Significant New Nickel-Copper Discovery at Stendalen
TORONTO, ONTARIO, Feb. 29, 2024 (GLOBE NEWSWIRE)
-- (“Amaroq” or the
“Corporation”)
Significant New Nickel-Copper Discovery
at Stendalen
***Discovery of significant new strategic metal
project 60km from Nalunaq***
**Drill results confirm the presence of high
tenor mineralisation, typical of a high grade Nickel-Copper
deposits**
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 announce a significant new Ni-Cu discovery at its
Stendalen Project.
Overview
- Over 140m of disseminated magmatic
sulphides containing nickel, copper & cobalt intersected in the
first scout drillhole at Stendalen.
- Sulphides so far intersected are
lower grade and disseminated in style and Amaroq will use these
results to target the more concentrated massive sulphides expected
to be within the deposit.
- Geophysical results provide evidence
of the location of the feeder zone to the deposit and will be the
focus for the 2024 drilling programme.
- The critical aspects of these
results, such as sulphide tenors, textures, scale and minerology,
are considered similar to globally important nickel - copper
deposits.
- Calculation of the tenor of the
sulphides, based upon the assays received, implies that, due to
relative metal content, Stendalen holds the ability to host grades
similar to analogous deposits, therefore if intersected, massive
sulphide could hold grades of up to 3-5% nickel equivalent.
- Metals are hosted solely in
sulphides, therefore Amaroq anticipates strong future metal
recoveries
- The 2023 drillhole was the first
hole into a body that is roughly 6km in diameter; it is therefore
possible that Stendalen hosts multiple large orebodies
- This mineral discovery further
illustrates the opportunities across South Greenland
- The Company believes these results
justify further exploration and plans a significant upscale in
activities with at least three drill rigs and a dedicated ground
geophysical team planned for 2024
References to the accompanying presentation on the Stendalen
results on the website by clicking the link below:
https://www.amaroqminerals.com/investors/presentations/
Eldur Olafsson, CEO of Amaroq, commented:
“A new mineral discovery such as that seen
at Stendalen is the culmination of many years of hard work by the
Amaroq geological team, and is testament to our belief that South
Greenland holds exceptional opportunities to host world class
deposits. The discovery of strategic metals such as copper and
nickel, critical for the energy transition, in a region with such a
strong geopolitical position, cannot be overstated. These initial
results give us the confidence to deploy a larger proportion of the
Company’s Gardaq JV fully funded 3 year exploration programme to
this project during 2024 and beyond.”
James Gilbertson, VP Exploration of
Amaroq, commented:
“Our geological team made a number of
breakthrough predictions following our detailed geological
modelling of South Greenland and I’m exceptionally grateful to the
Boards of both Amaroq and our JV partners in having the confidence
to allow us to test our hypothesis. This scout programme exceeded
all of our expectations. Although the current intersection is
disseminated lower grade, the features of the rocks indicate that
the magma was dynamic, these Taxite textures are fundamental
characteristic of the world’s largest high grade nickel-copper
deposits, including Talnakh (Noril’sk), Sudbury and Voisey’s Bay.
Further, the sulphide tenors recorded suggest high grades within
the system which are the key objectives for our 2024
exploration.
This is the start of the road for Stendalen,
with further geophysics and drilling campaigns to come. The success
of this programme greatly increases the potential for discovering
further strategic metal deposits across other identified targets in
Amaroq’s portfolio and proves, without doubt, the mineral potential
of South Greenland.”
Discussion on Results
2023 Programme and Exploration
Results
Geophysics
In early 2023, an airborne MobileMT (Mobile
MagnetoTellurics) survey was flown by Expert Geophysics Limited
over a 10x17km area at 200m line spacing, targeting conductive
Ni-Cu sulphide mineralisation at or below the surface. This survey
method measures electrical resistivity of the rocks to a depth of
approximately 2,000m. Sulphide minerals are typically highly
conductive, and if present in sufficient quantities or near surface
then they may be directly detectable using this method. The method
can also detect changes in rock type, for example the contact of
the Stendalen gabbro intrusion with the metasedimentary basement is
visible in the survey data. This allows the geometry of the gabbro
intrusion to be modelled, and potential favourable sites for Ni-Cu
sulphide mineralisation identified.
Core Drilling
Following the positive initial results from the
geophysics, a single 1061m diamond drillhole, STE2301, was drilled
in the late summer of 2023, targeting a conductive anomaly. The
hole intersected the layered gabbro series from surface down to a
depth of 694m, where it continued through the metasedimentary
basement until the end of hole at 1061m (495m below sea level).
From surface to 540m, the gabbro is finely
layered, with varying grain size and mineralogy. Much of this
layered sequence is weakly mineralised with disseminated pyrrhotite
and stringers of pyrrhotite and chalcopyrite.
From 540m to 694m the layering becomes poorly
defined. The gabbro here is termed ‘taxitic’ (variable grain size
and textures in the same rock mass) and is mineralised with
magmatic nickel-copper sulphides of various textures. Taxite
host-rock textures are features of the world’s largest nickel
deposits, including Talnakh (Noril’sk), Sudbury and Voisey’s Bay.
Taxites are thought to form due to fluid interactions where
different magmas mix. The current interpretation is that this
texture relates to the margins of the magma chamber and zones of
possible magma recharge. Taxites indicate that the magma chamber
was dynamic. Mixing and mingling of magmas in the chamber and
incorporation of wall-rock can further help concentrate Ni-Cu-Co in
sulphide melt to form a larger deposit.
This taxitic layer is situated at roughly sea
level with potential future access via a shallow surface
portal.
The entire sequence is cut by younger granitic
pegmatite dykes, which can reach up to tens of metres in
thickness.
Based on interpretation of the airborne
MagnetoTellurics (“MT”) survey data, geological mapping and core
drilling, a preliminary geological model illustrating the potential
scale of the mineralisation at Stendalen has been developed.
Sulphide mineralisation in this model is expected to be situated at
the base of the layered series – sulphide melt is dense so
naturally sinks and accumulates at the base of magma chamber.
Mineralisation may be laterally extensive along the basal contact
of the intrusion, with greater accumulations of sulphide within and
around the feeder zone.
Pyrrhotite is normally weakly magnetic but at
Stendalen it is non-magnetic. This has implications for
exploration; non-magnetic conductors should not be ruled out as
sulphide targets. Much of the pyrrhotite at Voisey’s Bay is also
non-magnetic.
2023 Scout Drillhole
Location
Hole ID |
Easting |
Northing |
Elevation (m) |
Total Depth (m) |
Dip |
Azimuth |
STE2301 |
571691 |
6715248 |
520 |
1061.01 |
74 |
016 |
WGS84 / UTM zone 23N
Key Intersections from 2023 Scout Drilling
Results
Hole ID |
From |
To |
Interval (m)1 |
Ni ppm |
Cu ppm |
Co ppm |
NiEq%2 |
STE2301 |
541 |
663 |
122 |
419 |
619 |
56 |
0.08 |
and
incl. |
595.47 |
607.4 |
11.93 |
1149 |
1826 |
127 |
0.23 |
and
incl. |
615.27 |
620 |
4.73 |
1196 |
1567 |
90 |
0.22 |
and
incl. |
628 |
640 |
12 |
753 |
921 |
107 |
0.14 |
|
|
|
|
|
|
|
|
1 Interval is core length, true widths
have not been calculated at this time
2 Nickel equivalent is
calculated based on US$7.25/lb Ni,
US$3.8/lb Cu and US$13/lb Co with no
adjustments for recoveries and penalties.
Hole STE2301 did not encounter significant
grades of Platinum Group Elements (PGE) but the potential of higher
and lower parts of the intrusion has not yet been tested and the
system remains prospective.
Sulphide tenor
Grade is calculated from the product of sulphide
tenor and the proportion of sulphides in the rock. So far scout
drilling has only intersected lower grade disseminated sulphides
(with sulphur grades of up to 5.5% S). However, their existence
confirms that the intrusion has reach ‘sulphur saturation’ and
there is good potential for the presence of massive sulphides
within the system. Massive sulphides have a sulphur grade of ~35%
S. Taking the assay results from this initial drillhole, it is
possible to calculate the likely grades of massive sulphide, were
they intersected. When conducting this calculation for Stendalen,
it is seen that the metal concentration or ‘sulphide tenors’ are
high, and the project therefore holds the ability to host material
between 3-5% nickel equivalent.
In evaluating nickel-copper sulphide
mineralisation, its tenor, is of critical importance. At this early
stage of exploration, while assessing the initial discovery hole,
sulphide tenor is more important than interval grade.
Mineralisation observed at Stendalen consists primarily of the
sulphide minerals pyrrhotite, chalcopyrite and pentlandite. Ni and
Co are preferentially found in pyrrhotite and pentlandite and Cu in
chalcopyrite. These metal-bearing sulphide minerals have a very
similar sulphur content, which makes it possible to derive the
average sulphide tenor from whole-rock sulphur content. To ensure
that this calculation is robust, only samples with sufficiently
high sulphur grades have been used.
Interestingly, the copper content of these
sulphides is moderately high at a ratio of about 1.5 copper to
nickel.
2024 exploration plans
Geophysics
The intersected sulphide zone is not clearly
visible in the 2023 airborne MT survey data, and further data
processing is planned. Two further programmes are planned for 2024,
ground MT and downhole electromagnetics geophysical surveys. Data
from all geophysical surveys will then be combined and used to
reprocess and reinterpret the deposit models. This should greatly
enhance the Company’s ability to discriminate sulphide
accumulations and will guide all further drilling. The ground MT
survey will be performed early in the 2024 season, giving time for
drillhole locations to be optimised.
Geological mapping
Detailed geological and structural mapping of the Stendalen
complex will also be used to refine the geological model and
understanding of the mineralisation process.
Drilling
Several deep drillholes are planned within the
discovery valley zone, up to a maximum depth of 1500m. Up to three
drill rigs will be mobilised in 2024. Holes will target the base of
the layered series and the modelled gabbro feeder zone which is
thought to have good potential for greater accumulations of Ni-Cu
sulphides. All holes will be surveyed with downhole EM geophysics,
which will greatly enhance the 3D geophysical model at depth.
Background
The Stendalen gabbro intrusion was identified
during regional mapping by the Geological Survey of Denmark and
Greenland (GEUS) in 1992. Reconnaissance work by GEUS and Softrock
Minerals Ltd. in 1996 located mineralised boulders on a glacier on
the west side of the intrusion, grading up to 0.5% Ni, 0.8% Cu and
0.1% Co. A 6,000 m long and up to 200 m thick contact ‘rust zone’
was reported on the West, North and East flanks of the Stendalen
Gabbro, just above the contact with the metasedimentary basement,
and was assumed to be the source of the Ni-Cu sulphide
mineralisation, however this was not followed up. The licence was
visited by NunaMinerals in 2010, which focussed on a Ti-V
mineralised layer within the intrusion but did not consider the
intrusion prospective for Ni-Cu sulphide mineralisation.
Amaroq acquired the project in 2021, considering
Stendalen highly prospective for Ni-Cu sulphide mineralisation
following the Company’s Mineral System Modelling of the region, and
carried out first exploration in 2023.
Geology
Stendalen is a layered mafic intrusion hosted in
sulphide and graphite bearing metasediments (migmatites) and
located in South Greenland at the junction of Nørrearm and Lindenow
fjords, approximately 60km north-east of Amaroq’s Nalunaq gold
mine. From Amaroq’s Mineral System modelling, Stendalen sits on the
eastern end of the Gardar-Voisey’s Bay fault zone, providing
potential spatial relationship to both the rare earth deposits of
the Gardar and Vale’s Ni-Cu operation at Voisey’s Bay.
The intrusion itself comprises an upper
homogeneous gabbro separated from a lower layered gabbro series by
a 5-10m thick magnetite-ilmenite rich layer, which has previously
been targeted for its Ti-V potential and has returned grades of up
to 10.5% TiO2 and 0.57% V. The layered gabbro series can
be classified as a hornblende gabbro, where layering is defined by
varying abundances of the minerals hornblende and plagioclase. This
layering has been gently folded and steepens towards the edge of
the intrusion resulting in a bowl-like shape.
Deformation of the intrusion has taken place
after it was formed which has likely remobilised sulphide
mineralisation. The effect of this, and the potential for further
concentration of grades resulting from this is yet to be
tested.
The intrusion has not been dated, but is likely
to be late Ketilidian in age based on cross cutting granite dykes
and its deformation history. Amaroq considers Stendalen to be a
member of the regional “appinite suite” of hydrous mafic and
ultramafic intrusions in South Greenland, all of which are held
under licence by Amaroq. Several examples of the appinite suite are
known to be mineralised with Platinum Group Elements and Ni-Cu
sulphides.
Deposit Model
Intrusion-related magmatic sulphide
nickel-copper deposits contain economically significant
concentrations of nickel and copper, often accompanied by other
valuable metals such as cobalt, platinum, palladium, and gold.
These deposits are closely tied to the intrusion
of mafic and ultramafic magmas from the Earth's mantle into the
crust. This magma, enriched with metals like nickel and copper,
cools and solidifies, forming intrusive igneous rocks.
As the magma is emplaced into the crust it can
assimilate and dissolve sulphide and graphite rich ‘country rock’.
This can cause the magma to reach ‘sulphur saturation’ by adding
sulphur and changing the magma chemistry.
Sulphide saturation is a critical concept in the
formation of magmatic sulphide deposits. It refers to the condition
where the magma cannot dissolve any more sulphur, leading to
separation of an immiscible sulphide melt. This sulphide melt
scavenges ‘sulphur loving’ metals (Ni-Cu-Co-PGE) from the
surrounding silicate melt. Sulphide melt is dense and tends to sink
to the base of the magma chamber, where it cools and crystallises.
Pyrrhotite, pentlandite and chalcopyrite are the most common
sulphide minerals in these deposits.
The degree and timing of sulphide saturation is
important for concentration of nickel and copper in the deposit;
deposits with high sulphide saturation are more likely to host
massive sulphide ores, which are rich in nickel and copper.
Subsequent hydrothermal activity can also play a
role in enriching these deposits. Hot fluids circulating through
the rocks can remobilise metals, leading to the formation of
secondary mineralisation zones.
Sampling and QAQC Disclosure
Drill core was cut in half using a diamond blade
core saw. Cut lines were consistently drawn along the core layering
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. 100 g pulps were prepared and sent to ALS
Loughrea for analysis. Master pulps and coarse reject material is
retained in storage at Nalunaq.
All samples were assayed with a 60-element
Four-Acid Digestion ICP-MS method (ME-MS61r) and with a
portable-XRF method (pXRF-34) for Si, Ti and Zr. In addition, all
samples were analysed for Pt, Pd and Au by 50 g fire assay
with method PGM-MS24 which has a detection limit of 0.0005 ppm
Pt, 0.001 ppm Pd and 0.001 ppm Au.
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 order to detect gold contamination
between samples prepared at Nalunaq. Future drilling programmes at
Stendalen will include Ni-Cu-PGE specific certified reference
materials. In addition, ALS insert blanks and standards into the
analytical process. The average sample mass was 2.10 kg.
No QAQC issues were noted with the results
reported herein.
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
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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 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
Ni |
Nickel |
Cu |
Copper |
Co |
Cobalt |
PGE |
Platinum Group Elements |
NiEq |
Nickel equivalent |
MT |
Magnetotellurics |
EM |
Electromagnetics |
DHEM |
Downhole Electromagnetics |
UTM |
Universal Transverse Mercator |
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