🇮🇸 High-grade extension of Target Block confirmed at Nalunaq

448

Logo Description automatically generated

(“Amaroq,” “Company” or the “Corporation”)

***New underground samples beyond the historically mined areas of Target Block, Nalunaq’s largest historic mining block, confirms continuation of high grade mineralisation into modelled extension area with grades of up to 48.3g/t Au over 1m***

***Additional intersections of the newly discovered 75 Vein provide further confidence in its thickness and continuity***

 

TORONTO, ONTARIO – January 29, 2024 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development corporation with a substantial land package of gold and strategic mineral assets across in Southern Greenland, is pleased to provide additional exploration results from within the Nalunaq mine following its 2023 exploration programme.

James Gilbertson, VP Exploration, Amaroq commented:

“A thorough underground exploration programme, guided by our Dolerite Dyke Model, has once again enabled our team to identify further resource and mining potential at Nalunaq. These channel results highlight the continuity of the high grade at the Target Block beyond the last historic stopes. This significantly de-risks a designed underground rehabilitation and exploration programme aimed at advancing additional development faces, which should help the Company to progress towards its target production rate of 300tpd and increase the overall contained resource.

“In addition, further sample results now confirm the significant extent of the newly discovered 75 Vein, now with a total extension similar to that of the Main Vein. This body is now known to extend above all mining blocks with grades of up to 256g/t Au over 0.5m above the Mountain block, 22.59g/t Au over 0.59m above the Target Block, 175g/t Au over 0.51m above the South Block and 15.5g/t Au over 1.45m above the Valley Block. These results enable us to robustly model this second vein and, following further drilling results, we hope to be in a position to define a Mineral Resource for this vein in the near future.”

     

    Overview

    ·    Results received from underground channel sampling across three levels within the Target Block, historically the highest grade region of the mine.

    ·    Sampling was aimed at corroborating previously unreported historical channel samples that suggested the continuation of the Target Block into extension areas.

    ·    Results confirm high grade nature of the Target Block extending into previously unmined areas with grades of up to 48.3g/t Au over 1m.

    ·    Following these results, Amaroq intends to commence underground drilling aimed at developing a second mining face at Nalunaq with a potential strike extension of up to 775m.

    ·    Additional samples further confirm the continuity of the newly discovered 75 Vein, with grades of up to 256g/t Au over 0.5m reported in the 2023 Nalunaq drilling campaign.

    ·    Amaroq intends to further expand the sampling of core from historical drillholes in 2024 to aid the geological modelling of the 75 Vein.

     

    Underground Exploration

    During an underground exploration programme guided by Amaroq’s Dolerite Dyke Model at Nalunaq during 2023, the Amaroq team recognised that the Main Vein appeared to extend beyond the last stope within the western areas of the Target Block. This area was formerly the highest grade region of the Nalunaq mine. This strongly suggested that the mineralisation previously mined within this block extended well beyond the last stopes and into virgin ground. The potential extension from these last stope to the Main Vein outcrop to the west is around 775m.

    Historic development and sampling in these areas appears not to have fully appreciated this potential, with historic underground exploration concentrating in areas now considered unprospective using the Dolerite Dyke Model. This discovery triggered a new robust underground channel sampling programme across all currently accessible levels within the western Target Block.

    A map of a large area Description automatically generated with medium confidence

    Figure 1. Plan view illustrating the 2023 Underground exploration locations and Target Block potential

    Sampling proceeded with the use of a twin blade diamond channel cutter with samples taken as full Main Vein widths on the side walls alongside historical chip channel samples. Samples were fully documented and submitted to ALS Geochemistry for sample preparation on site and chemical assaying in Ireland.

    Figure 2. Underground channelling within the western reaches of the Target Block

     

    The results from this channel sampling programme corroborate the inefficient historical chip channel samples and confirm that the Main Vein beyond the last stope is high grade mineralised with new assays of up to 48.3g/t Au over 1m. This knowledge, coupled with the visual mapping of strong and continuous Main Vein material at the ends of these historic drifts, lends significant weight to the assumption that further commercial mining can proceed along strike. Amaroq will now complete the design of a rehabilitation and underground drilling and sampling programme targeting this area. The aim of this programme would be to provide sufficient confidence to allow for the mine design and scheduling in the Target Block extension as the second development face at Nalunaq.

    Underground Channel Sample Results

    Channel ID

    Easting

    Northing

    Elevation

    Total Depth (m)

    Dip

    Azimuth

    57320

    508215

    6691101

    584

    0.5

    90

    315

    57322

    508218

    6691102

    584

    0.5

    90

    315

    57324

    508221

    6691103

    583

    0.5

    90

    315

    57326

    508223

    6691105

    583

    0.5

    90

    315

    57328

    508226

    6691107

    583

    0.5

    90

    315

    57330

    508231

    6691109

    583

    0.5

    90

    315

    57332

    508239

    6691112

    582

    1

    90

    315

    57334

    508276

    6691091

    564

    0.5

    90

    315

    57336

    508278

    6691092

    563

    0.7

    90

    315

    57338

    508349

    6691074

    538

    0.8

    90

    315

    57340

    508354

    6691077

    538

    0.9

    90

    315

     

     

    Channel ID

    From

    To

    Interval (m)

    True Thickness (m)

    Au (g/t)

    57320

    0

    0.5

    0.5

    0.44

    0.1

    57322

    0

    0.5

    0.5

    0.44

    0.23

    57324

    0

    0.5

    0.5

    0.44

    0.31

    57326

    0

    0.5

    0.5

    0.44

    0.34

    57328

    0

    0.5

    0.5

    0.44

    0.57

    57330

    0

    0.5

    0.5

    0.44

    13.3

    57332

    0

    1

    1

    0.88

    48.3

    57334

    0

    0.5

    0.5

    0.47

    14.8

    57336

    0

    0.7

    0.7

    0.65

    4.21

    57338

    0

    0.8

    0.8

    0.75

    0.09

    57340

    0

    0.9

    0.9

    0.85

    0.15

     

    Additional 75 Vein Sampling

    Following the discovery of the new mineralised vein, 75 meter stratigraphically above the Main Vein from the 2023 drilling (the 75 Vein, reported October 11, 2023), the Amaroq team reassessed the remaining core from this programme as well as a number of historical drillholes that potentially had intersected the 75 Vein, but not been fully recognised. The results of this now conclude that five of the six 2024 drillholes intersected this body and that now a total of 46 75 Vein intersects have been recognised. In addition to this a further ~100 intersections require review and sampling, this will be conducted during 2024.

    A diagram of a mountain Description automatically generated

    Figure 3. Schematic cross section illustrating the location of the 2023 drilling and the 75 Vein

    The 75 Vein is now the most continuous mineralised body at Nalunaq after the Main Vein, with a similar overall strike extent. Amaroq’s intention is to continue the re-logging and identification of additional 75 Vein intersects during 2024, facilitating the robust modelling of this vein, which will in turn allow for Mineral Resource estimation in areas that contain sufficient drill density.

    The 75 Vein now also constitutes a potential mine development area towards developing additional mine faces allowing the Company to build towards its target production rate of 300tpd.

    A map of a mountain range Description automatically generated

    Figure 4. Map illustrating the extent of confirmed 75 Vein intersections

    Selected Drill Locations for 75 Vein Intersections

    Hole ID

    Easting

    Northing

    Elevation

    Total Depth (m)

    Avg. Dip

    Avg. Azimuth

    Year

    NAL2301

    508011

    6691453

    1114

    321.93

    85

    302

    2023

    NAL2302

    508010

    6691453

    1114

    249.98

    62

    322

    2023

    NAL2303

    508010

    6691455

    1116

    286.48

    65

    20

    2023

    NAL2304

    508083

    6691351

    1033

    275.05

    66

    354

    2023

    NAL2305

    508083

    6691352

    1033

    274.41

    47

    356

    2023

    NAL2306

    508083

    6691351

    1033

    323.58

    35

    7

    2023

    AEX2218

    508974

    6690835

    360

    181.60

    50

    311

    2022

    AEX2219

    508877

    6690714

    378

    242.36

    67

    245

    2022

    AEX2220

    508877

    6690714

    378

    203.12

    71

    270

    2022

    AEX2226

    508879

    6690713

    378

    212.25

    65

    307

    2022

    AEX2228

    508880

    6690714

    378

    209.62

    80

    302

    2022

    AEX2230

    508881

    6690714

    378

    212.05

    57

    322

    2022

    AEX2235

    508753

    6690787

    454

    242.46

    55

    223

    2022

    AEX2236

    508928

    6690769

    370

    196.84

    48

    298

    2022

    AEX2238

    508928

    6690769

    370

    184.56

    61

    308

    2022

    AEX2242

    508978

    6690836

    360

    178.97

    58

    284

    2022

    AEX2244

    508978

    6690836

    360

    176.20

    71

    310

    2022

    AEX21005

    509111

    6690874

    306

    164.70

    55

    326

    2021

    AEX21009

    509037

    6690911

    342

    161.63

    79

    315

    2021

    AEX21032

    508950

    6690488

    318

    240.96

    55

    316

    2021

    AEX21092

    509386

    6690918

    233

    206.33

    66

    315

    2021

    AEX21099

    509244

    6690515

    231

    404.50

    86

    269

    2021

    AEX2005

    509127

    6690868

    306

    148.50

    80

    315

    2020

    AEX2007

    509133

    6690904

    304

    213.00

    68

    318

    2020

    AEX2008

    509127

    6690868

    306

    175.30

    62

    325

    2020

    AEX1906

    509444

    6691087

    234

    215.61

    64

    309

    2019

    AEX1702

    508750

    6690313

    226

    137.90

    60

    316

    2017

    AEX1703

    508063

    6690782

    665

    139.80

    90

    315

    2017

    AEX1704

    508063

    6690782

    665

    132.80

    60

    315

    2017

    NQ158

    508085

    6691344

    1029

    371.00

    68

    29

    2006

    NQ159

    508547

    6690849

    577

    260.00

    60

    317

    2006

    NQ161

    508085

    6691343

    1029

    378.75

    84

    6

    2006

    NQ163

    508546

    6690849

    577

    240.00

    46

    320

    2006

    NQ164

    508180

    6691202

    936

    320.50

    66

    5

    2006

    NQ113

    509150

    6690850

    290

    280.00

    78

    310

    2005

    NQ127

    509284

    6690873

    245

    246.50

    65

    310

    2005

    NQ90

    508295

    6691091

    829

    299.70

    45

    315

    2004

    NQ96

    508343

    6691073

    791

    242.90

    48

    290

    2004

    NQ-79

    508810

    6690890

    445

    198.00

    46

    305

    2001

    NQ-80

    508756

    6690807

    457

    251.70

    85

    260

    2001

    NQ-84

    508969

    6690837

    364

    251.70

    85

    305

    2001

    NQ-86

    508598

    6690954

    580

    251.70

    86

    315

    2001

    NQ-64

    508998

    6691030

    372

    161.00

    85

    297

    1999

    NQ-37

    509064

    6690799

    324

    302.00

    63

    330

    1998

    NQ-41

    508976

    6690942

    372

    248.00

    43

    330

    1998

    NQ-42

    508976

    6690941

    372

    170.00

    80

    330

    1998

    NQ-45

    508651

    6691215

    581

    149.00

    84

    315

    1998

    Projection WGS 84 UTM zone 23N

     

    Sampled 75 Vein Intersections

    Hole ID

    From

    To

    Interval (m)*

    Au (g/t)

    Vein

    NAL2301

    137.45

    138.95

    1.5

    0.03

    75

    NAL2302

    75 vein not identified (pinched out)

    NAL2303

    147.1

    147.6

    0.5

    0.51

    75

    NAL2304

    137.33

    137.87

    0.54

    0.32

    75

    NAL2305

    128.4

    128.9

    0.5

    256

    75

    NAL2306

    152.5

    154

    1.5

    0.28

    75

    AEX2218

    72

    72.5

    0.5

    0.1

    75

    AEX2219

    96.1

    97

    0.9

    0.08

    75

    AEX2220

    87

    88.5

    1.5

    0.07

    75

    AEX2226

    84.75

    85.25

    0.5

    0.06

    75

    AEX2228

    91

    91.5

    0.5

    0.22

    75

    AEX2230

    85.3

    86

    0.7

    0.17

    75

    AEX2235

    122.37

    122.87

    0.5

    0.14

    75

    AEX2236

    83.85

    84.35

    0.5

    3.85

    75

    AEX2238

    79.26

    79.8

    0.54

    0.09

    75

    AEX2242

    76.56

    77.07

    0.51

    0.12

    75

    AEX2244

    62.82

    63.32

    0.5

    0.11

    75

    AEX21005

    50.26

    51.71

    1.45

    15.5

    75

    AEX21009

    50.65

    51.59

    0.94

    0.1

    75

    AEX21032

    134.4

    135.9

    1.5

    0.09

    75

    AEX21092

    50.54

    51.04

    0.5

    0.13

    75

    AEX21099

    184.58

    186.08

    1.5

    0.13

    75

    AEX2005

    60.45

    61.95

    1.5

    1.11

    75

    AEX2007

    54.6

    55.35

    0.75

    6.02

    75

    AEX2008

    58.8

    60.3

    1.5

    0.122

    75

    AEX1906

    24.9

    25.4

    0.5

    5.48

    75

    AEX1702

    49

    50

    1

    0.08

    75

    AEX1703

    53.5

    54.5

    1

    0.17

    75

    AEX1704

    48.78

    49.8

    1.02

    0.29

    75

    NQ158

    154.88

    155.38

    0.5

    0.11

    75

    NQ159

    101.95

    103.05

    1.1

    0.1

    75

    NQ161

    143.25

    143.99

    0.74

    0.2

    75

    NQ163

    106.44

    106.95

    0.51

    175

    75

    NQ164

    179.21

    179.95

    0.74

    0.49

    75

    NQ113

    55.05

    55.52

    0.47

    0.15

    75

    NQ127

    46.6

    46.84

    0.24

    0.08

    75

    NQ90

    164.04

    164.57

    0.53

    0.09

    75

    NQ96

    153.82

    154.36

    0.54

    22.59

    75

    NQ-79

    48.95

    49.5

    0.55

    0.11

    75

    NQ-80

    87.15

    88.5

    1.35

    0.57

    75

    NQ-84

    75.35

    76

    0.65

    0.22

    75

    NQ-86

    85.1

    86.25

    1.15

    0.24

    75

    NQ-64

    32.98

    33.93

    0.95

    0.38

    75

    NQ-37

    73

    74.25

    1.25

    0.07

    75

    NQ-41

    39.55

    40.3

    0.75

    0.19

    75

    NQ-42

    53.46

    54.48

    1.02

    0.19

    75

    NQ-45

    8.82

    9.86

    1.04

    0.07

    75

    *True length estimated at 70-100% of interval length

     

    Background – The Nalunaq Orebody

    The Main Vein at Nalunaq is a laterally extensive shallowly dipping gold-bearing quartz vein with an average thickness of 70 cm in thickness. The vein hosts variable high gold grades of up to 5,240 g/t, with the mineralisation separated into high grade zones of up to 5,240 g/t and low-grade zones, both of which are controlled by the intersection of structures which Amaroq has defined in its Dolerite Dyke geological model.

    This vein was mined between 2004 and 2013 and produced c.360,000 ounces of gold1. Amaroq is exploring for an Exploration Target of up to 2.0 Moz gold across the Main Vein and veins in the footwall and hanging wall as announced on September 16, 20202. Following a Mineral Resource Estimate update published on September 6th, 2022, the project hosts a CIM compliant Inferred Mineral Resource of 355.0 kt @ 28.0 g/t Au, with 320 koz gold3.

    The mine area is separated into five coherent zones termed the Mountain, Target, South, Valley and Welcome Blocks that constitute the highest grade areas of the Main Vein. Three of these blocks have experienced some historical mining, with the Company concentrating its efforts in expanding resources up and down dip of these areas as well as developing previously unrecognised Blocks.

    The 2022 exploration programme involved further core drilling, underground assessments, surface channel sampling and drone photogrammetry concentrated on the Valley and Mountain Blocks.

    (1 NI 43-101 Report dated June 2020; 2 See press release dated September 16, 2020; 3 See press release dated September 6, 2022)

    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. The average sample mass was 2.08 kg.

    All Mineral Resource Estimates presented in this press release have been estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Mineral Reserves, National Instrument 43-101.

     

    Enquiries:

    Amaroq Minerals Ltd.

    Eldur Olafsson, Executive Director and CEO

    **@am************.com

     

    Eddie Wyvill, Corporate Development

    +44 (0)7713 126727

    **@am************.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)

    Hugh Rich

    Dougie Mcleod

    +44 (0) 20 7886 2500

     

    Camarco (Financial PR)

    Billy Clegg

    Elfie Kent

    Charlie Dingwall

    +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 Greenland. The Corporation’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 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 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 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.

    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

     

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    Originally published on 29 January by Amaroq Minerals.

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