Canada sets high bar for approving large M&A deals in critical minerals
Some of the country's largest mining companies are copper producers, which means any foreign investment involving those miners would face intense scrutiny.
American Eagle Gold (TSXV: AE) has made significant strides at its NAK project in west-central British Columbia, highlighted by the discovery of copper-bearing porphyry outcrops within the newly defined IP Embayment zone.
This area, previously overlooked and not drilled extensively, emerged as a priority target following an induced polarization (IP) survey conducted in 2024. The survey identified a distinct area of interest characterized by anomalous copper-in-soil geochemistry and a break in the typical IP chargeability pattern surrounding the Babine porphyry stock.
Field teams confirmed the presence of three separate porphyry outcrops in the IP Embayment zone, marking a potentially significant discovery. This zone has now been prioritized for further exploration and drilling efforts due to its promising geophysical and geochemical characteristics.
Drilling activities, particularly in drill hole NAK24-19 targeting the western margin of the zone, have intersected disseminated and vein-hosted chalcopyrite mineralization below 700 meters depth. This mineralization is comparable to that observed in other targeted zones like the North and South zones of the project, indicating substantial continuity of mineralization across different areas of the property.
The ongoing 2024 drill program aims to expand upon and better define these mineralized zones, including connecting historical North and South zones with additional drilling. This strategic approach is supported by previous drilling results, which have shown high-grade copper-gold mineralization extending beyond historical depths.
Exploration activities at NAK started in the 1960s, focusing primarily on shallow depths through drilling and various geological and geochemical surveys. Recent drilling efforts conducted in 2022 and 2023 by American Eagle suggest the presence of multiple zones of mineralization at varying depths within the wider NAK property, some displaying significantly higher grades than historically encountered.
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