American Eagle Gold Corp. Completes Magnetotelluric Survey at its Golden Trend Property in the Cortez
TORONTO, May 17, 2021 - 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.
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.
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 Corp.
For information and updates on American Eagle Gold, please visit: www.americaneaglegold.ca, To Speak to the Company directly, please contact: Anthony Moreau, Chief Executive Officer, Phone: 416.644.1567, Email: firstname.lastname@example.org