REG - Amaroq Minerals Ltd - Sava Drilling Results

Amaroq MineralsAnnouncement

24/01/2024 07:15

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RNS Number : 6854A  Amaroq Minerals Ltd  24 January 2024

("Amaroq" or the "Corporation")

 

Sava Drilling Results at Target West Verify New South Greenland Copper
District

**Drillholes into Amaroq's Sava Target West intersect copper mineralisation
from surface**

***Results further indicate the existence of a new 120km long copper district
in South Greenland***

 

TORONTO, ONTARIO - January 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, is pleased to announce the provisional results from its 2023
exploration programme on the Sava copper project, at the centre of the
developing South Greenland copper belt.

James Gilbertson, VP Exploration of Amaroq, commented:

"Our 2023 drill programme at Sava has identified further evidence of a
significant copper mineral system at Target West. These results, on previously
overlooked ground, suggest the presence of a typical large scale
porphyry-style system and are testament to our discovery strategy and
geological team. Target West is the first of multiple copper targets within
Amaroq's portfolio. We have now confirmed skarn mineralisation with up to
11.6% Cu at Kobberminebugt, porphyry-style mineralisation at Sava with assays
up to 2.0% CuEq and numerous other porphyry, and epithermal targets across a
belt extending over 120km.

"2023 proved to be a very promising first year for our 3-year funded
exploration programme through the Gardaq JV. At present we have identified
tonnage and remain close to surface. We will now continue to drill the targets
to identify and locate high-grade mineralisation. Subject to results, we would
expect to be in a position to define the feasibility of a project such as this
after 3-5 years and at that stage establish a pathway towards permitting and
development."

 

Overview

•              Four holes drilled for 2200m across two targets
on the Sava Licence completed on time and budget.

•              The Sava project is centred on an emerging
copper district straddling 120km across South Greenland, making this a
significant new mineral belt.

•              Amaroq has identified 36 targets across the
emerging copper belt, likely associated with a series of magma chambers formed
during a geological event around 1.8 billion years ago.

•              These results are now being integrated with the
extensive geophysics, flown right across the copper belt, to extract all value
ahead of further announcements in Q2.

 

Target West

•              Target West is the first Amaroq target to
progress to advanced exploration, following the success of the 2022 scout
drillhole, which intersected 21m of copper and molybdenum mineralisation in
Unit 1 from surface.

•              In 2023, three holes were completed, each
intersecting copper molybdenum mineralisation in the same Unit 1 of up to 345m
including higher grade zones of up to 18m at 0.31% CuEq.

•              Amaroq believe that Target West is a copper
porphyry-style orebody. These deposit types tend to be large and lower grade
in nature, similar to those in the South American Andes, where operations
commonly mine at a grades of between 0.2-1% Cu.

•              Surface mapping and sampling have identified a
significant copper-molybdenum surface footprint of at least 3km(2) (560
football field),  suggesting the presence of a large system.

 

Target North

•              Scout drillhole into a 2km long potential
epithermal system did not intersect mineralisation.

•              Amaroq is reviewing these data with its JV
partners ahead of a decision on whether to pursue the target further going
forward.

 

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

 

Discussion on Results

The Sava project, acquired by Amaroq in early 2021, is located alongside the
significant Ilimaussaq complex (part of the Gardar Province) which hosts the
Kvanefjeld and Tanbreez deposits, which collectively hold an estimated 1.5% of
global Rare Earths Element (REE) resources.

The prospect had initially been considered un-prospective and was overlooked
as the result of incorrect mapping. Amaroq chose to pursue an innovative
exploration strategy and open up this new copper district. Initial assessment
of the Sava project suggested potential for iron oxide copper-gold (IOCG) and
porphyry-style mineralisation. Since acquiring the licence, the Company has
conducted significant mineral system modelling, which demonstrates geodynamic
association between the Sava and Gardar areas and the Voisey's Bay province in
Canada, which host significant magmatic sulphide and REE deposits.

Mineral system modelling supports the Company's belief that the Sava project
sits within a newly identified copper belt, striking ~200km along a major
deep-seated structure running from the Company's Kobberminebugt licence and
eastward to the North Sava licence.

In 2023 Amaroq conducted surface drilling, geological mapping and channel
sampling across two targets (Target West and Target North). The aim of this
programme was to build on the results of drilling in 2022  and to develop an
emerging copper molybdenum porphyry-style project at Target West.

2023 Exploration Drilling Locations

 Hole ID  Target        Easting  Northing  Elevation (m)  Total Depth (m)  Dip  Azimuth
 SAV2301  Target West   432388   6773350   486            737.43           56   209
 SAV2302  Target West   432204   6773169   430            751.64           47   120
 SAV2303  Target North  439982   6782270   323            359.40           52   202
 SAV2304  Target West   432203   6773169   430            351.91           89   320

 

 

 

 

Key Intersections from 2023 Exploration Drilling Results

 Hole ID          From    To      Interval (m)(1)  Cu%  Mo%    Cu Eq%(5)
 SAV2301          2.4     101     98.6             0.1  0.009  0.13
   Including      2.4     23      20.6             0.2  0.036  0.42
 SAV2301          672     688.72  16.72            0.2  0.013  0.28
   Including      687.95  688.72  0.77             1.9  0.014  1.98
 SAV2302          12      240     228              0.1  0.003  0.08
 SAV2304(2)       6.13    351.91  345.78           0.1  0.004  0.08
   Including      166     184     18               0.3  0.008  0.31
   Including(3)   239.5   252.9   13.4             0.2  0.020  0.33
   Including(4)   328     338.25  10.25            0.2  0.012  0.25

 

 

(1) Interval is core length, true widths have not at this time been calculated

(2) Includes 3 samples which have been entered as 0 ppm pending assay results

(3) Includes 1 sample which has been entered as 0 ppm pending assay results

(4) Includes 2 samples which have been entered as 0 ppm pending assay results

(5) Copper equivalent based on US$3.8/lb Cu and US$21.2/lb Mo.

The hole SAV2303 drilled at Target North did not return any significant
intersections.

 

Figure 1. Licence map illustrating the location of the 2023 drilling.

Target West

Hosting copper and molybdenum mineralisation observed during the 2022 season,
this Target Area was the primary focus of the 2023 season. Porphyry-style
quartz veining with associated copper sulphide mineralisation was encountered
in holes SAV2301, SAV2302 and SAV2304.

Mineralisation appears to be hosted within quartz veining orientated WNW-ESE
to NW-SE. Samples as high as 7.8% Mo have been recorded so far. 16.39m of
channel sampling was carried out in areas of high vein density and surface
copper mineralisation and results are pending.

Mineralised zones typically exhibit primary quartz flooding, surrounded by
quartz veinlets transitioning into fracture-controlled alteration and
mineralisation. This years; drilling has confirmed that the host to this
mineralisation is a fine-grained monzonite (Unit 1 in Figure 2), and that it
has undergone multiple alteration stages, including potassic, sericite +
chlorite, and hematite alteration related to a possible porphyry style system.

Figure 2. Cross section looking North through Target West. Mineralisation is
confined to Unit 1, a fine to medium-grained monzonite, surrounded by a
coarse-grained non mineralised granitoid (Unit 2).

Geological mapping in 2023 correlates well with downhole logging and units 1
and 2 are readily defined by their whole rock and trace element geochemistry,
allowing future drilling programmes to better target the mineralised Unit 1.

Figure 3. Examples of mineralised porphyry-style veining from SAV2301. Qtz =
quartz, K fsp  = potassic feldspar, Cal = calcite, Ser = Sericite, Chl =
chlorite, Py = pyrite, Ccp = chalcopyrite, Bn = bornite. NQ core diameter is
47.6mm (1 7/8″).

Results of channel sampling are pending and will be announced in due course.

Target North

Geological mapping across this Target Area revealed a roughly 2km long
significantly hydrothermally altered fault system up to 400m wide exhibiting
potassic alteration and trace rusty sulphide mineralisation.

Hosted in a granitoid with gneiss, and metasedimentary inclusions, this
epithermal-style mineralisation exhibits open space textures suggesting low
confining pressures and may be late Ketilidian in age. It is affected by
Gardar-period rifting suggesting a younger age than Target West.

This hydrothermal mineralising system results in stockwork veining,
brecciation, and sheeted veins with chlorite and hematite alteration (Figure
4). Veins, including quartz + chlorite, quartz + hematite, and calcite +
hematite, displayed complex relationships. Mineralisation, primarily in the
form of copper sulphides and gold, is associated with quartz + chlorite veins.

A scout drill hole (SAV2303) at Target North tested this structural-controlled
stockwork zone but failed to intersect any obvious mineralisation.

87.47m of channel sampling was carried out in areas of high vein density and
surface copper mineralisation and results are pending.

 

Figure 4. Examples of stockwork veining, brecciation, and sheeted veins with
chlorite and hematite alteration at Target North.

 

Preliminary Scope of Work for the 2024 field season

Amaroq is undertaking a detailed review of all data and has secured input from
a number of world experts on porphyry and IOCG style orebodies. The intention
is to intergrade all geophysical and geochemical data to expand the
exploration strategy across the wider copper belt.

The Company is considering deploying a ground IP survey over Target West,
which would aid in defining zones of alteration and sulphide mineralisation at
depth. These results would further guide a 2024 drilling programme at Target
West.

 

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 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

 Cu    Copper
 CuEq  Copper equivalent
 IOCG  Iron Ore Copper Gold
 IP    Induced polarization
 Kt    Thousand metric tonnes
 Mo    Molybdenum
 Mt    Million metric tonnes
 UTM   Universal Transverse Mercator

 

 

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