In accordance with American Eagle, NAK’s recognized copper-gold porphyry mineralization is outlined by a compelling geophysical signature analogous to Newcrest’s Crimson Chris mine and Newmont’s Tatogga challenge positioned in northwest BC.
Assay outcomes from gap 1 verify and broaden upon NAK’s traditionally found copper-gold South zone, which usually exhibits robust gold and copper outcomes starting on the bedrock floor. Mineralization is finest developed within the gap between 29.3 metres (depth to the bedrock beneath glacial overburden) to 155.5 metres, returning 125.78 metres of 1.02 % copper equal. It stays robust till a depth of 251 metres (221.28 metres at 0.68% copper equal).
All 5 holes drilled on NAK have up to now intersected broad intervals of porphyry-style mineralization from floor to end-of-hole, the longest of which was 984 metres. The strike size of mineralization encountered within the 5 holes measured 730 metres, and is open in a number of instructions. Outcomes for holes 2 by means of 5 are nonetheless pending.
“Our goal at NAK is to find a world-class copper-gold deposit with a high-grade core at depth. Right this moment’s outcomes exceeded our expectations. We now have encountered mineralization in each gap and intersected a large, high-grade interval from floor on the primary gap. The bounds of the system are solely unknown, together with depth extensions of excessive grade,” Anthony Moreau, American Eagle’s CEO, commented.
The corporate additionally famous that the present drill program has been expanded an additional 2,000 metres to outline geometric extent of a doubtlessly important copper-porphyry system.
Shares of American Eagle Gold shot up almost six-fold at Monday’s shut following the brand new drill outcomes, buying and selling at C$0.22 after hitting a 52-week excessive of C$0.24 a share.
The gold-copper junior has a market capitalization of over C$13.1 million.