REG - Amaroq Minerals Ltd - Nalunaq Drilling Results deliver record gold grade

Amaroq MineralsAnnouncement

11/10/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231011:nRSK7058Pa&default-theme=true

RNS Number : 7058P  Amaroq Minerals Ltd  11 October 2023

("Amaroq," "Company" or the "Corporation")

 

Nalunaq 2023 Drilling Results deliver record gold grade results

 

***High grade intersect of 182g/t Au over 0.69m at Nalunaq extends the
Mountain Block high grade zone ahead of commencing trial mining in 2024***

***Discovery of new high-grade vein, 75m above the Main Vein, with highest
ever grade intersect of 256 g/t Au over 0.5m, significantly increasing
Nalunaq's resource potential ***

 

 

TORONTO, ONTARIO - October 11, 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, provides the results of its 2023 exploration drilling programme at
Nalunaq.

 

Eldur Olafsson, CEO of Amaroq, commented:

"These are the highest grade drill results at Nalunaq since we founded Amaroq
Minerals in 2017. These results highlight the substantial upside potential to
our development plans, and confirms the extension of the  high grade zone,
which sits within our current mine plan and extends beyond.

This year's drilling programme at the Mountain Block extension, from two high
altitude mountain locations is testament to the effective collaboration
between the Amaroq technical team and our long term contractors. Together they
have safely delivered these results from our high quality targets in the
timescale required to meet our seasonal objectives.

This marks another step forward to meeting our internal objective of expanding
our Mineral Resource at Nalunaq towards 1Moz and potentially beyond."

 

James Gilbertson, VP Exploration, Amaroq commented:

"We deliberately focused this year's Nalunaq exploration programme on the
Mountain Block, the planned area for our initial mining programme due to
commence in 2024. Our efforts will now turn to developing a further mining
front at Nalunaq, with underground exploration and drill planning on the
Target Block high grade zone.

In addition, these results have confirmed the presence of a potential orebody
in the hanging wall, referred to now as the '75 Vein', which adds upside to
Nalunaq's prospectivity and mine life."

References to the accompanying presentation on the Nalunaq results on the
website by clicking the link below:
https://www.amaroqminerals.com/investors/presentations/
(https://www.amaroqminerals.com/investors/presentations/)

Overview

·    Recorded the Company's highest grade Main Vein intersect ever
reported at 182g/t Au over 0.69m during a programme to explore the up-dip
extension of the Mountain Block.

·    Six drillholes successfully completed for 1,731.43 m from two high
mountain platforms.

·    All six drillholes intersected the Main Vein structure as predicted,
with four confirming significant extension of the high grade mineralisation in
the Mountain Block, the focus of the Company's initial mining programme
scheduled to commence in 2024.

·    Results provide invaluable information on the form and continuity of
the Main Vein, critical for mine design and planning.

·    New discovery of several Hanging Wall Veins intersected, including
256g/t Au over 0.5m in the 75m Vein, showing similar thickness to Main Vein,
providing potential for further minable bodies beyond the Main Vein.

·    Amaroq further expects results from two additional sampled
intersections at the 75 Vein, which are currently being processed by the
laboratory.

·    New high-resolution drone imagery provides significant new structural
data on the Main Vein and Hanging Wall Vein continuity up-dip that will guide
2024 drilling activities.

·    Further underground exploration is scheduled for Q4 2023 aimed at
opening up a new high grade mining extension from the Target Block, which is
located next to Mountain Block.

·    Drill results further confirm the Dolerite Dyke Model method used to
define high grade regions in the Main Vein.

 

2023 Drilling Results

The 2023 programme consisted of 1,731.43 m of diamond core drilling across
six targeted mountain drillholes. The objective of this drill programme was to
test the continuation of the Mountain Block high grade corridor, up-dip from
the zone the Company is planning to initiate initial mining during 2024.

This targeted programme, completed from two mountainside platforms constructed
in very challenging locations, successfully intersected the Main Vein
structure in all six drillholes. In addition, the presence of an extremely
high grade intersection (182g/t Au over 0.69m from NAL2305) and four
intersections of economic and anomalous gold, provide conclusive evidence of
the significant extension of the Mountain Block beyond which was previously
modelled. This holds significance as the Mountain Block is set to form the
core of the Company's future mining schedule following the initiation of the
trial mining programme in 2024.

Amaroq expects further results from two additional sampled intersections of
the 75 Vein, which are currently being processed by ALS Geochemistry, and will
provide an update in due course.

Figure 1. Nalunaq project map with 2023 drillhole locations

 

Figure 2. Mountainside drill platform while under construction and used during
the 2023 drilling programme

 

As with previous programmes, the drilling was completed using the Company's
structural Dolerite Dyke Model, which has proved to be an effective targeting
tool. A particular highlight was a 0.69m intersection of the Main Vein, with
significant visible gold which resulted in the highest grade ever intersected
by the Company, (182g/t Au over 0.69m from NAL2305), breaking the previous
record set during 2022 (116g/t Au over 0.62m from AEX2237).S

Figure 3. AEX2305 Main Vein intersection, 240.15 to 240.84 m grading 182 g/t
Au

 

In addition to the Main Vein, the Company intersected a number of hanging wall
veins that were reported on during drone imagery taken in 2022. This includes
256g/t Au over 0.5m from NAL2305. From initial modelling vein 75m (75m
stratigraphically above the Main Vein) may constitute a significant new
mineralisation target that could be accessed as mining and development on the
Main Vein proceeds up the mountain. A review of the historical data shows that
NQ96, drilled in 2004, intersected a vein at this level which graded 22.59 g/t
Au over 0.54 m, 450 metres away from this year's intersection in NAL2305. It
is likely that the historic intersection is also related to the 75 vein.

 

Figure 4. Schematic cross section illustrating the location of the 2023
drilling and its results

 

2023 Drill Locations

 Hole ID  Easting  Northing  Elevation  Total Depth (m)  Avg. Dip  Avg. Azimuth
 NAL2301  508011   6691453   1114       321.93           85        302
 NAL2302  508010   6691453   1114       249.98           62        322
 NAL2303  508010   6691455   1116       286.48           65        20
 NAL2304  508083   6691351   1033       275.05           66        354
 NAL2305  508083   6691352   1033       274.41           47        356
 NAL2306  508083   6691351   1033       323.58           35        7

Projection WGS 84 UTM zone 23N

 

Sampled Intersections from 2023 Drilling Programme

 Hole ID  From    To      Interval (m)  True Thickness* (m)  Au (g/t)  Vein
 NAL2301  246.88  247.38  0.5           0.35                 0.64      MV
 NAL2302  209.25  209.75  0.5           0.50                 2.48      MV
 NAL2303  240.9   241.9   1             0.91                 1.34      MV
 NAL2304  233.65  236.65  3             2.99                 0.11      MV
 NAL2305  240.15  240.84  0.69          0.46                 182       MV
 NAL2306  274.34  274.84  0.5           0.43                 6.84      MV
 NAL2301  137.45  138.95  1.5           0.00                 0.03      75
 NAL2302                                                     pending   75
 NAL2303  146.35  147.1   0.75          0.00                 0.24      75
 NAL2304  137.33  137.87  0.54          0.00                 0.32      75
 NAL2305  128.4   128.9   0.5           0.00                 256       75
 NAL2306                                                     pending   75

 

2023 Drone Survey

Further to the drilling programme, the Company also completed detailed drone
imagery across the North face of the mountain to supplement the 2022 drone
survey. This will provide centimetre accuracy to future Mineral Resource
wireframing and further illustrated the presence and continuity of the 75
vein. In the course of acquiring this imagery, a zone of structural thinning
(pinching) of the Main Vein was observed which was further corroborated by the
results from the core drilling. This information could prove invaluable to
future mine design and planning activities as the initial mining programme
progresses toward full-scale mining operations.

Further Exploration and 2024 Programmes

In 2024, the Company intends to conduct further underground exploration to
assess the continuation of the Target Block high grade zone, guided by the
Dolerite Dyke model. This aims to provide evidence for the potential to
significantly extend the resource in this area of the deposit and will feed
into a planned surface drill programme in 2024 similar to that conducted this
year on the Mountain Block. This exploration initiative holds the potential to
open up a second underground mining target for the initial mining programme.

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. 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
gold(1). Amaroq is exploring 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, 2020(2). Following a Mineral Resource Estimate update
announced September 6, 2022, the project hosts a CIM compliant Inferred
Mineral Resource of 355.0 kt @ 28.0 g/t Au, with 320 koz gold(3).

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 on 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)

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 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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLEAFEEFSPDFAA