American Eagle Drill Permitting Underway at Golden Gate & On Schedule for Fall Drilling Program

TORONTO, Aug. 26, 2021 - American Eagle Gold Corp. (TSXV: AE) ("American Eagle" or the "Company") is pleased to announce that it has completed and interpreted its seismic survey on the Golden Gate Property. It has also defined potential drill targets and filed Notices of Intent with the Bureau of Land Management ("BLM") to drill on Golden Gate.

Permitting and Drill Program Update

The Company's maiden drill program on American Eagle's Golden Gate will begin in the fall of 2021. The drill program will focus on intersecting lower plate rocks and discovering the buried Carlin-type deposits that American Eagle Gold believes to exist on the Golden Gate property.

Drill Targets via Promising Seismic Results ( link here )

The 2D seismic survey over the Golden Gate project was completed in July, and the data for seismic lines have been processed and interpreted. Reflectance profiles on the northern line show evidence of low-angle (thrust) west-dipping structures with associated hanging-wall folding, a structural setting typical of Carlin-type systems in the Cortez district. In addition, strong deformation is apparent to at least 700m depth in the seismic profile.

These are promising results, particularly when combined with the Golden Gates recently completed Controlled Source Audio-frequency Magnetotelluric ("CSAMT") results, demonstrating potential for lower-plate carbonate rocks as close to 350m to surface.

CRUX Investor Profile on American Eagle Gold (link here)

CRUX Investor recently published an article about American Eagle Gold, highlighting the prospective opportunity at Golden Gate and why American Eagle Gold's value proposition is intriguing compared to other miners in the area. The first key is the geologist in charge of finding the deposit, Mark Bradley, a renowned expert in underground Carlin Type deposits. The second is the proximity of the property next door and on-trend with Barrick's Cortez Hills and Goldrush mines.

About American Eagle Gold Corp.:

American Eagle Gold is traded on the TSX Venture Exchange under the symbol 'AE' and is focused on exploring its flagship property, Golden Gate. The property is strategically situated on the Cortez Trend, which hosts three large Carlin-type gold deposits operated by Barrick and Newmont's Joint Venture, Nevada Gold Mines (Pipeline, Cortez Hills and Goldrush). The property is located 10 km south of Cortez Hills and 5 km south of Goldrush and shows many of the same geological characteristics as at the two deposit areas.

QP Statement
American Eagle's Vice President of Exploration, Mark Bradley, B.Sc., M.Sc., P.Geo., a Certified Professional Geologist and 'qualified person' for the purposes of Canada's National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release.

For information and updates on American Eagle Gold, please visit: www.americaneaglegold.ca

Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release. Certain information in this press release may contain forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the listing of the Company's Common Shares on the TSX Venture Exchange and the anticipated timing thereof, the planned work program on the Golden Gate project and the timing of the program milestones. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. American Eagle Gold Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to American Eagle Gold Corp. Additional information identifying risks and uncertainties is contained in filings by American Eagle Gold Corp. with Canadian securities regulators, which filings are available under American Eagle Gold Corp. profile at www.sedar.com.

SOURCE American Eagle Gold Corp.