REG - Amaroq Minerals Ltd - SAVA LICENCE EXPLORATION RESULTS

Amaroq MineralsAnnouncement

23/11/2022 07:00

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RNS Number : 2809H  Amaroq Minerals Ltd  23 November 2022

("Amaroq" or the "Corporation")

 

Sava Licence Exploration Results

 

Discovery of Copper, Molybdenum and Gold in 2022 exploration programme at the
Sava Licence

 

TORONTO, ONTARIO - November 23, 2022 - 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, is pleased to provide details of its
2022 Sava project exploration results.

Highlights

·     Surface exploration was conducted across three target areas within
the Sava licence, including the drilling of two scout drillholes, to inform
target generation and provide further geological information on the area

·     Results suggest a potentially large iron oxide, copper gold (IOCG)
mineral system, in line with the Company's initial 2021 assessment of the
area, and produced high-quality samples with copper, gold, silver and
molybdenum mineralisation

·     One of the scout drillholes intersected 21 meters of elevated copper
grades at surface, in addition to evidence of IOCG style mineralisation

·     Samples also demonstrated elevated levels of Molybdenum (Mo), a
valuable element used in metal alloys, as well as Copper (Cu), Silver (Ag),
Lead (Pb), Iron (Fe) and Light Rare Earth Elements (LREE)

·     Up to 7.86% Molybdenum recorded in surface sampling, more than twice
the grade of the highest grade molybdenum mine globally

·     Mineralised breccia zone, typical for IOCG deposits, identified over
a kilometre with grades of up to 0.46% Cu, 4.35g/t Au and 40.9g/t Ag

·    Exploration results from Amaroq´s new Kobberminebugt licence,
expected in the next few weeks, and more analyses to evidence the scale of
this new emerging copper/IOCG belt in south Greenland

 

Eldur Olafsson, CEO of Amaroq, commented:

'I am delighted to announce to the market today that our 2022 exploration
programme at Sava, which was only designed as early stage reconnaissance, has
identified copper, gold, silver and molybdenum IOCG style mineralisation
across three sites. These results confirm that Amaroq holds a significant
licence area covering a large scale, highly prospective strategic metals belt.

"The potential for Greenland to supply strategic energy transition minerals is
highly significant for Western Governments and companies to reach their
decarbonisation targets and secure supply. These results will cast no doubt on
the opportunity and the recently announced JV deal with GCAM gives us the
financial resources needed to conduct a thorough exploration programme going
forward with the aim of making large scale discoveries across our strategic
mineral portfolio.'

References to our 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 licence, 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 host an estimated 1.5% of
global Rare Earths Element resources.

 

Initial assessment of the Sava licence in 2021 suggested the potential for
IOCG mineralisation.  Since acquisition, 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 rare earth element (REE)
deposits.

 

The mineral system modelling supports the Company's belief that the Sava
licence 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.

 

Amaroq has conducted surface exploration across three targets in 2022 (Target
North, Target South and Target West) and two shallow scout drillholes into the
two more developed target areas (Target West and Target South). The aim of
this programme was to gather further geological data to inform target
generation and the identification of geological style rather than target
specific mineralisation.

 

Figure 1. Licence map illustrating the location of the 2022 field activities

 

At Target West, a 166.43m diamond drillhole (SAVA2201) was completed into the
centre of an IOCG anomaly with significant surface copper staining and
evidence of hydrothermal activity. Drilling intersected anomalous copper in
the first 21 meters with grades of up to 0.3% Cu in a potassic and sodic
altered quartz monzonite. Below this, significant magnetite alteration and
molybdenum mineralisation was noted. Both of these styles are indicative of an
IOCG related system.

 

Drilling at Target South (SAVA2202) intersected 152.43m of strongly altered
magnetite rich granitoids containing a Magnetite-Actinolite-Apatite layer
enriched in LREEs which was also identified in SAVA2201.

 

2022 Scout Drilling Locations

 Hole ID   Easting  Northing  Elevation (m)  Total Depth (m)  Dip  Azimuth
 SAVA2201  432389   6773348   496            166.43           90   0
 SAVA2202  434659   6768828   62             152.43           90   0

 

Anomalous Intersections from 2022 Scout Drilling Results

 Hole ID    From   To     Interval (m)  Cu ppm                Mo ppm
 SAVA2201   0      21.25  21.25                 1,194                  12.4
 Including  15.15  21.25  6.1                   2,134                     19
 SAVA2201   94     95     1             121                   936

 

In addition to the scout drilling, surface mapping around Target West
discovered hydrothermal alterations including substantial vein hosted
molybdenite with grades of up to 7.86% Mo (over twice the grade of the highest
grade molybdenum mine globally). This mineralisation has been age dated,
placing it at the end of the Ketilidian Orogeny, an important geological time
period for IOCG mineralisation.

 

Surface exploration aimed at expanding Target North, discovered a mineralised
quartz breccia zone striking ~1km along an ENE structure and returned grades
of up to 0.46% Cu, 4.35g/t Au and 40.9g/t Ag.

 

Both scout drillholes and surface exploration have identified prospective
geology and are indicative of a wider IOCG mineral system which will support
future target generation across the licence area.

 

Amaroq additionally contracted a spectral remote sensing study of the area
north and east of Sava in 2022, which was conducted by SRK Exploration
Services. This resulted in the identification of a further 33 IOCG and
porphyry target areas across the expanding mineral belt. Amaroq intends to
follow up on this during its 2023 season and build upon the successful
exploration approach now developed.

 

 

 

 

Figure 5. IOCG prospectivity, measured from geochemical analysis of surface
samples, across the Sava licence resulting from the 2021 and 2022 exploration
campaigns

 

 

 

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

Charlie Stephenson

+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 Mineral Resource Estimate was prepared by Dr Lucy Roberts, MAusIMM(CP),
Principal Consultant (Resource Geology), SRK Consulting (UK) Limited., an
independent Qualified Person in accordance with the requirements of National
Instrument 43-101 ("NI 43-101"). Dr Roberts has approved the disclosure
herein.

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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