TORONTO, May 17, 2021 /CNW/ - American Eagle Gold
Corp. (TSXV: AE) ("American Eagle" or the "Company")
is pleased to announce that its contractor Zonge Engineering has
completed a new Controlled Source Audio Magnetotelluric ("CSAMT")
geophysical resistivity survey on the Company's flagship Golden
Trend property. Golden Trend is located adjacent to and
on-trend of Barrick and Newmont's Goldrush and Cortez Hills project.
About this CSAMT Survey
A CSAMT survey's main application is for indirect
geologic mapping to identify rock types and characteristics.
The survey transmits a signal at a suite of frequencies into
the ground and measures the received electric and magnetic
fields in the area of interest.
CSAMT surveys have been very successful in delineating
lithological boundaries and major fault zones in the Cortez region
and can be used to select exploration drill targets on the Golden
Trend. The Company engaged Zonge Engineering to complete a
3-line survey covering a 10.8-line kilometre program across the
Golden Trend, spaced approximately 900 meters apart. The Survey on
Golden Trend will target multiple geological features identified by
American Eagle's technical team. With the survey now complete, the
Company is interpreting the data and will communicate the final
interpretations in the near term.
Interview with Mark Bradley,
American Eagle's VP Exploration on the benefits of CSAMT
Surveys
To find out more about the importance of CSAMT and other
front-end exploration methods as it pertains to advancing the
Golden Trend Project, please watch the published interview with CEO
Anthony Moreau and Mark Bradley.
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 Trend. The Golden Trend is located on the Cortez
Trend, next door to Barrick Gold and
Newmont Mining's Gold Rush and Cortez Mine, which host significant
gold resources and reserves. The Company plans to drill and
advance its relatively unexplored property and continue to focus on
acquiring and advancing gold projects in the area.
QP Statement
The Company'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.
The Company also wishes to announce changes to the compensation
paid to certain finders in connection with the private placement
offering of subscription receipt of the Company, which closed on
February 5, 2021, as disclosed in
greater detail in the Company's listing application dated
April 26, 2021, as filed on SEDAR on
April 29, 2021 (the "Listing
Application"). Pursuant to the disclosure in the Listing
Application, upon conversion of the subscription receipts, certain
finders were to be paid an aggregate of $181,820 in cash and issued an aggregate of
903,100 finder warrants (the "Finder Warrants"), with
each such Finder Warrant exercisable to acquire one common share of
the Company at a price of $0.20 per
share until May 3, 2023.
In connection with the conversion of the subscription receipts
on May 3, 2021, the Company confirms
that the previously disclosed finder compensation was overstated
and now confirms that all obligations to the finders will be
settled through an aggregate cash payment of $96,506 and the issuance of an aggregate of
706,630 Finder Warrants and 315,000 common shares of Company.
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 Trend 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 Corporation