Amaroq Minerals makes new nickel-copper discovery at Stendalen, Greenland

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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, announced a significant new nickel-copper discovery at its Stendalen Project.

Overview: Over 140 metres of disseminated magmatic sulphides containing nickel, copper and cobalt intersected in the first scout drill hole at Stendalen. Sulphides so far intersected are lower grade and disseminated in style and Amaroq will use these results to target the more concentrated massive sulphides expected to be within the deposit.

Geophysical results provide evidence of the location of the feeder zone to the deposit and will be the focus for the 2024 drilling program. The critical aspects of these results, such as sulphide tenors, textures, scale and mineralogy, are considered similar to globally important nickel-copper deposits.

This mineral discovery further illustrates the opportunities across South Greenland. The company believes these results justify further exploration and plans a significant upscale in activities with at least three drill rigs and a dedicated ground geophysical team planned for 2024.

Eldur Olafsson, CEO, commented: “A new mineral discovery such as that seen at Stendalen is the culmination of many years of hard work by the Amaroq geological team, and is testament to our belief that South Greenland holds exceptional opportunities to host world class deposits. The discovery of strategic metals such as copper and nickel, critical for the energy transition, in a region with such a strong geopolitical position, cannot be overstated. These initial results give us the confidence to deploy a larger proportion of the Company’s Gardaq JV fully funded 3 year exploration programme to this project during 2024 and beyond.”

James Gilbertson, VP Exploration, commented: “Our geological team made a number of breakthrough predictions following our detailed geological modelling of South Greenland and I’m exceptionally grateful to the Boards of both Amaroq and our JV partners in having the confidence to allow us to test our hypothesis. This scout program exceeded all of our expectations. Although the current intersection is disseminated lower grade, the features of the rocks indicate that the magma was dynamic, these Taxite textures are fundamental characteristic of the world’s largest high-grade nickel-copper deposits, including Talnakh (Noril’sk), Sudbury and Voisey’s Bay. Further, the sulphide tenors recorded suggest high grades within the system which are the key objectives for our 2024 exploration.

“This is the start of the road for Stendalen, with further geophysics and drilling campaigns to come. The success of this program greatly increases the potential for discovering further strategic metal deposits across other identified targets in Amaroq’s portfolio and proves, without doubt, the mineral potential of South Greenland.”

In early 2023, an airborne MobileMT (Mobile MagnetoTellurics) survey was flown by Expert Geophysics Limited over a 10x17km area at 200m line spacing, targeting conductive Ni-Cu sulphide mineralisation at or below the surface.

Following the positive initial geophysical results, a single 1,061-metre diamond drillhole, STE2301, was drilled in the late summer of 2023, targeting a conductive anomaly. The hole intersected the layered gabbro series from surface down to a depth of 694 metres, where it continued through the metasedimentary basement until the end of hole at 1,061 metres (495m below sea level).

Hole STE2301 did not encounter significant grades of Platinum Group Elements (PGE) but the potential of higher and lower parts of the intrusion has not yet been tested and the system remains prospective.

Detailed geological and structural mapping of the Stendalen complex will also be used to refine the geological model and understanding of the mineralisation process.

Several deep drillholes are planned within the discovery valley zone, up to a maximum depth of 1,500 metres. Up to three drill rigs will be mobilized in 2024. Holes will target the base of the layered series and the modelled gabbro feeder zone which is thought to have good potential for greater accumulations of Ni-Cu sulphides. All holes will be surveyed with downhole EM geophysics, which will greatly enhance the 3D geophysical model at depth.

Amaroq acquired the project in 2021, considering Stendalen highly prospective for Ni-Cu sulphide mineralisation following the Company’s Mineral System Modelling of the region, and carried out first exploration in 2023.

Amaroq’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.

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