American Eagle Drills 102 Metres of 1.04% Copper Equivalent within 473 Metres of 0.62% Copper Equivalent from Surface in NAK23-11

Highlights:

• NAK23-11 returned 473 m @ 0.62% Copper Equivalent ("CuEq") from surface, including:
  • 214 m @ 0.91% CuEq, in turn including:
  • 102 m @ 1.04% CuEq
• NAK23-10 returned 359 m @ 0.43% CuEq within:
  • 830 m @ 0.36% CuEq from Surface
• With two drill holes on a single section returning long intersections of over 0.5% CuEq from surface (NAK23-08 and 11), both size and tenor of the NAK South Zone continue to increase.
• Holes NAK23-10 and 11 affirm that the northerly trending continuously mineralized zone drill-tested in 2022 also has significant width and higher grades.
• Assays are pending from drill holes NAK23-12, 13 and 14.
• Drilling continues, and several more holes are planned for this season.

Toronto, Ontario--(Newsfile Corp. - September 19, 2023) - American Eagle Gold Corp. (TSXV: AE) (OTCQB: AMEGF) ("American Eagle" or the "Company") is pleased to announce that it has drilled its best hole to date on its NAK copper-gold porphyry project ("NAK" or the "Project"). NAK23-11 intersected 102 metres of 1.04% Copper Equivalent ("CuEq") within 473 metres of 0.62% CuEq from surface.

In addition, NAK23-10 intersected 359 metres of 0.43% CuEq within 830 metres of 0.36% CuEq from surface. The results further demonstrate that the NAK mineralizing system has considerable scale and the potential for substantial growth in size and grade.

Sections, Drill Core Images, and a New Video relating to NAK 23-10 and NAK 23-11:

• Cross-section showing mineralization for NAK 23-10
• Cross-section showing mineralization for NAK 23-11
• Plan view of drilling to date at NAK
• Core images from holes NAK 23-08 to -11
• Video detailing the significance of NAK 23-10 and -11

"We've seen significant grade improvement in our drilling at NAK. Our discovery hole in 2022 had 0.37% CuEq, followed by 0.5% in our first hole this year. In our latest drill hole, NAK23-11, we intercepted over 0.6% across nearly 500 metres. This increasing grade profile, and fact that NAK's mineralization begins near surface, within an even broader envelope of consistently mineralized rock, and all in an area with excellent year-round access and infrastructure, helps set NAK apart from its peers in British Columbia," said Anthony Moreau, American Eagle's CEO.

NAK 23-11 Assay Results: Table 1

NAK 23-10 Assay Results: Table 2

*Copper Equivalent (CuEq) for drill intersections is calculatged 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.

NAK 22-11 Details:

NAK 23-11 was collared approximately 120 m west of NAK23-08, and intersected similar fine to coarse grained clastic rocks, intruded by polyphase dykes that are inferred to be associated with the Babine porphyry stock intrusion. The best zones of mineralization were within conglomeritic units, proximal to variably mineralized dykes. Copper mineralization increased significantly below 217 m, where the hole intersected conglomerate, with a coincident increase in gold grades. Gold and molybdenum grades show a strong correlation throughout this hole. Conspicuously high gold grades down hole from 217 m appear to be associated with purple anhydrite veins that host chalcopyrite, bornite, and molybdenite, although gold grades remain strong from top of hole to that point, almost always returning values greater than 0.2 ppm Au. As the hole traverses deeper and to the west, copper values remained steady, with a gradual decrease in gold grade. These changes accompany an increase in the proportion of pyrite with depth. At 707 m, pyrrhotite makes its first appearance, and both gold and copper values drop off sharply.

NAK 22-10 Details:

NAK 23-10 was collared approximately 75 m to the north-northeast of NAK23-08 into intensely altered and brecciated intrusive rocks of the Babine porphyry stock. Broad intervals of intense bleaching and clay alteration appear to reflect late-stage fluid flow that stripped sulphide mineralization in the upper 119 m, below which the hole transitions to conglomerate and brecciated finer grained sedimentary rocks. Mineralization, consisting of chalcopyrite with minor bornite and pyrite, sharply increases within the sedimentary lithologies and remains strong through several porphyry dykes. In contrast to holes NAK23-08 and 11, the strongest disseminated mineralization in NAK23-10 occurs below 540 m within coarse grained sandstone that is intruded by well-mineralized dykes. As the hole traverses deeper and to the west, the relative abundance of pyrite increases, and similarly to NAK23-11, pyrrhotite makes a first appearance below 730 m. While the appearance of pyrrhotite is associated with a similar decrease in grade, the drop in CuEq values is not as pronounced as in NAK23-11, with overall Cu grades remaining strongly anomalous until the end of the hole at 856 m.

Update on NAK Holes NAK 23-12 to -15

Assays for drill holes NAK23-12 and NAK23-13 will be received in the coming weeks. With the recent completion of NAK23-14, drilling in the North Zone has been completed and core samples from that hole have been shipped to the lab for assaying. Drilling on NAK23-15 is in progress, representing a 110-m step-out to the south from NAK23-11 in the South Zone and targeting additional copper-gold mineralization in that direction. The Company's current plan is that the next hole, NAK23-16, will be a westerly directed hole collared 150 metres north of NAK23-11. NAK23-16 is intended to test the continuity of mineralization encountered to the west and at depth in the South zone from our 2022 drill fence, between the copper-rich North zone and the relatively more gold-rich South zone.

Collar details for holes drilled in the 2022 and 2023 drill program: Table 2

About American Eagle's NAK Project

The NAK Project is in the Babine copper-gold porphyry district of British Columbia, near past-producing mines and with excellent infrastructure. Previous drilling at NAK revealed a large near-surface copper-gold system measuring over 1.5 km x 1.5 km. Historical exploration was limited to shallow depths, averaging 170 m. In 2022, American Eagle's 2022 drilling program explored deeper and discovered significant copper-gold mineralization along a northerly trend. The objective for 2023 is to expand the known mineralized footprint at NAK and to identify higher-grade zones of copper and gold. The property is accessible by road and can be drilled year-round. The promising initial results make NAK an ideal candidate for further exploration

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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 Limited.

Anthony Moreau, Chief Executive Officer
Phone: 416.644.1567
Email: amoreau@oregroup.ca
www.americaneaglegold.ca

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.

Reader Advisory

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 can exercise its option to acquire the Project as anticipated and whether the Company's exploration efforts on the Project produce the results anticipated by management. 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 those suggested in 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.sedarplus.ca.

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