REG - Amaroq Minerals Ltd - Updated Nalunaq Technical Report Filed on SEDAR

Amaroq MineralsAnnouncement

17/10/2022 15:00

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RNS Number : 1467D  Amaroq Minerals Ltd  17 October 2022

 

("Amaroq" or the "Corporation")

Updated Nalunaq NI-43-101 Technical Report Filed on SEDAR

 

TORONTO, ONTARIO - October 17, 2022 - Amaroq Minerals Ltd. (AIM, TSXV: AMRQ -
formerly AEX Gold), 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 that the updated National
Instrument 43-101 report pertaining to the Nalunaq project, has been filed on
the Company's SEDAR profile (www.sedar.com (http://www.sedar.com) ).

The Technical report details the updated Mineral Resource Estimate (MRE) for
its flagship Nalunaq Gold project, prepared by SRK Consulting (UK) Limited
(SRK). This update, termed MRE3, was announced on September 6, 2022 and is
reported in accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) Definition Standards on Mineral Resources and Mineral Reserves
(May 2014).

The updated MRE is summarised in Table 1 below.

Highlights

·    Total Inferred Mineral Resource of 355.0Kt @ 28.0g/t Au for 320Koz
gold, reported according to CIM Definition Standards by SRK.

·    This constitutes a 30% increase in contained gold compared to the
previous estimate reported in June 2020 and a 50% increase in average grade.

·    The Nalunaq project now sits within the top 2% in terms of global
reported gold resource grades.

·    Due to the high grade nature of the Nalunaq deposit, it is relatively
insensitive to cut-off grade and remains robust at a range of gold prices.

Table 1: Mineral Resource Statement for Nalunaq gold deposit, Greenland, as of
3(rd) September 2022

 Mineral Resource      Gross                                             Net attributable                                  Operator
                       Tonnes (t)  Grade (g/t Au)  Contained Metal (Oz)  Tonnes (t)  Grade (g/t Au)  Contained Metal (Oz)
 In-Mine Inferred      140,000     31.0            140,000               140,000     31.0            140,000               Amaroq Minerals
 Extension  Inferred   215,000     26.0            180,000               215,000     26.0            180,000               Amaroq Minerals
 TOTAL                 355,000     28.0            320,000               355,000     28.0            320,000               Amaroq Minerals

 

Mineral Resource Statement Notes

•     Mineral Resources are reported in accordance with the CIM
Definition Standards.

•     Mineral Resources have an effective date of 3 September 2022, and
have been depleted to reflect the current understanding of the mining
completed up to the date of production ceasing in 2013;

•     Mineral Resources are reported as in-situ and undiluted. The
Mineral Resources are reported above a cut-off grade of 5.0 g/t, generated
using a gold price of 1,800 USD/ozAu. Given these parameters, SRK considers
there to be reasonable prospects for eventual economic extraction, and as
such, fulfil the requirements for reporting a Mineral Resource;

•     The In-Mine Mineral Resource is accessible from existing
underground development while the Extension Mineral Resource requires
development to be put in place for it to be accessed;

•     Mineral Resources are not Ore Reserves and have not demonstrated
economic viability, nor have any mining modifying factors been applied;

•     The Competent Person for the declaration of Mineral Resources is
Dr Lucy Roberts, MAusIMM(CP), of SRK Consulting. The Mineral Resource
estimates and accompanying Statements were produced and reviewed by a team of
consultants from SRK.

•     SRK notes that a site visit to Nalunaq was conducted by the QP in
September 2021;

•     Tonnages are reported in metric units, with metal grades in
grammes per tonne (g/t). Tonnages and grades are rounded. Rounding, as
required by reporting guidelines, may result in apparent summation differences
between tonnes, grade and contained metal content. Where these occur, SRK does
not consider these to be material.

 

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.

Use of a Standard

The resource information included within this announcement is reported in
accordance with the Canadian Institute of Mining, Metallurgy and Petroleum
(CIM) Definition Standards on Mineral Resources and Mineral Reserves (May
2014) as required by CIM Definition Standards.

 

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

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.

 

Glossary

 Au        gold
 g         grams
 g/t       grams per tonne
 km        kilometers
 Koz       thousand ounces
 m         meters
 MRE2      Mineral Resource Estimate 2020
 MRE3      Mineral Resource Estimate 2022
 oz        ounces
 t         tonnes
 t/m(3)    tonne per cubic meter
 USD/ozAu  US Dollar per ounce of gold

 

 

Inside Information

This announcement does not contain inside information.

 

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