TIDMAMRQ
RNS Number : 8518X
Amaroq Minerals Ltd
01 September 2022
(" Amaroq " or the " Corporation ")
Regional exploration programme returns 10.4g/t gold discovery at
Eagle's Nest and strike extension to the Saqqaa Dyke PGE
target.
TORONTO, ONTARIO - September 01, 2022 - Amaroq Minerals Ltd.
(AIM, TSXV: AMRQ - formerly AEX Gold), an independent mining
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 further results of its 2021 regional
exploration on targets across South Greenland.
During 2021, geological reconnaissance and sampling programmes
were implemented to test previously unexplored areas and improve
the Company's understanding of the shapes and controls over known
mineral deposits. This was part of an ongoing programme to develop
new gold and strategic mineral drill targets.
References to figures and tables relate to the version visible
in PDF format on the website by clicking the link
below: https://www.amaroqminerals.com/investors/regulatory-news-alerts/ .
Highlights
-- Visible gold discovered in a quartz boulder within the
Eagle's Nest target, which assayed 10.4 g/t Au. It was located on
extensions of favourable structures identified from geophysical
surveys. This result provides strong evidence of further
mineralised bodies across Amaroq's Nanortalik Gold Belt mineral
assets
-- Anomalous gold stream sediment samples at the Søndre Sermilik
Fjord along strike from rock chip samples of up to 9.25g/t Au in
altered granites similar in style to that observed at Vagar Ridge
(reported 9th May 2022). This suggests a continuation of the
prospective deformation corridor and that multiple granite hosted
mineralised bodies are likely to exist within the Company's gold
exploration portfolio
-- Exploration of the Saqqaa dyke system has confirmed anomalous
Platinum Group Metal (PGM) grades. Geophysical surveys have defined
an eastward extension 3km along strike from the sampled outcrop,
implying the presence of a significant ultramafic dyke system
-- Amaroq's geological team continues to develop further gold
and strategic metal opportunities within its expanding
portfolio
Eldur Olafsson, CEO of Amaroq, commented:
"I am delighted with the solid progress our team is making in
investigating opportunities within our extensive land package. The
mineral exploration process of data collection, interpretation,
target selection and reduction is crucial to ensuring we
concentrate our efforts and resources on only the best
opportunities for value creation.
We continue to analyse our portfolio of mineral licences in
Southern Greenland closely, prioritising activities aimed at making
new gold and strategic mineral discoveries within an evolving
geological district, and maximising potential for geographical
synergies with our existing portfolio. This project generation
cycle is now bearing fruit, leading to exciting new discoveries
that will rapidly become tomorrow's mineral development
projects."
Discussion on Results
Eagle's Nest Gold Target
This gold target is strategically located between Nalunaq and
Vagar Ridge and on a continuation of interpreted gold bearing
structures identified during the geophysical survey conducted
across the Vagar licence. Ground reconnaissance re-discovered a
historically reported quartz boulder containing visible gold and
re-sampled returned a 10.4 g/t gold grade. This target lies on the
north side of Ippatit valley, 31 km NNE of Nalunaq. The position of
the boulder in relation to the Company's geophysical, structural
and mineral system interpretation indicates high potential for
mineralised quartz vein discoveries in outcrop on the slopes
above.
This slope was also targeted with hyperspectral scanning, which
identified a homogenous white mica alteration and a shallow dipping
(or highly oblique) structure associated with chlorite or biotite
alteration.
Amaroq intends to revisit this target and carry out additional
sampling during the 2022 field season.
Søndre Sermilik Gold Target
Stream sediment sampling in the unexplored inner parts of Søndre
Sermilik Fjord returned anomalous gold grades (of up to 0.14 g/t
Au, significant in low signature stream sediments such as these).
This area is located approximately 10 km north of Eagle's nest and
is cut by a major regional shear zone (the Vagar deformation
corridor) which runs for more than 50 km through the Vagar
licence.
Rock samples collected from scree on the west side of the fjord
returned up to 9.25 g/t Au and 6,910 ppm Cu in altered granites
(announced 9(th) May 2022) suggesting a similar style of
mineralisation to that being investigated at Vagar Ridge.
Further work will be carried out to locate this mineralisation
in outcrop.
Lake 410 Gold Target
A brief site assessment was carried out at the Lake 410 area,
which is geologically similar to Nalunaq. It was determined that
additional scree sediment sampling should be carried out to verify
historic high grade gold anomalies.
Saqqaa PGE/Nickel Target
Rock sampling at Saqqaa (4 km north of Nalunaq Camp), drone
imagery and ground geophysics were conducted at this PGE
mineralised target during 2021. Drone imagery provided Amaroq with
a detailed outline of the dyke geometry at surface and, while the
centre of the mineralisation was not sampled due to poor access,
additional rock chip sampling returned concentrations of up to
1,680 ppm copper, 1,190 ppm nickel, 0.07 g/t Au, 0.09 g/t platinum,
and 0.11 g/t palladium, confirming PGE and copper mineralisation
within the ultramafic dyke.
A ground magnetic survey was conducted in the Kirkespir valley,
approximately 3 km east of the Saqqaa dyke surface outcrop. Two
magnetic anomalies identified in this survey have been interpreted
as an eastward extension of the dyke system where it crosses
beneath the Nalunaq mine road at shallow depths of approximately
100m.
These targets may constitute initial drill targets for Amaroq in
the near future.
Nørrearm Graphite Target
Nørrearm is an approximately 20m wide graphitic outcrop striking
in excess of 2km within Amaroq's Nuna Nutaaq exploration licence.
During 2021, a 52 kg sample of graphite-pyrite mineralisation was
collected for detailed metallurgical testwork conducted by Wardell
Armstrong in Cornwall, UK. The bulk mineral analysis of the sample
gives a fairly consistent Carbon grade from the graphite content
across the sample fractions of 4 - 6 wt%. The flake size is of key
interest and was found to be relatively fine with a D80 of 217
<MU>m and D50 of 85<MU>m. This means the material will
require significant milling to liberate the graphite, which in
itself is likely to further reduce the overall flake size.
The graphite target is undoubtedly large, however no further
work is planned here for the 2022 field season. Instead Amaroq
plans to expand its graphite exploration efforts across a number of
other occurrences within its portfolio, utilising the geological
understanding gained at Nørrearm, with the aim of identifying
mineralisation with high carbon content and flake sizes.
Kobberminebugt Copper Target
The Kobberminebugt licence area hosts numerous copper-gold
showings, including the small past-producing Josva copper mine. The
mine was last active in 1914 and had reported grades up to 5%
copper, 1.5 g/t gold and 250 g/t silver. Copper mineralisation
discovered to date was found within volcanic and sedimentary
sequences as disseminated stratabound sulphides, and locally
enriched into layers due to strong folding or in quartz veins and
breccias. Sulphide concentrations vary from 1-50% volume depending
on the style of mineralisation. Some showings can be followed for
several hundred metres along strike with widths of up to several
metres.
The priority target was visited during geological reconnaissance
in 2021. Amaroq's geology team has now interpreted the site to host
copper skarn style mineralisation, an important deposit style
globally for the production of copper and other base metals. This
geological knowledge is being used to better focus and target our
exploration efforts and in informing the model of our Mineral
System. Data compilation work is ongoing.
Sampling and QAQC Disclosure
All samples were placed into thick Hubco fabric bags with a
sample ticket. Each sample bag was sealed and transported from site
to an accredited laboratory, ALS Geochemistry in Loughrea in the
Republic of Ireland, for analysis.
Sample preparation scheme PREP-31BY was used on all rock
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 Au-AA26
which has a detection limit of 0.01 ppm Au. In addition, all
samples were assayed with a 48-element Four-Acid Digestion ICP-MS
technique (ME-MS61). In the case of visible gold (1 sample), the
sample underwent screening to 106 microns, with the coarse fraction
assayed gravimetrically and the fine fraction by fire assay
(Au-SCR24).
Sediment samples were assayed for platinum, palladium, and gold
by fire assay with ICP-MS finish (PGM-MS24). Additionally, all
sediment samples underwent a 48-element four acid super trace
analysis with reduced detection limits (ME-MS61L).
The QA/QC programme of Amaroq Minerals consists of the
systematic insertion of certified standards of known gold content
and blanks at a rate of 1 in 20 or 5% per QA/QC type. In addition,
ALS insert blanks and standards into the analytical process.
Qualified Person Statement
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.
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 @Amaroqminerals on Twitter
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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.
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 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.
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