American Eagle's Drill Campaign Underway at Golden Gate in Nevada

TORONTO, Dec. 7, 2021 - American Eagle Gold Corp. (TSXV: AE) ("American Eagle" or the "Company") is pleased to announce that drilling has begun at its flagship Golden Gate property. The 3,000-metre drill program is designed to intercept lower plate rocks and identify deep alteration and mineralization analogous to Barrick Gold's Goldrush, Fourmile, and Cortez Hills projects next door. American Eagle Gold's VP of Exploration, Mark Bradley, who designed the drill campaign, has a history of success in the area, leading the team that made the Goldrush discovery just 5km north.

Click here to see regional aerial photos

"Golden Gate is attached to Barrick's Cortez Complex, and our geologist in charge of the exploration program has a proven track record of success in the area. We are excited to begin drilling in our pursuit to discover the next Goldrush or Cortez Hills," said American Eagle CEO Anthony Moreau.

American Eagle plans to retain its rig at the site and expand its drill campaign upon the results of its drilling and further geophysical work on its more than 7,000-acre property.

Click here to watch Mark Bradley and Anthony Moreau detailing Golden Gate's Drill Program

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. Additionally, American Eagle Gold has optioned the Cerros Rojos Property, located 150km south of Newmont's Long Canyon mine in Nevada.

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 planned work program on the Cerros Rojos Property, the timing of the program milestones and TSX Venture Exchange approval of the acquisition. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Therefore, 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.