New Zone Of Epithermal Mineralization At Hot Springs Project

TORONTO - Bald Eagle Gold Corp. reported drill results for three of five drill holes received from its winter drilling campaign at the Hot Springs Property in Nevada. Two of the five drill holes intercepted a newly identified zone of gold mineralization (hole HS-2020-01 reported; HS-2020-04 pending). The new zone of mineralization correlates well with the IP geophysics chargeability anomalies identified by the joint venture prior to commencement of the drill program. Drilling identified wide intercepts of significant alteration, which display characteristics of a hybridized low-sulphidation epithermal gold system. The majority of historical drilling did not investigate horizons deeper than 100 meters. The average hole depth of this program was approximately 370 meters. Based on these deeper drill results, a new system has been identified. These drill results materially increase the potential to establish a significant gold resource.

Drill hole HS-2020-01 was designed to twin a previous high-grade shallow intercept and further investigate mineralization at depth based on anomalies identified during the IP geophysics program. The deeper zone was encountered from 180.3 to 389.9 meters and intercepted 209.6 meters averaging 0.55 grams per tonne gold. This included 39.7 meters averaging 0.70 grams per tonne gold and 32.5 meters averaging 0.79 grams per tonne gold. Based on the results of HS-2020-01, it has been determined that significant gold mineralization is associated with sulfides. Therefore, the upcoming programs will be testing a number of identified geophysical targets, which represent sulfide bodies that may contain significant gold mineralization. This drill hole confirmed the increase in gold mineralization associated with sulphide content starting at 180 meters and throughout the chargeability anomaly.

The deep zone of HS-2020-01 is hosted within a shattered zone of the Harmony Formation where multiple silicification events, brecciation events, and silica-sulphide pulses have created a broad mineralized zone. The zone is open laterally and along strike. More drilling is planned to test offsets of this mineralized body as well as evaluating other geophysical targets.

Holes HS-2020-02 and HS-2020-03 tested shallow mineralization previously identified in historical surface exploration results. Drill hole HS-2020-02 was drilled at the top of the hill above hole HS-2020-03 and was designed to test for further mineralization at depth. The zone from 20.9 to 100.9 meters intercepted 80.0 meters averaging 0.24 gram per tonne gold. This interval correlates with hole HS-2020-03. Drill Hole HS-2020-03 was the first hole drilled during the program. The target zone was encountered from 24.1 to 103.4 meters intercepting 79.3 meters and averaged 0.36 grams per tonne gold. Drill hole HS-2020-03 did not reach the target depth.

Drill hole HS-2020-04 will assist in determining stratigraphic and structural continuity of hole HS-2020-01. This is important as the mineralization appears to have stratigraphic and structural controls.

Sidney Himmel, President, CEO and Director, said, "These results are consistent with our belief that the Property hosts an epithermal gold deposit. In particular, the results of hole HS-2020-01 which tested one of the geophysical anomalies, was very promising in terms of the width of mineralized horizons and correlation of sulfides with gold. These initial grades are consistent with large and mineable bulk tonnage gold deposits in Nevada. The next programs will entail the targeting of additional geophysical targets, a number of which have been identified, and will result in the creation of a local mineral deposit model incorporating structural and lithological controls. With a deeper epithermal system now confirmed, the results now warrant undertaking a comprehensive exploration program to infill known mineralized zones, and to test the extent of mineralization across the entire project area."