REG - Amaroq Minerals Ltd - Kobberminebugt Licence Exploration Results

Amaroq MineralsAnnouncement

24/01/2023 07:00

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RNS Number : 6173N  Amaroq Minerals Ltd  24 January 2023

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

 

Kobberminebugt Licence Exploration Results

 

Copper mineralisation confirmed across licence with up to 11.6% copper
returned, highlighting potential of Greenland's emerging copper belt

 

TORONTO, ONTARIO - January 24, 2023 - 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 South Greenland, provides details of its 2022
Kobberminebugt project exploration programme.

Highlights

·    Surface and underground surveys completed over the historic Josva
copper mine have built an understanding of mineralisation style, extent and
controlling geology

·    Copper mineralisation confirmed as skarn related, with potential for
significant tonnages at depth or along strike. This opens up the potential for
numerous similar bodies across more that 40km of granite contact zone, which
will be further explored during 2023

·    Remaining mineralisation at Josva sampled with channel samples, which
recorded up to 4.2% Cu over 2.5m including 11.6% Cu over 50cm

·    Mineralisation relates to the same geological events sampled at the
Company's Sava project highlighting the significant scale of this emerging
copper belt over at least a 120km strike length

 

Eldur Olafsson, CEO of Amaroq, commented:

"The Company continues to further its strategic metals projects, building upon
the mineral potential of South Greenland. These results indicate significant
copper mineralisation to the western end of the emerging mineral belt which
Amaroq is exploring. Kobberminebugt's high grade nature is unsurprising given
the historic small-scale mining in the area, and our team is now working
closely to identify extensions and additional mineralised bodies to build a
large exploration target through our future field programme. I look forward to
presenting further positive results on this in the near future."

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

 

 

Amaroq Exploration Programme

 

Amaroq acquired the licence covering these occurrences in the summer of 2021,
following the conclusion of its mineral system modelling of South Greenland.
The exploration conducted across the licence in 2022 consisted of early-stage
geological reconnaissance of the metavolcanic/granite contact zones at Josva
and up to 40km along strike of the Kobberminebugt shear zone. This work
included detailed drone surveying of the outcropping mineralisation at Josva
at surface and within the historic adit system. The aim of this programme was
to confirm the presence and style of the mineralisation, assess its potential
to host a mineral resource through extensions of the historical mine and in
multiple bodies along strike and review the most suitable way to generate
targets across this licence block in 2023.

 

Figure 1. Extract of drone survey conducted across the Josva mine
mineralisation zone

 

The Company's field work indicated massive copper sulphide bearing (bornite,
chalcopyrite, chalcocite) mineralisation hosted in a sheared vein system that
parallels the Kobberminebugt shear. These veins are hosted within a roughly
25m wide diopside-hornblende skarn exhibiting a strong cleavage and hosting
lower grade copper mineralisation. This zone is in direct contact with
hydrothermally altered Ketilidian granites.

 

Samples of these vein systems returned up to 4.2% Cu over 2.5m including 11.6%
Cu over 50cm. Minor gold and silver grades were also reported.

 

Figure 2. Skarn hosted massive sulphide mineralisation observed at Josva -
11.6% Cu over 50cm

 

The Amaroq geology team is now confident in the skarn origin to this
mineralisation at Kobberminebugt which opens up the potential for multiple
mineralised skarns along the granite contact zone which extends ~40km to the
northeast and in a further ~35km contact zone in the north of the licence.
This highlights the copper potential of this area of the South Greenland
copper belt. Further, from assessing the attitude of the surface
mineralisation at Josva, the team believes there is potential that this narrow
mineralisation style could open up at depth or along strike, indicating mine
scale tonnages.

 

It is hypothesised these skarns formed late in the orogenic sequence that saw
the subduction of material below the Archean craton to the North. These
regions along the final suture zone are considered particularly prospective
for Iron Oxide, Copper, Gold (IOCG) mineralisation and related hydrothermal
and magmatic mineralisation styles.

 

2023 Exploration Programme

 

Amaroq intends to follow this exploration with a detailed assessment in 2023
of the skarn geometry and minerology, and plans to generate targets at depth
at Josva and along strike of the skarn contact zones and Kobberminebugt shear
system through commissioning a detailed airborne geophysical programme
utilising a similar system to that successfully employed across the Company's
other Greenland assets.

 

Geological Background

The Kobberminebugt licence covers a coastal area in South-Western Greenland,
25km southwest of Arsuk. The terrain is flat undulating and affords excellent
exposure of interbedded metavolcanics, metasedimentary and pyroclastic rocks
of the Ilordleq Group exposed along the extent of the Kobberminebugt shear
zone, a regionally significant feature. These rocks have been mineralised
during the intrusion of a large granite system (the Julianehåb complex) that
are late Paleoproterozoic (Ketilidian) in age, and therefore temporally
related to the mineralisation observed and reported on within the Company's
Sava and North Sava projects over 120km to the East. As with Sava, this area
is also spatially related, and possible further mineralised by, Gardar
intrusions such as those that host the Kvanefjeld and Tanbreez rare earth
development projects; it is however important to note that no elevated uranium
has thus far been recorded. As such Amaroq considers that the Kobberminebugt
licence forms the western extent of an emerging copper district located along
the Gardar - Voisey's Bay Fault Zone that straddles Eastern Canada and South
Greenland.

 

Licence History

 

Narrow vein hosted high grade copper mineralisation was exploited at the Josva
mine, which was operated by Grønlands Minedrift Aktieselskab between
1853-1855 and 1905-1914. It is estimated that ~91 metric tons of copper as
well as small amounts of gold (16oz) and silver (1,600oz) were extracted from
2200 tons of ore that was smelted on the site.

 

Figure 3. Historical image of the past producing Josva copper mine, circa 1906

 

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.

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