Amaroq Minerals completes Greenland exploration program

Amaroq Minerals Ltd. [TSXV: AMRQ; NASDAQ Iceland: AMRQ] has successfully completed its 2024 exploration programs across its portfolio in southern Greenland.

James Gilbertson, vice-president, exploration, commented: “We are incredibly excited by the progress we’ve made across our portfolio this year. Completing over 8,600 metres of core drilling, alongside key advancements across both our gold and strategic mineral projects, is a testament to the dedication of our geological teams and potential of our assets.

“The continued exploration of the 75 vein and Target Block Extension zone at Nalunaq, a successful first drilling campaign at Nanoq, and surface sampling at the Eagle’s Nest satellite target represent major steps forward for our gold portfolio. This work will help us to both expand our Nalunaq resource and unlock the high-grade potential of Nanoq.

“On the strategic minerals front, our efforts at Stendalen and the first drilling at the historic Josva copper mine have laid a strong foundation for further copper and nickel exploration. Perhaps most exciting is our growing understanding of the scale and mineralization diversity within the 120-km-long South Greenland copper belt. The belt spans from deep copper skarn systems to epithermal system, and we are only beginning to scratch the surface of its true potential. These discoveries highlight the opportunities ahead as we continue to unlock the full value of our portfolio in Greenland.”

Highlights: Successfully completed exploration across nine licences, with 8,601 metres of core drilling across five key targets focused on gold, copper and nickel; this included first-time drilling at the exciting Nanoq gold project and Josva copper project.

Gold exploration – 100% ownership: Completed 2,895 metres of resource drilling in 11 holes targeting the promising Nalunaq Target Block Extension zone.

Reassessed and resampled historical drill holes across the new 75 vein and other prospective hangingwall veins. Collected new surface samples from the Main vein and the newly discovered 75 vein at Target Block Extension.;

Completed exploration work has laid the foundation for a planned underground drill definition program and an updated mineral resource estimate. Conducted first surface sampling at Eagle’s Nest, 30 km north of Nalunaq. Completed first scout drilling (130 metres across two holes) at the high-grade Nanoq gold project.

Strategic minerals – 51% ownership through Gardaq joint venture: Completed a significant 4,773 metres of remote exploration drilling at the Stendalen copper-nickel project, enhancing the company’s geological understanding. Conducted new scout drilling (501 metres in two holes) at the epithermal copper/gold mineralization at Target North;

Completed initial drilling (212 metres across two holes) at the high-grade copper mineralization at the historic Josva mine.

Detailed geological prospecting undertaken across the South Greenland copper belt to identify new exploration and drill targets spanning copper skarn, porphyry and epithermal systems.

Overview of 2024 exploration season: In 2024, Amaroq set ambitious goals focused on the commissioning and development of the new Mineral Resource at its cornerstone Nalunaq asset. Additionally, the company aimed to deepen its geological and mineralization understanding at the Stendalen copper/nickel discovery and the emerging South Greenland copper belt. Thanks to the success of the company’s geological teams and strong logistical planning, these programs were completed ahead of schedule. This enabled Amaroq to expand its exploration efforts, including additional drilling at Target North, Josva and Nanoq.

At Nalunaq, Amaroq completed a robust 2,895-metre resource drilling program targeting the extension of both the Main vein and the newly discovered 75 vein, west of the last mined stopes within the Target block. This 11-hole program was supported by surface chip and channel sampling from the outcrops of the Main and 75 veins, using the same expert mountaineering team deployed in previous explorations across the Mountain block.

The results from this work will provide essential data for Amaroq’s coming underground definition drilling, scheduled for Q4 2024, positioning the company for further resource development at Nalunaq as the company prepares for a mineral resource estimate update.

In addition to the successful work at Nalunaq, Amaroq expanded its exploration efforts to the satellite Eagle’s Nest target, located 30 km north within the Nanortalik gold belt. Previous sampling at Eagle’s Nest returned grades as high as 34 g/t gold. The team is excited about the potential for Eagle’s Nest to evolve into a high-grade orebody, which, given its proximity to the Nalunaq processing plant currently under construction, could represent a significant logistical advantage.

Amaroq also made significant progress at the Nanoq gold project on the eastern side of the Nanortalik gold belt, where the company completed its first drilling program. These results will be invaluable in assessing the potential of this high-grade orogenic gold system, which has previously shown grades up to 175 /t gold over 0.8 metre in channel samples and significant copper mineralization.

In the company’s strategic mineral portfolio, the majority of efforts were dedicated to the Stendalen copper-nickel project, located 65 km northeast of Nalunaq. Amaroq established a remote 40-person exploration camp to support a three-rig drilling program aimed at testing several strong geophysical anomalies identified from recent airborne and surface surveys. These anomalies indicate potential magmatic sulphide bodies at depth.

The program was further enhanced by a downhole electromagnetic survey completed in October, and assay results are expected shortly. These results, along with input from international experts, will play a crucial role in shaping the geological model for continued exploration in 2025.

Beyond Stendalen, Amaroq carried out extensive geological reconnaissance and drilling across the 120-kilometre-long South Greenland copper belt, which spans four exploration licences and one pending application. Initial findings have already highlighted key copper and copper/gold targets, with geochemical results expected soon.

This drilling program has reinforced the company’s understanding of its substantial land package, which covers a diverse range of mineralization systems. These include deep copper skarn systems, classic copper/molybdenum porphyry systems and higher-level epithermal systems, all preserved at different stratigraphic levels. As the company progresses from Josva in the west through Sava and ultimately to the new epithermal targets within the Johan Dahl Land licence application, the geological complexity and potential of this region become increasingly evident.

These opportunities have been highlighted following the company’s extensive geological research, including mineral system modelling and geological reconstructions. It is Amaroq’s belief that these mineral systems have been overlooked due to their geological age and lack of modern exploration in the region.

During the copper exploration program, guided by independent expert Steve Garwin, Amaroq conducted a short scout drilling program at the Target North intermediate-sulphidation epithermal system, with core samples currently undergoing assay testing.

Lastly, capitalizing on the momentum from earlier successes, Amaroq initiated the first core drilling at the historic Josva copper mine, which operated between 1905 and 1914. This initial drilling aimed to confirm the downdip and along-strike continuity of the high-grade copper skarn system. This program is expected to provide key insights into the future potential of Josva.

Amaroq Minerals’ principal business objectives are the identification, acquisition, exploration and development of gold and strategic metal properties in southern Greenland. The company’s principal asset is a 100% interest in the past-producing Nalunaq gold mine, which is due to go into production toward 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.