Nanoq Geophysical Interpretation Results & Exploration
Portfolio Update
(“
Amaroq,” “
Company” or the
“
Corporation”)
Nanoq Geophysical Interpretation Results
& Exploration Portfolio Update
***Geological interpretation and advanced data
science have expanded the potential size and scale of Nanoq target
and indicated a 25km corridor linking it to the Jokum’s Shear
project ***
*** This is further evidence that the Nanortalik
Gold Belt holds the potential to host multiple multimillion ounce
gold projects in addition to the Company’s flagship Nalunaq gold
mine ***
TORONTO, ONTARIO – December 19, 2023 – Amaroq
Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent
mine development corporation with a substantial land package of
gold and strategic mineral assets across in Southern Greenland,
announces that further examination of its 2022 geophysics data by
Mining with Artificial Intelligence experts, ALS Goldspot
Discoveries Ltd (“ALS Goldspot”), has significantly expanded
prospectivity of its 100% owned Nanoq gold project. The Company
also announces the successful completion of its 2023 geophysics
exploration programme.
Overview
- Prior exploration at Nanoq
conducted by Amaroq in 2021/22 detailed a high grade quartz vein
system exposed at surface up to 20m wide and 1km in strike
extent.
- Previous channel sampling has
provided grades of up to 175.1 g/t Au over 0.8 metres and 35.4 g/t
Au over 0.95 metres, and with grab samples up to 118 g/t Au. These
also suggested the presence of copper with up to 3.83% Cu in float
samples collected in 2020.
- Assessment of the 2022 Nanoq
geophysical data by the Company and ALS Goldspot has further
expanded the gold target zone and defined multiple parallel zones,
significantly increasing the project’s mineral potential.
- Similar potential has also been
developed over the Jokum’s Shear project, as well as two ~25km long
corridors connecting these two targets.
- Amaroq is now designing a
5,000m-10,00m diamond core drilling programme to delineate this
significant gold target in 2024.
- Amaroq has now completed and
received all results from ~10,000 line kilometres geophysics
programme targeting the South Greenland Copper Belt.
James Gilbertson, VP Exploration of
Amaroq, commented:
“Following our successful 2023 resource drilling
programme at Naluanq, Amaroq continues to develop further gold
potential across the Nanortalik Gold Belt. This study, which
employed the advanced expertise of ALS Goldspot, has further
developed our understanding of the Nanoq target, which benefits
from being exposed at surface, with evidence that the controlling
structure continues along two c25km corridors through our licences
to our Jokum’s Shear target. We are now developing a core drilling
programme for Nanoq.
Our discovery team continues to push the
boundaries of current geological understanding of South Greenland.
The successful completion of ~10,000 line kilometres of geophysics,
with all results now received for detailed interpretation, is
testament to our commitment to continual mineral discovery across
multiple mineral belts.”
References to the accompanying presentation on
the Nalunaq results on the website by clicking the link below:
https://www.amaroqminerals.com/investors/presentations/
The Nanoq and Jokum’s Shear
Targets
The Nanoq project is an advanced gold
exploration target which was previously explored by Goldcorp in the
1990s, with historical exploration defining a series of strongly
mineralised folded quartz veins that outcrop on surface. The folded
nature is important as it provides favourable gold traps and this
duplication of mineralisation results in a more substantial mining
target.
The historical exploration, which provided
channel intersections of up to 175.1 g/t Au over 0.8m and 35.4 g/t
Au over 0.95m, has been further confirmed by Amaroq’s own
exploration activities during 2020-2022. In 2021 Amaroq completed
detailed structural mapping of a mineralised zone over 800m in
strike and with widths of up to 20m. This highlighted at least
three key mineralised shear zones. Additional surface grab sampling
confirmed the high grade nature of these with up to 118g/t Au
reported, as well as the potential to hold copper credits with
grades up to 3.83% Cu.
Further regional work completed by Amaroq
indicated the existence of a ~25km long controlling structure
linking Nanoq to the Jokum’s Shear project to the South West.
The Jokum’s Shear, project is an early stage
gold exploration target where gold mineralisation is found in a
northeast-trending shear zone system. The mineralisation is hosted
within a series of previously unreported altered gabbros with
reported channel samples of 3.1 m at 9.3 g/t Au; 2.0 m at 3.7 g/t
Au; 2.7 m at 3.4 g/t Au and 3.0 m at 2.1 g/t Au.
ALS GoldSpot Targeting
In 2022 Amaroq completed a high resolution
407.65 km2 airborne geophysics survey across Nanoq, Jokum’s Shear
and the Siku licence between both. This survey included magnetics,
radiometrics, gravity and digital terrain modelling (DTM) surveys
conducted by NRG, as reported 3 May 2023.
This survey suggested the existence of numerous
extensions to the mineralisation observed at Nanoq as well as the
presence of a structural belt between Nanoq and Jokum’s Shear.
Subsequent to this Amaroq have been working with ALS GoldSpot to
review these results.
ALS GoldSpot are a team of industry experts who
combine knowledge in geoscience and data science to deliver bespoke
solutions that transform the mineral discovery process. In the race
to make discoveries, ALS GoldSpot uses advanced geological
modelling that saves time, reduces costs and provides accurate
results.
This in-depth review of all radiometric,
magnetic and gravity data was focused on Nanoq and Jokum's Shear,
examined the potential for the hypothesised 25km shear zone
connecting the two mineralised localities, and produced prospective
targets for ground evaluation proximal to known gold
occurrences.
The study involved the review and interpretation
of the radiometric and magnetic data sets and the integration of
these into a singular structural and geological model of the survey
area. This has highlighted numerous discrepancies to the published
geology as well as area of prospective geology. ALS GoldSpot also
produced susceptibility density and gravity inversion model to
further guide targeting.
The key findings from this study include:
- Expanded targets at Nanoq along
repeated structures to the west of those already sampled, now
totalling 17 priority targets;
- The development of 7 priority
exploration targets across Jokum’s Shear;
- The confirmations of two distinct
prospective corridors likely to be auriferous shear zones linking
the two areas and identified from radiometric and magnetic
data;
- The identification of numerous
crustal-scale structures likely to be associated with gold-bearing
fluid circulation;
- The discovery of an important
structural dilation zone indicative of significant fluid flow and
potential mineralisation.
Amaroq now intends to incorporate these new and expanded gold
targets ahead of the 2024 field season.
Wider Portfolio 2023 Geophysics
Exploration
Amaroq has now completed and received all
results from its ambitious ~10,000 line kilometres geophysics
programme targeting the emerging South Greenland Copper Belt, the
Stendalen Nickel-Copper exploration project and the Nunarsuit Rare
Earth-Nickel-Tantalum project.
The 2023 field season involved the commissioning
of five separate geophysics surveys across two contractors. New
Energy Geophysics (“NRG”), who have previously conducted successful
surveys for Amaroq in 2021/22, were commissioned to fly two
combined radiometric/magnetic/gravity surveys and one gravity
survey while Expert Geophysics (“EG”) were employed to deploy that
MobileMT system of two further sites as follows:
Project Site |
Target Mineralisation |
Line Kms |
Contractor |
System |
Collected Data |
Johan Dahl Land |
Cu/Au/Mo Porphyry / IOCG |
4,105.2 |
NRG |
XPlorer™ |
Radiometics / Magnetics / Gravity |
Nunarsuit |
Rare Earth / Niobium |
2,626.7 |
NRG |
XPlorer™ |
Radiometics / Magnetics / Gravity |
Sava |
Cu/Au/Mo Porphyry / IOCG |
1,287.9 |
NRG |
XPlorer™ |
Gravity |
Stendalen |
Magmatic Ni/Cu Sulphide |
831.0 |
EG |
MobileMT |
Magneto Tellurics / VLF |
Kobberminebugt |
Skarn related Cu |
1,117.0 |
EG |
MobileMT |
Magneto Tellurics / VLF |
In total this saw Amaroq fly close to 10,000
line kilometres of combined geophysics. All results from these
surveys have now been received by Amaroq and are being reviewed in
order to finalise the Company’s 2024 exploration plans.
Surveys flown over Nunarsuit and Johan Dahl Land
were aimed at further expanded the Company’s understanding of the
prospectivity of the emerging South Greenland Copper Belt, while
the gravity survey over Sava will be used to further supplement the
data collected previously on this project and guide the Company
toward further advanced exploration.
The Magneto Tellurics survey at Stendalen was
carefully directed to signature likely areas of magmatic Ni/Cu
sulphides ahead of detailed 3D inversion modelling and targeted
core drilling which the company completed in October. This core is
currently being reviewed ahead of sampling with results due to be
announced in Q1 2024.
Kobberminebugt was also flown for Magneto
Tellurics to signature the known mineralisation at Josva and other
small scale historical copper mines and assess extension to these
and discover further copper targets. These geophysics results will
undergo inversion and interpretation during the winter period ahead
of the 2024 field season.
Nalunaq EIA and SIA update
Amaroq is pleased to announce that the
Government of Greenland has agreed to extend the date by which the
Environmental Impact Assessment (EIA) and Social Impact Assessment
(SIA) process should be finalised to 30 June 2024. The
Company is at an advanced stage in agreeing the start date for the
8 week public consultation period with the Government and it is
anticipated this will be early in Q1 2024.
Enquiries:
Amaroq Minerals Ltd.Eldur
Olafsson, Executive Director and CEO eo@amaroqminerals.com
Eddie Wyvill, Corporate Development+44 (0)7713
126727ew@amaroqminerals.com
Stifel Nicolaus Europe Limited
(Nominated Adviser and Broker)
Callum StewartVarun TalwarSimon MensleyAshton
Clanfield+44 (0) 20 7710 7600
Panmure Gordon (UK) Limited (Joint
Broker)
John PriorHugh RichDougie Mcleod+44 (0) 20 7886
2500
Camarco (Financial PR)
Billy CleggElfie KentCharlie Dingwall+44 (0) 20
3757 4980
For Corporation updates:
Follow @Amaroq_Minerals on X (Formerly known as
Twitter)
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Further Information:
About Amaroq MineralsAmaroq
Minerals' principal business objectives are the identification,
acquisition, exploration, and development of gold and strategic
metal properties in Greenland. The Corporation's principal asset is
a 100% interest in the Nalunaq Project, an advanced exploration
stage property with an exploitation license including the
previously operating Nalunaq gold mine. The Corporation has a
portfolio of gold and strategic metal assets in Southern Greenland
covering the two known gold belts in the region. Amaroq Minerals is
incorporated under the Canada Business Corporations Act and wholly
owns Nalunaq A/S, incorporated under the Greenland Public Companies
Act.
Forward-Looking Information
This press release contains forward-looking
information within the meaning of applicable securities
legislation, which reflects the Corporation's current expectations
regarding future events and the future growth of the Corporation's
business. In this press release there is forward-looking
information based on a number of assumptions and subject to a
number of risks and uncertainties, many of which are beyond the
Corporation's control, that could cause actual results and events
to differ materially from those that are disclosed in or implied by
such forward-looking information. Such risks and uncertainties
include but are not limited to the factors discussed under "Risk
Factors" in the Final Prospectus available under the Corporation's
profile on SEDAR at www.sedar.com. Any forward-looking information
included in this press release is based only on information
currently available to the Corporation and speaks only as of the
date on which it is made. Except as required by applicable
securities laws, the Corporation assumes no obligation to update or
revise any forward-looking information to reflect new circumstances
or events. No securities regulatory authority has either approved
or disapproved of the contents of this press release. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Inside Information
This announcement does not contain inside
information.
Qualified Person Statement
The technical information presented in this
press release has been approved by James Gilbertson CGeol, VP
Exploration for Amaroq Minerals and a Chartered Geologist with the
Geological Society of London, and as such a Qualified Person as
defined by NI 43-101.
Glossary
Ag |
silver |
Au |
gold |
Bt |
Billion tonnes |
Cu |
copper |
g |
grams |
g/tIOCG |
grams per tonneIron oxide copper-gold |
km |
kilometers |
Koz |
thousand ounces |
m |
meters |
Mo |
molybdenum |
MRE |
Mineral Resource Estimate |
Nb |
niobium |
Ni |
nickel |
oz |
ounces |
REE |
Rare Earth Elements |
t |
tonnes |
Ti |
Titanium |
t/m3 |
tonne per cubic meter |
U |
uranium |
USD/ozAu |
US Dollar per ounce of gold |
V |
Vanadium |
Zn |
zinc |
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