Successful Completion of 2024 Exploration Field Season

Amaroq

24/10/2024 07:00

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Reykjavík, Oct. 24, 2024 (GLOBE NEWSWIRE) -- (“Amaroq” or the
“Corporation” or the “Company”)

Successful Completion of 2024 Exploration Field Season

**Completion of full 2024 >8,600m exploration programme ahead of schedule**

***First drilling campaign at the high-grade Nanoq gold target and the
historic Josva copper mine***

TORONTO, ONTARIO – October 24, 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, announces to that it has successfully completed its 2024
exploration programmes across its portfolio in South Greenland.

James Gilbertson, VP Exploration for Amaroq, commented:

“We are incredibly excited by the progress we've made across our portfolio
this year. Completing over 8,600 meters of core drilling, alongside key
advancements across both our gold and strategic mineral projects is a
testament to the dedication of our geological teams and potential of our
assets. The continued exploration of the 75 Vein and Target Block Extension
zone at Nalunaq, a successful first drilling campaign at Nanoq, and surface
sampling at the Eagle’s Nest satellite target represent major steps forward
for our gold portfolio. This work will help us to both expand our Nalunaq
resource and unlock the high-grade potential of Nanoq.

On the strategic minerals front, our efforts at Stendalen and the first
drilling at the historic Josva copper mine have laid a strong foundation for
further copper and nickel exploration. Perhaps most exciting, is our growing
understanding of the scale and mineralization diversity within the 120km-long
South Greenland Copper Belt. The belt spans from deep copper skarn systems to
epithermal system, and we are only beginning to scratch the surface of its
true potential. These discoveries highlight the opportunities ahead as we
continue to unlock the full value of our portfolio in Greenland."

Highlights
* Successfully completed exploration across nine licenses, with 8,601m of core
drilling across five key targets focused on gold, copper, and nickel. This
included first-time drilling at the exciting Nanoq gold and Josva copper
projects.
Gold Exploration – 100% ownership
* Completed 2,895m of resource drilling in 11 holes targeting the promising
Nalunaq Target Block Extension Zone
* Reassessed and resampled historical drill holes across the new 75 Vein and
other prospective hanging wall veins
* Collected new surface samples from the Main Vein and the newly discovered 75
Vein at Target Block Extension
* Completed exploration work has laid the foundation for a planned underground
drill definition programme and an updated Mineral Resource estimate
* Conducted first surface sampling at Eagle’s Nest, 30km north of Nalunaq
* Completed first scout drilling (130m across two holes) at the high-grade
Nanoq gold project
Strategic Minerals – 51% ownership through Gardaq Joint Venture
* Completed a significant 4,773m of remote exploration drilling at the
Stendalen Cu/Ni project, enhancing our geological understanding
* Conducted new scout drilling (501m in two holes) at the epithermal
copper/gold mineralization at Target North
* Completed initial drilling (212m across two holes) at the high-grade copper
mineralization at the historic Josva mine
* Detailed geological prospecting undertaken across the South Greenland Copper
Belt to identify new exploration and drill targets spanning copper skarn,
porphyry and epithermal systems
Overview of 2024 Exploration Season

Aims and Objectives

In 2024, Amaroq set ambitious goals focused on the commissioning and
development of the new Mineral Resource at its cornerstone Nalunaq asset.
Additionally, the Company aimed to deepen its geological and mineralization
understanding at the Stendalen Cu/Ni discovery and the emerging South
Greenland Copper Belt. Thanks to the success of the Company’s geological
teams and strong logistical planning, these programmes were completed ahead of
schedule. This enabled Amaroq to expand its exploration efforts, including
additional drilling at Target North, Josva, and Nanoq.

Nalunaq

At Nalunaq, Amaroq completed a robust 2,895-meter resource drilling programme
targeting the extension of both the Main Vein and the newly discovered 75
Vein, west of the last mined stopes within the Target Block. This 11-hole
programme was supported by surface chip and channel sampling from the outcrops
of the Main and 75 Veins, using the same expert mountaineering team deployed
in previous explorations across the Mountain Block.

The results from this work will provide essential data for Amaroq’s upcoming
underground definition drilling, scheduled for Q4 2024, positioning the
Company for further resource development at Nalunaq as the Company prepares
for a Mineral Resource estimate update.

Gold Exploration

In addition to the successful work at Nalunaq, Amaroq expanded its exploration
efforts to the satellite Eagle’s Nest target, located 30km north within the
Nanortalik Gold Belt. Previous sampling at Eagle’s Nest returned grades as
high as 34g/t Au. The team is excited about the potential for Eagle’s Nest
to evolve into a high-grade orebody, which, given its proximity to the Nalunaq
processing plant currently under construction, could represent a significant
logistical advantage.

Amaroq also made significant progress at the Nanoq gold project on the eastern
side of the Nanortalik Gold Belt, where the Company completed its first
drilling programme. These results will be invaluable in assessing the
potential of this high-grade orogenic gold system, which has previously shown
grades up to 175g/t Au over 0.8m in channel samples and significant copper
mineralization. This marks an exciting step towards defining Nanoq as a major
high-grade gold project with considerable resource potential.

Strategic Mineral Exploration

In the Company’s strategic mineral portfolio, the majority of efforts were
dedicated to the Stendalen Cu/Ni project, located 65km northeast of Nalunaq.
Amaroq established a remote 40-person exploration camp to support a three-rig
drilling programme aimed at testing several strong geophysical anomalies
identified from recent airborne and surface surveys. These anomalies indicate
potential magmatic sulphide bodies at depth.

The programme was further enhanced by a downhole electromagnetic survey
completed in October, and assay results are expected shortly. These results,
along with input from international experts, will play a crucial role in
shaping the geological model for continued exploration in 2025.

Beyond Stendalen, Amaroq carried out extensive geological reconnaissance and
drilling across the 120km-long South Greenland Copper Belt, which spans four
exploration licenses and one pending application. Initial findings have
already highlighted key copper and copper/gold targets, with geochemical
results expected soon.

This drilling programme has reinforced the Company’s understanding of its
substantial land package which covers a diverse range of mineralization
systems. These include deep copper skarn systems, classic copper/molybdenum
porphyry systems, and higher-level epithermal systems, all preserved at
different stratigraphic levels. As we progress from Josva in the west, through
Sava, and ultimately to the new epithermal targets within the Johan Dahl Land
license application, the geological complexity and potential of this region
become increasingly evident.

These opportunities have been highlighted following the Company’s extensive
geological research including mineral system modelling and geological
reconstructions. It is Amaroq’s belief that these mineral systems have been
overlooked due to their geological age and lack of modern exploration in the
region.

During the copper exploration programme, guided by independent expert Steve
Garwin, Amaroq conducted a short scout drilling programme at the Target North
intermediate-sulfidation epithermal system, with core samples currently
undergoing assay testing.

Lastly, capitalizing on the momentum from earlier successes, Amaroq initiated
the first core drilling at the historic Josva copper mine, which operated
between 1905 and 1914. This initial drilling aimed to confirm the downdip and
along-strike continuity of the high-grade copper skarn system. This programme
is expected to provide key insights into the future potential of Josva.

Overview of Drilling Programme

 Project       Programme            Details                                                                        Approx. results date  
 Nalunaq       75 Vein Resampling   593 samples taken across all historical drillholes                             Q4, 2024              
               Surface Sampling     221 outcrop samples from the Mountain and Target Blocks                        Q4, 2024              
               Core Drilling        2,895m of core drilling on the Target Block Extension Zone                     Q1, 2025              
 Eagle's Nest  Surface Sampling     Initial 84 samples upon new high grade gold target                             Q4, 2024              
 Nanoq         Core Drilling        133m of scout drilling on high grade gold target                               Q4, 2024              
 Stendalen     Downhole Geophysics  Downhole EM through 2023/24 drillholes                                         Q4, 2024              
               Core Drilling        4,773m of exploration drilling                                                 Q1, 2025              
 Sava          Scout Drilling       501m from the Target North cu/Au epithermal system                             Q1, 2025              
 Josva         Scout Drilling       250m initial drilling into the former production high grade copper project     Q1, 2025              
 Copper Belt   Reconnaissance       Surface sampling a mapping over multiple copper targets across the 120km belt  Q4, 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)
Scott Mathieson
Kieron Hodgson
+44 (0) 20 7886 2500

Camarco (Financial PR)
Billy Clegg
Elfie Kent
Fergus Young
+44 (0) 20 3757 4980

For Corporation updates:
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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 South Greenland. The Company's principal asset is a 100%
interest in the past producing Nalunaq Gold mine which is due to go into
production towards the end of 2024. The Company has a portfolio of gold and
strategic metal assets in Southern Greenland covering the two known gold belts
in the region as well as advanced exploration projects at Stendalen and the
Sava Copper Belt exploring for Strategic metals such as Copper, Nickel, Rare
Earths and other minerals. Amaroq Minerals is continued under the Business
Corporations Act (Ontario) 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

 Au   Gold              
 Cu   Copper            
 EM   Electromagnetics  
 g/t  Grams per Tonne   
 m    meter