American Eagle Gold Corp. (TSXV: AE) visual assessment of three of its drilled holes at its NAK Copper-Gold Prophyry project in British Columbia show zones of consistent mineralization.
The company’s management warned on Thursday that visual interpretations do not always correlate with positive assay results, however.
Recent drilling at NAK 23-08 uncovered a valuable mineral called chalcopyrite, which can be seen clearly up to a depth of 881 meters.
NAK has provided access to unexplored territory to the west of the main South zone that has been drilled before. The company originally planned to drill to a depth of 300 meters, but the visuals convinced the company to drill further.
The drill hole NAK23-09 was located 730 meters east of NAK22-01, in an area just south of the main Babine Stock intrusion. The visuals obtained from this hole were promising and indicate the presence of minerals even beyond what was previously explored. American Eagle is currently evaluating the results and incorporating them into the overall NAK system.
American Eagle NAK Property cross section map. Image via American Eagle.
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Goal is to connect shallow and deeper mineralization
Adjustments may be made to the drilling plan for 2023 based on recent findings to prioritize further exploration in this particular area, now known as the Southern Margin Zone.
NAK 23-10 is focused on expanding the previously found higher-grade mineralization near the surface, which was encountered in NAK 22-01 and NAK 22-02. The goal is to connect this shallow mineralization with the newly discovered deeper mineralization in drill hole NAK 23-08, located furthest to the west.
The NAK Project is located in the Babine copper-gold area of British Columbia. It is close to mines that used to produce copper and gold, and has good infrastructure in place. Previous drilling at NAK uncovered a large copper-gold system near the surface, measuring about 1.5 kilometers by 1.5 kilometers.
However, the exploration done in the past only reached shallow depths, averaging around 170 meters. In 2022, American Eagle conducted deeper drilling and found significant amounts of copper and gold. The goal for 2023 is to expand the known area of mineralization at NAK and identify areas with high concentrations of copper and gold.
Shares of American Eagle dipped 15.6 per cent to $0.27 on Thursday on the TSX Venture Exchange.
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British Columbia has much to offer gold miners
With its well-established mining industry and favorable geology, British Columbia provides a conducive environment for gold mining ventures. The combination of experienced professionals, supportive infrastructure and ample gold potential significantly enhances the prospects of successful gold exploration and extraction in the province.
NevGold Corp. (TSXV: NAU) (OTC: NAUFF) discovered silver at its Ptarmigan project in British Columbia, and formed a new subsidiary to develop it. Eventually, the company would become a publicly listed company, and Nevgold will transfer the project to it in exchange for 25 million shares.
According to NevGold’s CEO, Brandon Bonifacio, the creation of SubCo allows for a separate focus on a promising collection of exploration assets, including silver-lead-zinc, copper, gold, and lithium in British Columbia.
This separate entity enables independent financing and exploration without affecting NevGold’s capital structure and technical resources. Bonifacio also mentioned that the Ptarmigan project has not received sufficient attention due to NevGold’s emphasis on its gold assets in the western United States.
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