REG - Amaroq Minerals Ltd - 2022 Nanoq Exploration Results

Amaroq MineralsAnnouncement

03/05/2023 07:00

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RNS Number : 1918Y  Amaroq Minerals Ltd  03 May 2023

 

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

2022 Nanoq exploration results

Results provide further confidence on future resource potential

Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ First North: AMRQ), an independent
mine development company with a substantial land package of gold and strategic
mineral assets covering an area of 7,866.85 km(2) in Southern Greenland,
announces the results of its 2022 exploration campaign at the Nanoq gold
project.

Nanoq is an orogenic gold target with outcropping high grade gold
mineralisation located within the Nanortalik Gold Belt, which also contains
the Nalunaq deposit.

References to figures and tables relate to the version visible in PDF format
on the website by clicking the link below:

http://www.rns-pdf.londonstockexchange.com/rns/1918Y_1-2023-5-2.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1918Y_1-2023-5-2.pdf)

Highlights:

·      A 407.65 km(2) high-resolution heli-borne geophysical survey has
been completed across the Nanoq, Siku and Jokum's Shear gold projects with the
aim of defining geological models to direct future drilling campaigns

·      Results reveal numerous potential gold trap structure that
coincide with known high grade samples, demonstrating the resource hosting
potential of the projects

·      The survey highlights a large prospective zone to the immediate
west of Nanoq, which exhibits similar controlling structures, opening up
further target areas

·      Favourable structures also seen across Jokum's Shear, defining an
area of 1 x 2km for further exploration

·      Initial interpretations support the Company's view that a c. 25km
prospective gold corridor exists between the two projects, transecting the
Siku licence

·      Amaroq believes Nanoq constitutes a material opportunity for the
Company to build on its underlying Mineral Resource base

Eldur Olafsson, CEO of Amaroq Minerals, commented:

"As we progress our development programme at Nalunaq, I'm delighted that we
continue to identify further significant gold opportunities across Southern
Greenland. The work undertaken across Nanoq and our other advanced gold
exploration projects will help us to grow our underlying resource base as we
advance towards production at Nalunaq."

James Gilbertson, VP Exploration, Amaroq Minerals, commented:

"Nanoq represents yet another positive target identified across the
prospective Nanortalik Gold Belt, with potential for near-term resource
development. Importantly, these results do not just provide a geological
rational for the high grade intersections we already hold at the project, but
also identify further gold targets, expanding Nanoq's potential.

The new data also indicates an emerging c25km prospective corridor within the
wider gold belt. This corridor also hosts a 1x2km prospective target at
Jokum's Shear and holds potential for further opportunities for Amaroq as we
progress our gold exploration activities."

Nanoq Background

The Nanoq project is one of a number of advanced gold exploration targets
within Amaroq's portfolio. The area was previously explored by Goldcorp in the
1990s and historical exploration has defined 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 2020-2021. 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 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.

The 2022 exploration programme was designed to provide additional data across
Nanoq sufficient to construct robust geological and mineralisation models for
drill testing; a similar approach to that conducted at Nalunaq. The programme
was also intended to test the 25km linking structure hypothesis and in doing
so open up another significant gold target area in Southern Greenland.

Figure 1. Location of the Nanoq and Jokum's Shear Projects within the Nanortalik Gold Belt.

Nanoq Exploration Results

The 2022 exploration programme was centred around a 407.65 km(2) airborne
geophysical 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 exploration firm New Energy
Geophysics (NRG). NRG and Amaroq also deployed the same technique successful
deployed across Vagar and Sava in 2021.

These results have been processed by NRG and initially interpreted by Amaroq's
geology team ahead of further processing and detailed interpretation to be
conducted through 2023.

Key findings from these results are as follows:

1.   Highest grade intersections/samples received at Nanoq correspond to
observed trap sites at the confluence between E-W and SW-NE structures in the
new data. This provides Amaroq with further confidence that these sites host
significant resource potential

2.   New targets developed within repeated structures of a similar nature
observed across a large unexplored area to the west of Nanoq, further
expanding the potential of the project area

3.   Favourable structural relationships also observed at Jokum's Shear
defining an area of at least 1km by 2km in strike

4.   Further evidence of the existence of a controlling structural trend,
circa 25km between Nanoq and Jokum's Shear providing additional prospectivity
across the Siku licence

These results provide the Company with significantly more data to review and
construct geological models to be further tested in the field, through both
surface reconnaissance and initial drilling. While the Company's primary
effort in 2023 will be focused on the development of the Nalunaq deposit, it
is Amaroq's intention to build on these results at Nanoq and develop further
mineral resources for the Company at the first opportunity.

Figure 2. Coverage of NRG's survey over Amaroq Minerals MELs in Southeast
Greenland.

 

Figure 3. Initial interpretations highlighting new target areas to the west of
Nanoq.

Enquiries:

Amaroq Minerals Ltd.

Eldur Olafsson, Executive Director and CEO

+354 665 2003

eo@amaroqminerals.com

 

 Eddie Wyvill, Investor Relations

+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

 

SI Capital Limited (Joint Broker)

Nick Emerson

+44 (0) 1483 413500

 

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Charlie Dingwall

+44 (0) 20 3757 4980

For Company updates:

Follow @Amaroq_minerals on Twitter

Follow Amaroq Minerals Inc. 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 Company'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 covering
7,866.85km(2), the largest mineral portfolio 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 Company's current
expectations regarding future events and the future growth of the Company'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 Company'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 Company'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 Company and speaks
only as of the date on which it is made. Except as required by applicable
securities laws, the Company 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
 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
 mgal    Milligal (unit of acceleration, precision gravimetric measurement)
 nT      Nanotesla (unit of magnetic field)
 DTM     Digital Terrain Model

 

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