REG-Correction - Exploration Update for Strategic Minerals JV

Amaroq MineralsAnnouncement

22/05/2025 07:00

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Reykjavík, May 22, 2025 (GLOBE NEWSWIRE) -- (“Amaroq” or the
“Company” or the “Corporation”)

Correction - Exploration Update for Strategic Minerals JV

The following amendments have been made to the ‘Exploration Update for
Strategic Minerals JV’ announcement released on 13 May 2025 at 07:00.

            Table 2024 Drill Locations, Stendalen on page 3:

 Hole ID  Easting  Northing  Elevation  Total Depth (m)  Avg. Dip  Avg. Azimuth  
 STE2301  571691   6715248   520.3      1061.01          73.64     16.31         
 STE2401  571293   6714312   190.8      901.5            84.89     89.86         
 STE2402  571322   6714481   252.7      613              55        75            
 STE2403  571386   6714764   290.7      975.3            55.8      38.22         
 STE2404  571322   6714482   252.7      457              55        50.09         
 STE2405  571294   6714311   190.8      885.5            50.22     284.5         
 STE2406  571691   6715243   520.3      901.4            87.69     112.12        

Projection WGS 84 UTM zone 23N
All Core drilled at NQ diameter

All other details remain unchanged. The full amended text is shown below.



(“Amaroq” or the “Company” or the “Corporation”)

2024 Exploration Update for Strategic Minerals JV

Amaroq Advances its Strategic Minerals Vision — Welcoming Dr. Steve Garwin

TORONTO, ONTARIO – May 13, 2025 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ
Iceland: AMRQ), an independent mining company with a substantial land package
of gold and strategic mineral assets in Southern Greenland, is pleased to
provide an update on the 2024 exploration results across the Company’s
strategic minerals portfolio JV, Gardaq AS.

Highlights

General
* Successfully completed an ambitious exploration programme across seven
licences held under the Gardaq JV. Activities included extensive geological
reconnaissance, mapping of previously unexplored terrain, geochemical
sampling, and 5,524m of core drilling across three high-priority projects.
* Gardaq now holds the majority of the licenses across this prospective belt
that hosts South Greenland’s first Copper Porphyry System at Target West.
* Company has further expanded its geological understanding of the critical
metals hosting across South Greenland.
* Three new licence applications across Greenland have been submitted,
targeting copper, gold, and rare/critical earth elements.
* The Company is proud to announce the appointment of world-renowned porphyry
and epithermal exploration specialist Dr. Steve Garwin as Chief Technical
Advisor - Epithermal & Porphyry Systems to Gardaq.
Stendalen
* Drilling at Stendalen provided key geological insights into the
copper/nickel/cobalt (“Cu/Ni/Co”) mineralised system, supported by the
identification of several chargeable geophysical features identified post
drilling.
* Further sections of Cu/Ni/Co sulphides have been intersected across all
drillholes.
* Although some assay results are still pending, so far one narrow zone of
semi-massive sulphide has been encountered indicating potential for higher
concentrations of Cu/Ni/Co sulphides still to be discovered.
* Quantitative petrographic analysis at Stendalen confirmed high copper,
nickel, and notably high cobalt content (up to~10% Co) within sulphides,
consistent with a Cu/Ni/Co geochemical signature.
* Post drilling, a downhole geophysical survey was conducted, which is now
being coupled with the drilling data, highlighting exciting targets for future
drilling and a better understanding of the Stendalen structure.
South Greenland Copper Belt
* Ongoing work across the South Greenland Copper Belt has delineated
approximately four new porphyry/epithermal targets for follow-up work in 2025.
Target North
* Scout drilling at Target North confirmed the presence of a significant
epithermal system. Although no economic mineralisation was encountered during
the scout drilling at Target North, the confirmation of a well-developed
epithermal system provides compelling evidence of the region’s broader
potential to host Cu-Au epithermal targets.
Johan Dahl Land
* Exploration at the newly acquired Johan Dahl Land licence led to the
discovery of the Ukaleq project, with impressive grades up to 12.3 g/t Au and
5.1% Cu (as previously reported(1)).
Josva
* At Josva, scout drilling expanded the host structure at the historic mine
site.
* Bornite-bearing alteration zones were intersected, with best grades of 0.35%
Cu, 6.0 g/t Ag (JOS2401) and 0.38% Cu, 5.55 g/t Ag (JOS2402).
* While intersections are currently considered subeconomic, further work is
aimed to delineate further strike and depth potential.
(1) Amaroq Awarded Johan Dahl Land Licence and Positive Initial Exploration
Results, 22 January 2025.

References to the accompanying presentation can be accessed on the website by
clicking the link below:
https://www.amaroqminerals.com/investors/presentations/.

James Gilbertson, VP Exploration for Amaroq, commented:

“2024 was a defining year for Amaroq’s strategic minerals exploration.
While not every drill target yielded economic results, each programme
delivered valuable geological insights that are sharpening our focus on the
most promising opportunities. Key highlights include the discovery of new
porphyry and epithermal systems, confirmation of a cobalt-rich nickel-copper
target at Stendalen, and strong early results at Ukaleq — all reinforcing
South Greenland’s untapped potential.

“We’re also pleased to welcome Dr. Steve Garwin as Technical Advisor. His
global expertise in porphyry and epithermal systems is already influencing our
exploration strategy.

“With new drill data, geophysics, and assay results in hand, Amaroq is well
positioned to prioritise 2025 follow-up programmes — including potential
further drilling at Stendalen and Ukaleq. These next steps will be key in
demonstrating the value of the Gardaq JV and its contribution to Amaroq’s
strategic growth.”

Overview of 2024 Exploration Programme

 Project      Programme            Details                                                                          
 Stendalen    Downhole Geophysics  Downhole EM through 2023/24 drillholes                                           
              Core Drilling        4,773m of exploration drilling                                                   
 Sava         Scout Drilling       501m from the Target North Cu/Au epithermal system                               
 Josva        Scout Drilling       250m initial drilling into the former production high grade copper project       
 Copper Belt  Reconnaissance       Surface sampling and mapping over multiple copper targets across the 120km belt  

2024 Drill Locations

Stendalen

 Hole ID  Easting  Northing  Elevation  Total Depth (m)  Avg. Dip  Avg. Azimuth  
 STE2301  571691   6715248   520.3      1061.01          73.64     16.31         
 STE2401  571293   6714312   190.8      901.5            84.89     89.86         
 STE2402  571322   6714481   252.7      613              55        75            
 STE2403  571386   6714764   290.7      975.3            55.8      38.22         
 STE2404  571322   6714482   252.7      457              55        50.09         
 STE2405  571294   6714311   190.8      885.5            50.22     284.5         
 STE2406  571691   6715243   520.3      901.4            87.69     112.12        

Projection WGS 84 UTM zone 23N
 All Core drilled at NQ diameter

Target North

 Hole ID  Easting  Northing  Elevation  Total Depth (m)  Avg. Dip  Avg. Azimuth  
 SAV2401  439317   6782264   232.5      350              80.3      165.9         
 SAV2402  439317   6782264   232.5      151              43.6      169.2         

Projection WGS 84 UTM zone 23N
 All Core drilled at NQ diameter

Josva

 Hole ID  Easting  Northing  Elevation  Total Depth (m)  Avg. Dip  Avg. Azimuth  
 JOS2401  330870   6753144   11.3       80.2             51.7      322           
 JOS2402  330870   6753144   11.3       170.7            66.8      209           

Projection WGS 84 UTM zone 23N
All Core drilled at NQ diameter

Initial Review of Exploration Results

Stendalen

In 2024, while assays are still largely pending and expected later this
quarter, drilling did confirm extensive Cu/Ni/Co sulphides concentrated
throughout the system as well as along the basal contact of the gabbroic
intrusion, supported by strong conductive signals identified through downhole
electromagnetic surveys (DHEM).

Updated geological models from these drilling results incorporate fold
structures (anticlines, synclines, and sheathing) that could act as key
controls on mineralisation, particularly near the hypothesised feeder zone to
the northwest. U-Pb zircon dating yielded an age of ~1804 Ma, predating the
Ketilidian orogeny and aligning well with these observed structural features
and deformation phases.

These results provide a number of promising drill targets and represent a
significant step toward advancing Stendalen.

Further afield from Stendalen, Amaroq is looking to leverage off the
geological and sulphide hosting experienced gained in the assessment for
further identify potential ultramafic and volcanic-hosted mineralisation.

Copper Belt

In 2024, drilling at Josva tested the depth and strike extensions of the
historic copper-bearing Josva Shear Zone. While low-grade copper
mineralisation (primarily bornite and chalcopyrite) was intercepted, results
were below economic thresholds, though they expanded understanding of the
mineralised system and its structural controls. Work will now more towards an
assessment of the strike and depth potential away from Josva.

 Hole ID    From   To  Interval (m)  Cu (%)  
 JOS2401    24     25  1             0.36    
 JOS2401    45     49  4             0.22    
 Including  47     48  1             0.34    
 JOS2401    69     70  1             0.14    
 JOS2402    43     44  1             0.33    
 JOS2402    64     70  6             0.15    
 Including  68.88  70  1.12          0.38    

*True lengths have not been determined but are estimated to be 70-100% of
interval length 

At Target North, scout drilling intersected low- to intermediate-sulphidation
epithermal veins, with evidence of hydrothermal boiling textures. Although no
economic mineralisation was encountered, the confirmation of a well-developed
epithermal system provides compelling evidence of the region’s broader
potential to host Cu-Au epithermal targets. As such, exploration focus is now
shifting to other regional targets along the belt where similar geological
signatures may be present.

Further exploration across the Copper Belt identified the Ukaleq target that
included gold grades up to 12.3 g/t Au and copper grades reaching 5.1%,
indicative of a robust mineralizing system; as previously reported.

On top of this exploration efforts have identified at least a further four
prospective porphyry/epithermal targets to be followed up during 2025.

New Licences

The Company has drawn on its geological expertise to apply for three
additional mineral licences, targeting highly prospective opportunities across
Greenland. These include the tier-one phosphate and critical minerals
potential at Gardiner (East Greenland), the emerging REE and Nb-Ta target at
Illerfissalik, and a potential Kiruna-style IOCG system at Minturn in northern
Greenland.

Sampling and QAQC Disclosure        

Surface Drilling

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.

At Stendalen - 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 and ICP-MS finish using method PGM-MS24 which has
a low detection limit for Pt, Pd and Au. A second multielement assay analysis
is run for 50 g using method ME-MS61r, where the sample is digested in 4-acid
(perchloric, nitric, hydrofluoric and hydrochloric acids) and analysed by
ICP-AES for all elements and ICP-MS for high concentration elements.

At Target North and Josva - 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 and ICP-AES finish using method Au-ICP2, with
overlimit method Au-GRA22 which has a gravimetric finish. A second
multielement assay analysis is run for 50 g using method ME-MS61r, where the
sample is digested in 4-acid (perchloric, nitric, hydrofluoric and
hydrochloric acids) and analysed by ICP-MS for all elements. Samples were
analysed for Si, Ti and Zr using pXRF method pXRF-34.

Amaroq’s QA/QC program consists of the systematic insertion of certified
reference materials of known base metal contents, blanks, and quarter core
field duplicates at a rate of 1 in 20 (5%) per QA/QC type. In addition, ALS
insert blanks and standards into the analytical process.

Grab Sampling

Grab samples were collected from outcrops through the use of geological picks
and hammers. Where possible chip channel samples were collected across the
width of the visible vein. Grab samples were packaged into thick polymer bags
with a sample ticket and reviewed by the Company geological staff prior to
submission.

All grab 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.
As with drill the surface drill core, samples underwent preparation scheme
PREP-31BY. 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.

Grab sample QAQC procedures consisted of the systematic insertion of certified
reference materials of known gold content, blanks, and 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.

Enquiries:

Amaroq Minerals Ltd.
Eldur Olafsson, Executive Director and CEO 
eo@amaroqminerals.com

Ed Westropp, Head of Business Development and Corporate Affairs 
ewe@amaroqminerals.com  

Eddie Wyvill, Corporate Development
+44 (0)7713 126727
ew@amaroqminerals.com

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Nikhil Varghese
+44 (0) 20 7886 2500

Canaccord Genuity Limited (Corporate Broker)
James Asensio
Harry Rees
Tel: +44 (0) 20 7523 8000

Camarco (Financial PR)
Billy Clegg
Elfie Kent
Fergus Young
+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’s 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 Nalunaq
Gold mine. 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 Companies Act.

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.

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