Orecap Invest Portfolio Company American Eagle Drills 776 Meters at 0.5% Copper Equivalent on its NAK Project
Highlights:- NAK23-08 returned 776 m @ 0.50% copper equivalent ("CuEq") from surface, representing the best intercept to date
- This hole was drilled into a large, previously untested area, significantly expanding the mineralized footprint to the west.
- Mineralization starts from surface, and mineralization was consistent throughout the hole.
Toronto, August 10, 2023 - Orecap Invest Corp. (TSXV: OCI) (OTCQB: ORFDF) (the "Company" or "Orecap") is pleased to provide an update on American Eagle Gold's (TSXV: AE) (OTCQB: AMEGF) NAK Project. Orecap owns over 5 million shares of American Eagle and 20% of the NAK Project.
Plans, Sections, and Drill Core Images for American Eagle's NAK23-08:
- Cross-section with Mineralization and Lithology of NAK23-08
- Plan View Map of NAK23-08
- Core images from holes NAK23-08 to -11
- Video on the Significance of NAK23-08
American Eagle's NAK23-08 highlighted above represents the first assays of the American Eagle Gold Phase two drill program on the NAK copper-gold Porphyry project (the "Project" or "NAK") near Smithers, British Columbia. NAK23-08 was the first hole of a targeted 7,000-metre drill program for the 2023 season.
"NAK continues to separate itself from its peers by demonstrating size, an impressive grade profile, consistency of mineralization, and bulk tonnage potential that begins near surface. NAK23-08 is our best intercept to date at NAK. This hole was planned to be shallow, but we've now learned that the near-surface mineralization at the South zone is continuous westward and to depth into completely untested ground. This first hole of 2023 shows that we have only scratched the surface of the potential at NAK. Additionally, mineralization on our pending holes looks consistent with what we see in this hole, and we look forward to publishing further results," said Anthony Moreau, American Eagle's CEO.
NAK23-08 Assay Results: Table 1
| Hole | From (m) | To (m) | Length (m) | Au g/t | Cu % | Ag g/t | Mo ppm | Cu Eq % * |
| NAK23-08 | 26.1 | 881 | 854.9 | 0.25 | 0.2 | 1.12 | 92 | 0.46 |
| Including | ||||||||
| NAK23-08 | 26.1 | 802 | 775.9 | 0.27 | 0.22 | 1.19 | 99.8 | 0.50 |
| NAK23-08 | 26.1 | 509 | 482.9 | 0.37 | 0.19 | 1.33 | 83.52 | 0.53 |
| NAK23-08 | 26.1 | 263 | 236.9 | 0.5 | 0.19 | 2 | 61.2 | 0.62 |
| NAK23-08 | 26.1 | 170 | 143.9 | 0.58 | 0.27 | 3.02 | 40.95 | 0.75 |
| And Including | ||||||||
| NAK23-08 | 64 | 170 | 106 | 0.73 | 0.25 | 2.28 | 42.33 | 0.84 |
| And Including | ||||||||
| NAK23-08 | 344 | 802 | 458 | 0.18 | 0.25 | 0.89 | 124.65 | 0.48 |
| NAK23-08 | 344 | 509 | 165 | 0.3 | 0.24 | 0.77 | 121.1 | 0.55 |
* Copper Equivalent (CuEq) for drill intersections is calculated based on US$ 3.75/lb Cu, US$ 1,900/oz Au, US$ 20/oz Ag and US$ 25/lb Mo, with 80% metallurgical recoveries assumed for all metals (Since it's unclear what metals will be the principal products, assuming different recoveries is premature at this stage. As such an 80% recovery rate is justified at this point in time ). The formula is: CuEq. = Cu % + (Au grade in g/t x (Au recovery / Cu recovery) x [Au price ÷ 31] / [Cu price x 2200]) + (Ag grade in g/t x (Ag recovery / Cu recovery) x [Ag price ÷ 31] / [Cu price x 2200] + (Mo grade in % x (Mo recovery / Cu recovery) x [Mo price x 2200] / [Cu price x 2200]). The assays have not been capped.
About American Eagle Gold Corp.
American Eagle is focused on exploring its NAK project in the Babine Copper-Gold Porphyry district of central British Columbia. In May 2023, the Company announced a strategic investment by Teck Resources Ltd..
About Orecap Invest Corp.
Orecap seeks Special Situation investments in the natural resource sector that offer shareholders diverse exposure to high returns in precious and critical metal assets and businesses. Orecap has significant equity positions in portfolio companies, such as American Eagle Gold (TSXV: AE) (OTCQB: AMEGF) , QC Copper and Gold (TSXV: QCCU) (OTCQB: QCCUF), Mistango (CSE: MIS) and Awale Resources (TSXV: ARIC) in addition to owning a broad portfolio of land packages focussed on gold, copper and zinc. Agnico Eagle Mines Ltd. is a 9.9% shareholder and holds an option to acquire up to a 75% interest in Orecap's Knight and McGarry projects in exchange for spending $60 million on the Projects.
For the latest videos from Orecap, Ore Group, and all things Mining, subscribe to our YouTube Chanel: youtube.com/@theoregroup
QP Statement
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 further information, please contact us:
Orecap Invest Corp.
Stephen Stewart, Chief Executive Officer
416.644.1567
sstewart@oregroup.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements)", including details about the business of the Company. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements, including, but not limited to, the receipt by the Company of the approval of the TSX Venture Exchange for the name change. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in the Company's public disclosure documents available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.