Amaroq Minerals samples up to 7.86% molybdenum at Sava, Greenland, shares up
Amaroq Minerals Ltd. [AMRQ-TSXV] reported details of its 2022 Sava project, Greenland, exploration results.
Surface exploration was conducted across three target areas within the Sava license, 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 mineralization.
One of the scout drillholes intersected 21 metres of elevated copper grades at surface, in addition to evidence of IOCG style mineralization.
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).
Mineralized breccia zone, typical for IOCG deposits, identified over a kilometre with grades of up to 0.46% Cu, 4.35 g/t Au and 40.9 g/t Ag. Exploration results from Amaroqs 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. Up to 7.86% Molybdenum recorded in surface sampling, more than twice the grade of the highest grade molybdenum mine globally.
Eldur Olafsson, CEO of Amaroq, commented: “I am delighted to announce to the market today that our 2022 exploration program at Sava, which was only designed as early-stage reconnaissance, has identified copper, gold, silver and molybdenum IOCG style mineralization across three sites. These results confirm that Amaroq holds a significant license 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 decarbonization 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 program going forward with the aim of making large scale discoveries across our strategic mineral portfolio.”
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 license in 2021 suggested the potential for IOCG mineralization. Since acquisition, the company 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 license 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 license.
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 program was to gather further geological data to inform target generation and the identification of geological style rather than target specific mineralisation.
At Target West, a 166.43 metres 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 metres with grades of up to 0.3% Cu in a potassic and sodic altered quartz monzonite. Below this, significant magnetite alteration and molybdenum mineralization was noted. Both of these styles are indicative of an IOCG related system.
Drilling at Target South (SAVA2202) intersected 152.43 metres of strongly altered magnetite rich granitoids containing a Magnetite-Actinolite-Apatite layer enriched in LREEs which was also identified in SAVA2201.
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 mineralization has been age dated, placing it at the end of the Ketilidian Orogeny, an important geological time period for IOCG mineralization.
Surface exploration aimed at expanding Target North, discovered a mineralized quartz breccia zone striking ~1km along an ENE structure and returned grades of up to 0.46% Cu, 4.35 g/t Au and 40.9 g/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 license area.
Amaroq additionally contracted a spectral remote sensing study of the area north and east of Sava in 2022 that 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.
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 covering 7,866.85 km2, the largest mineral portfolio in Southern Greenland covering the two known gold belts in the region.
In early trading 23Nov22, Amaroq shares gained $0.08 to $0.59.