("Amaroq,"
"Company" or the
"Corporation")
High-grade extension of
Target Block confirmed at Nalunaq
***New
underground samples beyond the historically mined areas of Target
Block, Nalunaq's largest historic mining
block, confirms continuation of high grade
mineralisation into modelled extension area with grades of up to 48.3g/t Au over 1m***
***Additional intersections of the newly discovered 75 Vein
provide further confidence in its thickness and
continuity***
TORONTO, ONTARIO - January 29, 2024
- 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, is pleased to provide additional exploration results
from within the Nalunaq mine following its 2023 exploration
programme.
James Gilbertson, VP Exploration, Amaroq
commented:
"A
thorough underground exploration programme, guided by our Dolerite
Dyke Model, has once again enabled our team to identify further
resource and mining potential at Nalunaq. These channel results
highlight the continuity of the high grade at the Target Block
beyond the last historic stopes. This significantly de-risks a
designed underground rehabilitation and exploration programme aimed
at advancing additional development faces, which should help the
Company to progress towards its target production rate of 300tpd
and increase the overall contained resource.
"In addition, further sample results now confirm the
significant extent of the newly discovered 75 Vein, now with a
total extension similar to that of the Main Vein. This body is now
known to extend above all mining blocks with grades of up to 256g/t
Au over 0.5m above the Mountain block, 22.59g/t Au over 0.59m above
the Target Block, 175g/t Au over 0.51m above the South Block and
15.5g/t Au over 1.45m above the Valley Block. These results enable
us to robustly model this second vein and, following further
drilling results, we hope to be in a position to define a Mineral
Resource for this vein in the near future."
Overview
·
Results received from underground channel sampling
across three levels within the Target Block, historically the
highest grade region of the mine.
·
Sampling was aimed at corroborating previously
unreported historical channel samples that suggested the
continuation of the Target Block into extension areas.
·
Results confirm high grade nature of the Target
Block extending into previously unmined areas with grades of up to
48.3g/t Au over 1m.
·
Following these results, Amaroq intends to
commence underground drilling aimed at developing a second mining
face at Nalunaq with a potential strike extension of up to
775m.
·
Additional samples further confirm the continuity
of the newly discovered 75 Vein, with grades of up to 256g/t Au
over 0.5m reported in the 2023 Nalunaq drilling
campaign.
·
Amaroq intends to further expand the sampling of
core from historical drillholes in 2024 to aid the geological
modelling of the 75 Vein.
Underground Exploration
During an underground exploration
programme guided by Amaroq's Dolerite Dyke Model at Nalunaq during
2023, the Amaroq team recognised that the Main Vein appeared to
extend beyond the last stope within the western areas of the Target
Block. This area was formerly the highest grade region of the
Nalunaq mine. This strongly suggested that the mineralisation
previously mined within this block extended well beyond the last
stopes and into virgin ground. The potential extension from these
last stope to the Main Vein outcrop to the west is around
775m.
Historic development and sampling in
these areas appears not to have fully appreciated this potential,
with historic underground exploration concentrating in areas now
considered unprospective using the Dolerite Dyke Model. This
discovery triggered a new robust underground channel sampling
programme across all currently accessible levels within the western
Target Block.
Figure 1. Plan view illustrating the 2023 Underground
exploration locations and Target Block potential
Sampling proceeded with the use of a
twin blade diamond channel cutter with samples taken as full Main
Vein widths on the side walls alongside historical chip channel
samples. Samples were fully documented and submitted to ALS
Geochemistry for sample preparation on site and chemical assaying
in Ireland.
Figure 2. Underground channelling within the western reaches
of the Target Block
The results from this channel
sampling programme corroborate the inefficient historical chip
channel samples and confirm that the Main Vein beyond the last
stope is high grade mineralised with new assays of up to 48.3g/t Au
over 1m. This knowledge, coupled with the visual mapping of strong
and continuous Main Vein material at the ends of these historic
drifts, lends significant weight to the assumption that further
commercial mining can proceed along strike. Amaroq will now
complete the design of a rehabilitation and underground drilling
and sampling programme targeting this area. The aim of this
programme would be to provide sufficient confidence to allow for
the mine design and scheduling in the Target Block extension as the
second development face at Nalunaq.
Underground Channel Sample Results
Channel ID
|
Easting
|
Northing
|
Elevation
|
Total Depth (m)
|
Dip
|
Azimuth
|
57320
|
508215
|
6691101
|
584
|
0.5
|
90
|
315
|
57322
|
508218
|
6691102
|
584
|
0.5
|
90
|
315
|
57324
|
508221
|
6691103
|
583
|
0.5
|
90
|
315
|
57326
|
508223
|
6691105
|
583
|
0.5
|
90
|
315
|
57328
|
508226
|
6691107
|
583
|
0.5
|
90
|
315
|
57330
|
508231
|
6691109
|
583
|
0.5
|
90
|
315
|
57332
|
508239
|
6691112
|
582
|
1
|
90
|
315
|
57334
|
508276
|
6691091
|
564
|
0.5
|
90
|
315
|
57336
|
508278
|
6691092
|
563
|
0.7
|
90
|
315
|
57338
|
508349
|
6691074
|
538
|
0.8
|
90
|
315
|
57340
|
508354
|
6691077
|
538
|
0.9
|
90
|
315
|
Channel ID
|
From
|
To
|
Interval (m)
|
True Thickness (m)
|
Au (g/t)
|
57320
|
0
|
0.5
|
0.5
|
0.44
|
0.1
|
57322
|
0
|
0.5
|
0.5
|
0.44
|
0.23
|
57324
|
0
|
0.5
|
0.5
|
0.44
|
0.31
|
57326
|
0
|
0.5
|
0.5
|
0.44
|
0.34
|
57328
|
0
|
0.5
|
0.5
|
0.44
|
0.57
|
57330
|
0
|
0.5
|
0.5
|
0.44
|
13.3
|
57332
|
0
|
1
|
1
|
0.88
|
48.3
|
57334
|
0
|
0.5
|
0.5
|
0.47
|
14.8
|
57336
|
0
|
0.7
|
0.7
|
0.65
|
4.21
|
57338
|
0
|
0.8
|
0.8
|
0.75
|
0.09
|
57340
|
0
|
0.9
|
0.9
|
0.85
|
0.15
|
Additional 75 Vein Sampling
Following the discovery of the new
mineralised vein, 75 meter stratigraphically above the Main Vein
from the 2023 drilling (the 75 Vein, reported October 11, 2023),
the Amaroq team reassessed the remaining core from this programme
as well as a number of historical drillholes that potentially had
intersected the 75 Vein, but not been fully recognised. The results
of this now conclude that five of the six 2024 drillholes
intersected this body and that now a total of 46 75 Vein intersects
have been recognised. In addition to this a further ~100
intersections require review and sampling, this will be conducted
during 2024.
Figure 3. Schematic cross section illustrating the location of
the 2023 drilling and the 75 Vein
The 75 Vein is now the most
continuous mineralised body at Nalunaq after the Main Vein, with a
similar overall strike extent. Amaroq's intention is to continue
the re-logging and identification of additional 75 Vein intersects
during 2024, facilitating the robust modelling of this vein, which
will in turn allow for Mineral Resource estimation in areas that
contain sufficient drill density.
The 75 Vein now also constitutes a
potential mine development area towards developing additional mine
faces allowing the Company to build towards its target production
rate of 300tpd.
Figure 4. Map illustrating the extent of confirmed 75 Vein
intersections
Selected Drill Locations for 75 Vein
Intersections
Hole ID
|
Easting
|
Northing
|
Elevation
|
Total Depth (m)
|
Avg. Dip
|
Avg. Azimuth
|
Year
|
NAL2301
|
508011
|
6691453
|
1114
|
321.93
|
85
|
302
|
2023
|
NAL2302
|
508010
|
6691453
|
1114
|
249.98
|
62
|
322
|
2023
|
NAL2303
|
508010
|
6691455
|
1116
|
286.48
|
65
|
20
|
2023
|
NAL2304
|
508083
|
6691351
|
1033
|
275.05
|
66
|
354
|
2023
|
NAL2305
|
508083
|
6691352
|
1033
|
274.41
|
47
|
356
|
2023
|
NAL2306
|
508083
|
6691351
|
1033
|
323.58
|
35
|
7
|
2023
|
AEX2218
|
508974
|
6690835
|
360
|
181.60
|
50
|
311
|
2022
|
AEX2219
|
508877
|
6690714
|
378
|
242.36
|
67
|
245
|
2022
|
AEX2220
|
508877
|
6690714
|
378
|
203.12
|
71
|
270
|
2022
|
AEX2226
|
508879
|
6690713
|
378
|
212.25
|
65
|
307
|
2022
|
AEX2228
|
508880
|
6690714
|
378
|
209.62
|
80
|
302
|
2022
|
AEX2230
|
508881
|
6690714
|
378
|
212.05
|
57
|
322
|
2022
|
AEX2235
|
508753
|
6690787
|
454
|
242.46
|
55
|
223
|
2022
|
AEX2236
|
508928
|
6690769
|
370
|
196.84
|
48
|
298
|
2022
|
AEX2238
|
508928
|
6690769
|
370
|
184.56
|
61
|
308
|
2022
|
AEX2242
|
508978
|
6690836
|
360
|
178.97
|
58
|
284
|
2022
|
AEX2244
|
508978
|
6690836
|
360
|
176.20
|
71
|
310
|
2022
|
AEX21005
|
509111
|
6690874
|
306
|
164.70
|
55
|
326
|
2021
|
AEX21009
|
509037
|
6690911
|
342
|
161.63
|
79
|
315
|
2021
|
AEX21032
|
508950
|
6690488
|
318
|
240.96
|
55
|
316
|
2021
|
AEX21092
|
509386
|
6690918
|
233
|
206.33
|
66
|
315
|
2021
|
AEX21099
|
509244
|
6690515
|
231
|
404.50
|
86
|
269
|
2021
|
AEX2005
|
509127
|
6690868
|
306
|
148.50
|
80
|
315
|
2020
|
AEX2007
|
509133
|
6690904
|
304
|
213.00
|
68
|
318
|
2020
|
AEX2008
|
509127
|
6690868
|
306
|
175.30
|
62
|
325
|
2020
|
AEX1906
|
509444
|
6691087
|
234
|
215.61
|
64
|
309
|
2019
|
AEX1702
|
508750
|
6690313
|
226
|
137.90
|
60
|
316
|
2017
|
AEX1703
|
508063
|
6690782
|
665
|
139.80
|
90
|
315
|
2017
|
AEX1704
|
508063
|
6690782
|
665
|
132.80
|
60
|
315
|
2017
|
NQ158
|
508085
|
6691344
|
1029
|
371.00
|
68
|
29
|
2006
|
NQ159
|
508547
|
6690849
|
577
|
260.00
|
60
|
317
|
2006
|
NQ161
|
508085
|
6691343
|
1029
|
378.75
|
84
|
6
|
2006
|
NQ163
|
508546
|
6690849
|
577
|
240.00
|
46
|
320
|
2006
|
NQ164
|
508180
|
6691202
|
936
|
320.50
|
66
|
5
|
2006
|
NQ113
|
509150
|
6690850
|
290
|
280.00
|
78
|
310
|
2005
|
NQ127
|
509284
|
6690873
|
245
|
246.50
|
65
|
310
|
2005
|
NQ90
|
508295
|
6691091
|
829
|
299.70
|
45
|
315
|
2004
|
NQ96
|
508343
|
6691073
|
791
|
242.90
|
48
|
290
|
2004
|
NQ-79
|
508810
|
6690890
|
445
|
198.00
|
46
|
305
|
2001
|
NQ-80
|
508756
|
6690807
|
457
|
251.70
|
85
|
260
|
2001
|
NQ-84
|
508969
|
6690837
|
364
|
251.70
|
85
|
305
|
2001
|
NQ-86
|
508598
|
6690954
|
580
|
251.70
|
86
|
315
|
2001
|
NQ-64
|
508998
|
6691030
|
372
|
161.00
|
85
|
297
|
1999
|
NQ-37
|
509064
|
6690799
|
324
|
302.00
|
63
|
330
|
1998
|
NQ-41
|
508976
|
6690942
|
372
|
248.00
|
43
|
330
|
1998
|
NQ-42
|
508976
|
6690941
|
372
|
170.00
|
80
|
330
|
1998
|
NQ-45
|
508651
|
6691215
|
581
|
149.00
|
84
|
315
|
1998
|
Projection WGS 84 UTM zone 23N
Sampled 75 Vein Intersections
Hole ID
|
From
|
To
|
Interval (m)*
|
Au (g/t)
|
Vein
|
NAL2301
|
137.45
|
138.95
|
1.5
|
0.03
|
75
|
NAL2302
|
75 vein
not identified (pinched out)
|
NAL2303
|
147.1
|
147.6
|
0.5
|
0.51
|
75
|
NAL2304
|
137.33
|
137.87
|
0.54
|
0.32
|
75
|
NAL2305
|
128.4
|
128.9
|
0.5
|
256
|
75
|
NAL2306
|
152.5
|
154
|
1.5
|
0.28
|
75
|
AEX2218
|
72
|
72.5
|
0.5
|
0.1
|
75
|
AEX2219
|
96.1
|
97
|
0.9
|
0.08
|
75
|
AEX2220
|
87
|
88.5
|
1.5
|
0.07
|
75
|
AEX2226
|
84.75
|
85.25
|
0.5
|
0.06
|
75
|
AEX2228
|
91
|
91.5
|
0.5
|
0.22
|
75
|
AEX2230
|
85.3
|
86
|
0.7
|
0.17
|
75
|
AEX2235
|
122.37
|
122.87
|
0.5
|
0.14
|
75
|
AEX2236
|
83.85
|
84.35
|
0.5
|
3.85
|
75
|
AEX2238
|
79.26
|
79.8
|
0.54
|
0.09
|
75
|
AEX2242
|
76.56
|
77.07
|
0.51
|
0.12
|
75
|
AEX2244
|
62.82
|
63.32
|
0.5
|
0.11
|
75
|
AEX21005
|
50.26
|
51.71
|
1.45
|
15.5
|
75
|
AEX21009
|
50.65
|
51.59
|
0.94
|
0.1
|
75
|
AEX21032
|
134.4
|
135.9
|
1.5
|
0.09
|
75
|
AEX21092
|
50.54
|
51.04
|
0.5
|
0.13
|
75
|
AEX21099
|
184.58
|
186.08
|
1.5
|
0.13
|
75
|
AEX2005
|
60.45
|
61.95
|
1.5
|
1.11
|
75
|
AEX2007
|
54.6
|
55.35
|
0.75
|
6.02
|
75
|
AEX2008
|
58.8
|
60.3
|
1.5
|
0.122
|
75
|
AEX1906
|
24.9
|
25.4
|
0.5
|
5.48
|
75
|
AEX1702
|
49
|
50
|
1
|
0.08
|
75
|
AEX1703
|
53.5
|
54.5
|
1
|
0.17
|
75
|
AEX1704
|
48.78
|
49.8
|
1.02
|
0.29
|
75
|
NQ158
|
154.88
|
155.38
|
0.5
|
0.11
|
75
|
NQ159
|
101.95
|
103.05
|
1.1
|
0.1
|
75
|
NQ161
|
143.25
|
143.99
|
0.74
|
0.2
|
75
|
NQ163
|
106.44
|
106.95
|
0.51
|
175
|
75
|
NQ164
|
179.21
|
179.95
|
0.74
|
0.49
|
75
|
NQ113
|
55.05
|
55.52
|
0.47
|
0.15
|
75
|
NQ127
|
46.6
|
46.84
|
0.24
|
0.08
|
75
|
NQ90
|
164.04
|
164.57
|
0.53
|
0.09
|
75
|
NQ96
|
153.82
|
154.36
|
0.54
|
22.59
|
75
|
NQ-79
|
48.95
|
49.5
|
0.55
|
0.11
|
75
|
NQ-80
|
87.15
|
88.5
|
1.35
|
0.57
|
75
|
NQ-84
|
75.35
|
76
|
0.65
|
0.22
|
75
|
NQ-86
|
85.1
|
86.25
|
1.15
|
0.24
|
75
|
NQ-64
|
32.98
|
33.93
|
0.95
|
0.38
|
75
|
NQ-37
|
73
|
74.25
|
1.25
|
0.07
|
75
|
NQ-41
|
39.55
|
40.3
|
0.75
|
0.19
|
75
|
NQ-42
|
53.46
|
54.48
|
1.02
|
0.19
|
75
|
NQ-45
|
8.82
|
9.86
|
1.04
|
0.07
|
75
|
*True length estimated at 70-100% of interval
length
Background - The Nalunaq Orebody
The Main Vein at Nalunaq is a
laterally extensive shallowly dipping gold-bearing quartz vein with
an average thickness of 70 cm in thickness. The vein hosts
variable high gold grades of up to 5,240 g/t, with the
mineralisation separated into high grade zones of up to
5,240 g/t and low-grade zones, both of which are controlled by
the intersection of structures which Amaroq has defined in its
Dolerite Dyke geological model.
This vein was mined between 2004 and
2013 and produced c.360,000 ounces of gold1. Amaroq is
exploring for an Exploration Target of up to 2.0 Moz gold
across the Main Vein and veins in the footwall and hanging wall as
announced on September 16, 20202. Following a Mineral
Resource Estimate update published on September 6th, 2022, the
project hosts a CIM compliant Inferred Mineral Resource of
355.0 kt @ 28.0 g/t Au, with 320 koz
gold3.
The mine area is separated into five
coherent zones termed the Mountain, Target, South, Valley and
Welcome Blocks that constitute the highest grade areas of the Main
Vein. Three of these blocks have experienced some historical
mining, with the Company concentrating its efforts in expanding
resources up and down dip of these areas as well as developing
previously unrecognised Blocks.
The 2022 exploration programme
involved further core drilling, underground assessments, surface
channel sampling and drone photogrammetry concentrated on the
Valley and Mountain Blocks.
(1 NI 43-101 Report dated June
2020; 2 See press release dated September 16, 2020;
3 See press release dated September 6,
2022)
Sampling and QAQC
Disclosure
Drill core was cut in half using a
diamond blade core saw. Cut lines were consistently drawn along the
core foliation axis and the right-hand side of the core was
sampled. All drill core samples were placed into thick polymer bags
with a sample ticket. All samples were prepared at ALS
Geochemistry's containerised preparation laboratory on-site at
Nalunaq, before being packaged and sent to an accredited
laboratory, ALS Geochemistry, Loughrea, Ireland, for
analysis.
Sample preparation scheme PREP-31BY
was used on all samples. This involves crushing to 70% under 2 mm,
rotary split off 1 kg, and pulverizing the split to better than 85%
passing 75 microns. Samples were then analysed by 50 g fire assay
with method Au-AA26 which has a detection limit of 0.01 ppm Au.
Samples containing visible gold and samples considered to be the
Main Vein were assayed with screen-metallics fire assay technique
Au-SCR24 which has a detection limit of 0.05 ppm Au. This involves
screening 1 kg of pulverised sample to 106 microns followed by a
gravimetric assay of the entire plus fraction and a duplicate 50 g
AAS assay of the minus fraction.
Amaroq's QA/QC program consists of
the systematic insertion of certified reference materials of known
gold content, blanks, and quarter core field duplicates at a rate
of 1 in 20 or 5% per QA/QC type. In addition, ALS insert blanks and
standards into the analytical process. The average sample mass was
2.08 kg.
All Mineral Resource Estimates
presented in this press release have been estimated in accordance
with the Canadian Institute of Mining, Metallurgy and Petroleum
(CIM) Definition Standards on Mineral Resources and Mineral
Reserves, National Instrument 43-101.
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)
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 contains inside
information for the purposes of Article 7 of
the UK version of Regulation (EU) No. 596/2014 on Market
Abuse ("UK MAR"), as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act
2018, and Regulation (EU) No. 596/2014 on Market Abuse ("EU
MAR").
Qualified Person Statement
The Mineral Resource Estimate was
prepared by Dr Lucy Roberts, MAusIMM(CP), Principal Consultant
(Resource Geology), SRK Consulting (UK) Limited., an independent
Qualified Person in accordance with the requirements of National
Instrument 43-101 ("NI 43-101"). Dr Roberts has approved the
disclosure herein.
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
Au
|
Gold
|
g/t
|
Grams per metric tonne
|
koz
|
Thousand troy ounces
|
Moz
|
Million troy ounces
|
kt
|
Thousand metric tonnes
|
Mt
|
Million metric tonnes
|
oz
|
Troy ounces
|
UTM
|
Universal Transverse
Mercator
|