REG - Amaroq Minerals Ltd - Nanoq Geophysical Results & Exploration Update

Amaroq MineralsAnnouncement

19/12/2023 07:00

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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/
(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 Site     Target Mineralisation     Line Kms                Contractor  System      Collected Data
 Johan Dahl Land  Cu/Au/Mo Porphyry / IOCG        4,105.2           NRG         XPlorer™    Radiometics / Magnetics / Gravity
 Nunarsuit        Rare Earth / Niobium            2,626.7           NRG         XPlorer™    Radiometics / Magnetics / Gravity
 Sava             Cu/Au/Mo Porphyry / IOCG        1,287.9           NRG         XPlorer™    Gravity
 Stendalen        Magmatic Ni/Cu Sulphide            831.0          EG          MobileMT    Magneto Tellurics / VLF
 Kobberminebugt   Skarn related Cu                1,117.0           EG          MobileMT    Magneto Tellurics / 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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