American Eagle Advancing Towards Drilling Known Mineralized Target at Copper-Gold Porphyry Project in British Columbia

TORONTO, May 2, 2022 - American Eagle Gold Corp. (TSXV: AE) ("American Eagle" or the "Company") continues to advance its British Columbia copper-gold porphyry project NAK. Charlie Greig, who led the discovery of GT Gold's Saddle copper-gold deposit, is advising and executing American Eagle's exploration program at NAK. The Company is fully funded for NAK's 2022 exploration program and is awaiting its permit to begin drilling.

The planned drill program on NAK consists of 8 diamond drill holes totaling 4,500m targeting the newly identified geophysical feature within a well-understood copper-gold porphyry province. NAK's known copper-gold porphyry mineralization is open at depth, and the compelling deep geophysical signature is analogous to Newcrest's Red Chris Mine and Newmont's Tatogga project in northwest BC.

Interpretation of the historical geophysics data appears to delineate an underlying multi-phase porphyry source for the previously-drill-defined near-surface low-grade copper-gold mineralization. This interpreted porphyry is a potential source and host for a deeper high-grade orebody, which has never been drill-tested. The proposed 2022 drill program will test the top of the larger intrusive stock.

American Eagle is engaging with the local community stakeholders and working towards attaining a permit to begin drilling in the summer.

American Eagle Gold is traded on the TSX Venture Exchange under the symbol 'AE' and is focused on exploring its two properties, NAK and Golden Gate. NAK is in the Babine Copper-Gold Porphyry district in central British Columbia. Golden Gate is 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 10 km south of Cortez Hills and 5 km south of Goldrush and shows many of the same geological characteristics as the two deposit areas.

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

www.americaneaglegold.ca

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 whether the Company will be able to exercise its option to acquire the Project as anticipated and whether the Company's exploration efforts on the Project produce the results that are anticipated by management. 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.