American Eagle Gold Corp. has closed its option agreement with Eagle Plains Resources Ltd. and independently staked open ground in the Morrison area, expanding the NAK Project land package from 1,632 hectares to approximately 9,283 hectares.

The transaction and staking give American Eagle control over approximately 6,142 hectares—roughly 62.5%—of the 9,834-hectare Morrison land package formerly held by Pacific Booker Minerals. The optioned claims sit within 4.5 kilometres of the NAK deposit, featuring road access and nearby hydro transmission lines along trend from the project.

To close the agreement, American Eagle paid $20,000 in cash and issued 50,000 common shares to Eagle Plains Resources. The company can earn an initial 60% interest by completing $4,850,000 in exploration expenditures, paying $400,000 in cash, and issuing 1,200,000 common shares staged over six years through December 31, 2031. Obligations through 2027 total $600,000 in expenditures, $100,000 in cash, and 200,000 shares. American Eagle may increase its interest to 80% via a $1,000,000 payment, up to half in shares. Upon exercising the initial option, Eagle Plains will retain a 2.0% net smelter return royalty, half of which may be repurchased for $2,500,000. American Eagle acts as operator without fee during the earn-in. The transaction has received conditional approval from the TSX Venture Exchange and remains subject to final approval.

Supported by approximately $50 million in cash, American Eagle has completed more than 90,000 metres of drilling at NAK, providing the geological framework used to evaluate the new claims.

“Closing this agreement gives NAK a larger footprint in the Babine district,” said Anthony Moreau, Chief Executive Officer of American Eagle. “Our focus remains discovery, first at NAK and now across the expanded land package.”

— Anthony Moreau, Chief Executive Officer

Exploration on the expanded package will run alongside an ongoing 55,000-metre drill campaign at NAK, where three rigs operate continuously through April 2027. Initial work will involve data compilation and 3D magnetic inversion, followed by infill soil sampling, mapping, prospecting, and ground geophysics to define drill targets.

Read the full announcement: American Eagle Closes Option Agreement, Expanding Babine District Land Package to Approximately 9,283 Hectares