American Eagle buys Nak copper/gold project in BC
TSX-V-listed American Eagle Gold on Monday announced it would buy a 100% interest in the Nakinilerak (Nak) property in the Babine copper district of British Columbia.
NAK is a copper/gold porphyry exploration target in the Stikine Island Arc Terrane, which hosts many copper/gold porphyry deposits. NAK's known mineralisation is open at depth and is defined by a compelling geophysical signature analogous to Newcrest's Red Chris mine and Newmont's Tatogga project located in northwest BC.
The acquisition, CEO Anthony Moreau said, was data-driven and supported by the risk-reward proposition to drill test a new geophysical feature within a well-understood environment.
NAK's historic drill and exploration database have been digitised along with a reinterpretation of the geophysical and geochemical data to delineate targets for American Eagle's drill programme in 2022. During the due diligence process, American Eagle’ team uncovered what appears to be a classic geophysical signature for a large underground copper/gold porphyry system.
NAK has had more than $9-million of exploration work, including 18 000 m of drilling. Most of the historical drill holes have been shallow, averaging less than 169 m, which defined an extensive zone of near-surface, low-grade copper/gold mineralisation, with the possibility of higher grades occurring at depth.
“Our plan with Golden Gate has not changed, and its drill programme is under way, however with the addition of Nak, American Eagle adds exposure to a copper and gold property in Canada," said Moreau.
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