American Eagle Gold Corp. [AE-TSXV] shares began trading on the TSX Venture Exchange on Monday May 3, 2021.
American Eagle is focused on exploring for a world class gold deposit on its Golden Trend property in one of the largest gold-producing districts in Nevada. Gold was first discovered in the district in the early 1800s.
The property is located on the Cortez gold trend about 72 km southeast of the town of Battle Mountain and next door to Barrick Gold Corp. [ABX-TSX; GOLD-NYSE] and Newmont Corp.’s [NGT-TSX; NEM-NYSE] Gold Rush and Cortez mines, which host over 27 million ounces of gold.
The company plans to drill and advance its relatively unexplored property and continue to focus on acquiring and advancing gold projects in the area.
Having opened at 19.5 cents and rising to a day-high of 20 cents, the shares later fell 15% or $0.03 to 17 cents on light trading volume.
In July, 2020, American Eagle struck a deal to acquire the Golden Trend Project from privately-owned Rubicon Resources Inc. Prior to Rubicon, the project was owned by Kinross Gold Corp. [K-TSX; KGC-NYSE], which drilled two exploration holes. The property spans 2,286 acres
Despite having numerous owners in the past, the property remains relatively unexplored with next to no historical drilling at depth.
A series of northeast-trending, steeply-dipping reverse faults transect the property and are coincident with anomalous albeit low level, gold, arsenic and mercury soils, suggesting these structures provided channels for mineralized hydrothermal fluids.
The presence of lower plate carbonaceous lithologies that host the major Goldrush, Cortez and Pipeline deposits has been noted in a single drill hole collared near the boundary of the claim block.
The confirmation of Carlin-style host rocks, the diagnostic chemical signature and proximity to known multi-million-ounce deposits suggest the Golden Trend property is worthy of additional exploration, the company has said.
It said future exploration will focus on defining deep drill targets by analyzing the relationship between the productive structures, geochemical anomalism and possible geophysical signature of buried Carlin-style deposits.
The geologic model being used for exploration of the property is based on the published descriptions of the nearby Cortez, Cortez Hills, Horse Canyon and Gold Rush, and the recently announced Four Mile deposits being mined or developed by Barrick.