Bald Eagle Announces Acquisition of Leviathan Property in Idaho

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/

Bald Eagle Gold Corp., (” Bald Eagle ” or the ” Company “) (TSXV: BIG) (OTCBQ: BADEF) announces that the Company has entered into a share purchase agreement (the ” Share Purchase Agreement “) to acquire a 100% interest in the Leviathan Property located in the Heath Mining District of Washington County, Idaho USA (the ” Leviathan Property “, or the ” Property “). The Property is composed of sixty-five unpatented mineral claims. The Leviathan is located immediately east of and adjoins the Company’s recently acquired Hercules silver property ( “Hercules” or the “Hercules Property” ).

The Company will acquire the Property (the ” Transaction “) by purchasing all of the issued and outstanding common shares (the ” Frontier Shares “) of Frontier Metals Canada Holdings Corp. (” Frontier Canada “). Frontier Canada is a private company existing under the laws of British Columbia.  The holders of the Frontier Canada shares (the ” Vendors “) are at arm’s length to the Company.

Closing of the Transaction is subject to receipt of applicable regulatory approvals and third-party consents, including the approval of the TSX Venture Exchange (” TSXV “) and closing conditions customary for transactions of this nature, on or before December 31, 2021 .

The Transaction is consistent with the Company’s focus of consolidating a district-scale exploration opportunity in the favourable mining jurisdiction of Idaho, USA . The Leviathan Property lies immediately adjacent to the Company’s recently acquired Hercules Property in the Cuddy Mountain Mining District and expands Bald Eagle’s total land position to 2,209 acres in this highly prospective area.

Historical surface sampling indicates that the silver (+/- lead-zinc) mineralization on the Hercules Property extends onto the northern portion of the Leviathan, which provides the Company with additional targets to increase the overall strike length of the mineralized system ² . Significant copper mineralization is also present within the volcanic rocks at surface on Leviathan, suggesting a potential porphyry copper system may be present at depth.

The last major cycle of exploration took place in the Heath Mining District in the early 1980’s, when a number of companies were active on various claim groups throughout the district. Bald Eagle’s acquisition of the Leviathan represents an important consolidation of the district, allowing the Company to explore both the silver (+/- lead-zinc) component of the system on the Hercules as well as possibly related porphyry copper style mineralization on the Leviathan.

Management Commentary

Raymond Harari , President and Director of Bald Eagle, commented: “We are very excited to be expanding our Hercules silver project in the mining friendly jurisdiction of Idaho . The Leviathan acquisition provides us with a much larger land package of prospective ground on which to explore and expand the currently known mineralization. Our geological team is currently preparing a field exploration program for the newly acquired ground, to be executed over the coming weeks. Idaho is a top ranked jurisdiction for mining and mineral exploration internationally, and we are excited to begin exploring and generating news flow on the project.”

About the Leviathan Property

The Leviathan Property consists of sixty-five 65 unpatented lode claims situated on the western flank of Cuddy Mountain in western Idaho , approximately 200 kilometers northwest of Boise . Cuddy Mountain is an uplifted and tilted fault block, about 19 kilometers across, characterized by a Triassic-Jurassic sequence of volcanics, volcaniclastics and sediments, surrounded in all directions by younger Tertiary basalt flows.

Numerous quartz porphyry plugs, believed to be Cretaceous in age, intrude the volcanic sequence in the southern half of the Property. A large intrusive complex associated with copper porphyry style mineralization occurs on the adjacent IXL prospect to the southeast of the Property*. The intrusive complex present at the IXL prospect is interpreted to be genetically related to similar intrusive rocks on the Leviathan.

A particular rhyolite flow unit within the Triassic volcanic sequence, informally known as the Hercules Rhyolite, is host to significant vein and replacement deposits of silver (lead-zinc) on the Company’s adjacent Hercules Property. The Hercules Rhyolite is projected to trend northeast onto the northern portion of the Leviathan Property. Significant silver, lead and zinc-in-soil values occur along the projected trend, including the Thor Zone containing individual soil sample values of up to 26 g/t Ag and 0.75% Pb ¹ . Despite the strongly anomalous soil values, little exploration work has been carried out at the Thor Zone due to its steep terrain, heavy soil cover and the masking of the mineralized Hercules Rhyolite by surrounding tertiary basalt cover.

In the southeast of the Property, the 44 Zone is comprised of the White Monument, Cliff, Little Gem, Lone Star , Metheny, Yellow Bride, Long Cut and Big Cut prospects. Strongly anomalous silver values are reported from historic soil samples collected over the 44 Zone ² .

Outcropping mineralization is characterized by disseminated to semi-massive copper and silver bearing sulfide and oxide minerals hosted within both andesitic and rhyolitic lithologies. The mineralization is associated with rhyolite sills and dykes which may represent feeder structures to the overlying Hercules Rhyolite ² . Evidence of widely scattered test pits, shallow shafts and adits from the late 1800’s and early 1900’s still remain on the Property, some of which have been obliterated by more recent cat trenches.

En echelon mineralized structures have been exposed by trenching at the Big Cut prospect. Chalcopyrite occurs as disseminations and less commonly as semi-massive lenses in rhyolite sills and dykes, further supporting evidence of a genetic association with the stratigraphically overlying Hercules Rhyolite. Sampling of the principal showings at the Big Cut yielded weighted average assay highlights of up to 1.78% copper across 90 feet (E.S. Asano, 1971) and 1.3% copper across 57 feet (J. Vincent, 1973) ³ . The average copper:silver ratio reported at the Big Cut is approximately 2.5:1. Other notable historic trench intercepts at Big Cut include ^1,2 :

The assay results reported above are historic in nature and have not been confirmed nor verified by a Bald Eagle Qualified Person and as a result should not be relied upon.

Appointment of Mr. Christopher Paul to the Board of Directors

Pursuant to the terms of the Transaction and subject to the approval of the TSXV, Mr. Christopher Paul will be appointed to the Board of Directors of the Company.  Mr. Paul holds a B. Sc. in Geology from Simon Fraser University , 2014, and a Diploma in Mining & Mineral Exploration Technology, 2011, from the British Columbia Institute of Technology. Mr. Paul is a Principal and Founder of Ridgeline Exploration, a technical services company which was recently acquired by Goldspot Discoveries Corp.  He has served in numerous senior exploration management roles including most recently as the Vice President of Exploration for Golden Ridge Resources Ltd.  where he was fundamental in the discovery of the Williams copper gold porphyry in the Golden Triangle region of British Columbia .

Terms of the Transaction

Pursuant to the Share Purchase Agreement, the Company will purchase: (i) all of the issued and outstanding Frontier Shares from the Vendors; and (ii) a shareholder loan in the amount of 33,414.00 from one of the Vendors in consideration for the issuance by the Company of 10,000,000 of its common shares (the ” Consideration Shares “) to the Vendors at a deemed price of $0.045 per share and the entering into of a net smelter return royalty agreement (” NSR Royalty Agreement “) granting the Vendors a perpetual two percent (2.0%) royalty (the ” NSR Royalty “) relating to all production from the Leviathan Property.

The Consideration Shares will be subject to a statutory hold period under applicable Canadian securities Laws which will expire four months and one day after issuance and to voluntary trading restrictions, with 20% of such shares to be released every six months beginning on March 24, 2022 .

Pursuant to the terms of the Transaction and subject to the approval of the TSXV, the Company will also appoint Mr. Christopher Paul to the board of directors of the Company.

The NSR Royalty is subject to a buyback right in favor of the Company pursuant to which the Company may repurchase, commencing at any time after the date of the NSR Royalty Agreement and ending upon the commencement of commercial production (as defined in the NSR Royalty Agreement), with a minimum of 60 days prior…