure now supports the step-outs.

The reported lengths are drill intercepts. The copper-equivalent grades combine copper, gold, silver and molybdenum using assumed metallurgical recoveries of 80 per cent for every metal.

The calculation uses US$4.50 a pound for copper and US$3,375 an ounce for gold, according to the Nov. 10 release. Silver is valued at US$60 an ounce and molybdenum at US$25 a pound in the same calculation.

American Eagle expects Phase 3 to begin in January 2027 and run for about three months, with the schedule dependent on results and conditions.