REG - Amaroq Minerals Ltd - High Grade Gold from Maiden Drilling at Nanoq

Amaroq MineralsAnnouncement

26/11/2024 07:00

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RNS Number : 6618N  Amaroq Minerals Ltd  26 November 2024

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

 

High Grade Gold from Maiden Drilling Results at the Nanoq Project

** High-Grade Gold Intersected in Maiden Drilling at Nanoq Project, with up to
123 g/t Au over 0.5m **

 

TORONTO, ONTARIO - November 26, 2024 - Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ
Iceland: AMRQ), an independent mining development Company with an extensive
land package of gold and strategic mineral assets across Southern Greenland,
is pleased to announce the results of the successful inaugural drill program
at the Nanoq Project, within the Nanortalik Gold Belt. This maiden campaign
has returned high-grade gold intercepts, underscoring the project's robust
potential and advancing Amaroq's strategic foothold in this prolific gold
region.

The initial drilling program, designed to validate Amaroq's geological model
and to confirm mineralization at depth within the Nanoq target, comprised two
strategically positioned scout drill holes totalling 133.1 meters. The drill
core intersected three zones of high-grade gold within orogenic quartz veins
including significant coarse visible gold.

 

Highlights

·      133.1 meters of scout drilling completed at the Nanoq discovery
outcrop, originally identified by GEUS in 1996 and reassessed by Amaroq in
2021.

·      Multiple intersections of high-grade orogenic gold
mineralization, with coarse visible gold in quartz veins with thicknesses up
to 3m surrounded by mineralized alteration zones.

·      Initial results confirm the high-grade gold potential of the
Nanoq Project, located 120 km from Amaroq's Nalunaq Mine, within the
Nanortalik Gold Belt.

·      Highlights potential for an expanded 2025 drilling program to
further define Nanoq's potential and progress towards delineating a maiden
Mineral Resource.

·      The Company is exploring the feasibility of bulk sampling and
processing of the material from Nanoq at the Nalunaq facility.

 

Eldur Olafsson, CEO of Amaroq, commented:

"These results mark a significant milestone in our Greenland exploration
efforts, confirming Nanoq's exceptional gold potential and strengthening our
understanding of the Nanortalik Gold Belt. The visible gold intersected in
these first drill holes reflects the high-grade zones we see at Nalunaq,
highlighting the potential for multimillion-ounce discoveries in the region.

We are now looking to broaden our exploration initiatives as well as the
concept of future bulk sampling at Nanoq with processing at our Nalunaq
facility. This cost-effective approach would not only confirm Nanoq's
high-grade potential and economic viability but also position us to enhance
production and cash flow by leveraging and potentially expanding the
processing capacity of our existing infrastructure."

James Gilbertson, VP Exploration for Amaroq, commented:

"This inaugural drilling at Nanoq has validated our geological hypothesis and
provides compelling evidence of a robust gold-bearing system. We are
optimistic about Nanoq's potential and look forward to expanding our
exploration efforts to increase our understanding of this resource in 2025."

Nanoq Project Background

The Nanoq Project is in Southeast Greenland, along the Nanortalik Gold Belt,
which is known for its exceptional geological potential. Positioned 120 km
northeast of the Nalunaq Mine, the project benefits from a prime location
within a regional shear system favourable for gold mineralization. This folded
volcano-sedimentary environment, first identified by GEUS and Goldcorp in the
1990s, hosts outcropping gold and copper within a sheared quartz vein body,
which Amaroq rediscovered in 2021. Through geological surveys and airborne
geophysics, Amaroq has since identified promising indications of gold
mineralization.

 

Work conducted by Amaroq to Date

Amaroq's exploration at Nanoq has involved a phased approach:

1.   Initial Sampling and Mapping (2021): Surface sampling identified
high-grade gold in quartz veins, confirming complex structural features with
significant mineral potential.

2.   Airborne Geophysics (2022-2023): Collaborating with NRG and ALS
Goldspot, Amaroq conducted surveys identifying SW-NE structural corridors and
17 priority targets.

3.   First Drilling Campaign (2024): Two scout holes totalling 133.1 meters
intersected quartz veining with visible gold, validating prior surface
findings and highlighting new exploration targets.

4.   Structural Analysis: Analysing vein orientations and structural
complexity, enhancing understanding of the gold distribution and refining
exploration focus.

Collectively, Amaroq's exploration work at Nanoq has demonstrated promising
gold potential and set the stage for further drilling and exploration
initiatives aimed at defining future mineral resources.

 

Summary of 2024 Drilling

This year's successful campaign, aided by an on-site accommodation vessel and
a newly acquired drill rig, encompassed 133.1 meters across two holes, NAN2401
(51.1m) and NAN2402 (82m). The drilling targeted high-priority zones within a
SW-NE oriented shear zone, SZ1, with both quartz veining and coarse visible
gold confirmed. This drilling confirms that gold mineralisation is hosted both
in the quartz vein material and the surrounding alteration, with initial
targets of around 3m.

The outcropping northwestern limb of the mineralized shear system was also
sampled, bolstering the exploration data set for future campaigns.

Figure 1: Coarse visitable gold identified in Vein 1 within NAN2401

Table 1: 2024 Scout Drilling Coordinates

 Hole ID  X       Y        Z      Azimuth  Dip  Total Depth (m)
 NAN2401  597909  6774507  432.3  140      -45  51.1
 NAN2402  597909  6774507  432.3  130      -67  82

 

Table 2: Significant Intersection

 Hole ID   From (m)   To (m)  Interval (m)  True Thickness (m)#  Au (g/t)
 NAN2401   8          9.5     1.5           1.30                           18.10
           Including          0.5           0.43                           44.20
 NAN2401   33.7       36.9    3.2           3.01                           19.51
           Including          0.5           0.47                        123.00
 NAN2402*  12.55      14.75   2.2           1.10                              4.61
           Including          1.1           0.55                              7.23
 NAN2402*  21.3       24.32   3.02          1.51                              1.87

 

*provisional results; still under review - awaiting some re-assay results

# True thickness estimated to be 50-95% of apparent thickness

Assay results further provide evidence that the mineralisation is clean with
very low arsenic and other deleterious elements.

Future Plans

With these encouraging results, Amaroq is preparing for a comprehensive 2025
drilling program to further evaluate Nanoq's potential and work towards
delineating a Mineral Resource. The Company is also exploring the feasibility
of bulk sampling and processing at the Nalunaq facility in 2026/27, which
could offer additional insight into Nanoq's high-grade potential and economic
viability.

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.

 

Enquiries:

 

Amaroq Minerals Ltd.

Eldur Olafsson, Executive Director and CEO

eo@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

Kieron Hodgson

+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 Minerals' 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 past producing Nalunaq Gold mine which is due to go into
production towards the end of 2024. 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 Public 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.

 

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