TIDMAMRQ
RNS Number : 2193X
Amaroq Minerals Ltd
19 December 2023
("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.
Figure 1 Location of the Nanoq and Jokum's Shear gold
exploration targets.
ALS GoldSpot Targeting
In 2022 Amaroq completed a high resolution 407.65 km(2) 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 Target Mineralisation Line Contractor System Collected Data
Site Kms
Johan Dahl Cu/Au/Mo Porphyry 4,105.2 NRG XPlorer(TM) Radiometics /
Land / IOCG Magnetics / Gravity
---------------------- -------------- ----------- ------------ ---------------------
Nunarsuit Rare Earth 2,626.7 NRG XPlorer(TM) Radiometics /
/ Niobium Magnetics / Gravity
---------------------- -------------- ----------- ------------ ---------------------
Sava Cu/Au/Mo Porphyry 1,287.9 NRG XPlorer(TM) Gravity
/ IOCG
---------------------- -------------- ----------- ------------ ---------------------
Stendalen Magmatic Ni/Cu 831.0 EG MobileMT Magneto Tellurics
Sulphide / VLF
---------------------- -------------- ----------- ------------ ---------------------
Kobberminebugt Skarn related 1,117.0 EG MobileMT Magneto Tellurics
Cu / 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.
Figure 2 Map illustrating the extend of the geophysics data
collected by Amaroq during the 2023 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 126727
ew@amaroqminerals.com
Stifel Nicolaus Europe Limited (Nominated Adviser and
Broker)
Callum Stewart
Varun Talwar
Simon Mensley
Ashton Clanfield
+44 (0) 20 7710 7600
Panmure Gordon (UK) Limited (Joint Broker)
John Prior
Hugh Rich
Dougie Mcleod
+44 (0) 20 7886 2500
Camarco (Financial PR)
Billy Clegg
Elfie Kent
Charlie Dingwall
+44 (0) 20 3757 4980
For Corporation updates:
Follow @Amaroq_Minerals on X (Formerly known as Twitter)
Follow Amaroq Minerals Ltd. on LinkedIn
Further Information:
About Amaroq Minerals
Amaroq 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/t grams per tonne
IOCG Iron 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/m(3) tonne per cubic meter
U uranium
USD/ozAu US Dollar per ounce of gold
V Vanadium
Zn zinc
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