American Eagle Receives Drill Permits for its NAK Copper-Gold Project, Expects to Begin Drilling in Days

TORONTO, Aug. 8, 2022 - American Eagle Gold Corp. (TSXV: AE) ("American Eagle" or the "Company") is pleased to announce that it has received its drill permit for its NAK Copper-Gold Project ("NAK") in north-central British Columbia, Canada. The planned 4,000-metre diamond drilling program is expected to commence in the coming days.

NAK is a classic porphyry target that exhibits all the signs of a large copper-gold system. Previous owners defined a large shallow copper-gold footprint that is open at depth. Reinterpretation of historical ZTEM and geophysics defined several deeper exploration targets, which will be tested with 5-6 drill holes.

American Eagle's exploration program will test the most compelling geophysical anomalies at depth and its drill plan is designed to vertically intersect the core of these new geophysical targets, which are situated directly below the shallow low-grade resource. Previous drilling has intersected wide zones of copper-gold mineralization, including DH95-15, which returned a grade of 0.35% Cu and 0.645g/t Au over a width of 168.5 metres starting 5.5 metres from the surface (see table for historical drill results). The Company believes the key to advancing the NAK project will be to discover and delineate additional mineralization that extends beyond the historical shallow drilling. For detailed information on the NAK property's geological and geophysical interpretation, refer to the Company's Projects page here.

View Drill Targets: Geophysical Anomalies Coincident with Historical Drilling

Historical drilling defined a large surface copper and gold footprint measuring 2500 x 1500m open in all directions. However, historical drilling had been restricted to the upper parts of the mineralized alteration zone, testing to an average vertical depth of only 170m. American Eagle's current drill program will test mineralization below the historical shallow drilling.

Video with Charlie Greig, winner of 2022 PDAC Bill Dennis Ward, on the potential he sees at NAK Project.

NAK exhibits a strong magnetic signature with close geological and geophysical similarities to Newcrest's Red Chris and Newmont's Saddle copper-gold deposits located northwest of the property.

The NAK project is in the Babine Copper-Gold Porphyry District (click here to view). All previous historical data has indicated excellent potential exists below the current limits of the known shallow copper-gold mineralization.

American Eagle Gold is traded under the AE symbol on the TSX Venture Exchange. It is focused on exploring its NAK project in the Babine Copper-Gold Porphyry district in central British Columbia. The Company is fully funded for NAK's 2022 exploration program and is currently permitted to drill. American Eagle has contracted C.J. Greig and Associates to advise and execute the Company's exploration program at NAK. Geologist and president of C.J Greig & Associates, Charlie Greig, is a recipient of the prestigious 2022 Bill Dennis Award, recognizing his contribution to the prospecting and exploration industry or a significant mineral discovery.

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 the timing and scope of planned drilling on the NAK property 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.