TIDMAMRQ
RNS Number : 3525Y
Amaroq Minerals Ltd
06 September 2022
(" Amaroq " or the " Corporation ")
Updated Nalunaq Mineral Resource Estimate Results in a 50%
increase in Average Grade and 30% Increase in Contained Gold.
TORONTO, ONTARIO - September 06, 2022 - Amaroq Minerals Ltd.
(AIM, TSXV: AMRQ - formerly AEX Gold), an independent mine
development 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 an updated Mineral Resource Estimate
(MRE) for its flagship Nalunaq Gold project, prepared by SRK
Consulting (UK) Limited (SRK). This update, termed MRE3, is
reported in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) Definition Standards on Mineral
Resources and Mineral Reserves (May 2014) as required by NI 43-101
("the CIM Definition Standards").
The update incorporates the drilling results from the 2020 and
2021 field seasons and benefits from the increased geological
understanding and historical reconciliation that the Company has
developed based on this, which has been further refined to reflect
information collected so far during the 2022 drilling programme.
The updated MRE is summarised in Table 1 below.
References to figures and tables relate to the PDF format
version of the announcement on the website by clicking the link
below:
https://www.amaroqminerals.com/investors/regulatory-news-alerts/#tsx-news
.
Highlights
-- Total Inferred Mineral Resource of 355.0Kt @ 28.0g/t Au for
320Koz gold, reported according to CIM Definition Standards by
SRK.
-- This constitutes a 30% increase in contained gold compared to
the previous estimate reported in June 2020 and a 50% increase in
average grade.
-- The Nalunaq project now sits within the top 2% in terms of
global reported gold resource grades.
-- Due to the high grade nature of the Nalunaq deposit, it is
relatively insensitive to cut-off grade and remains robust at a
range of gold prices.
Eldur Olafsson, CEO of Amaroq, commented:
"An independently assessed increase in both grade and contained
gold following two dedicated field seasons of drilling is excellent
news for Nalunaq. This update provides the project with a key
stepping stone toward the next chapter of its development. Nalunaq
now sits in the 98th percentile in terms of reported gold resource
grades globally, making it one of the highest grade gold mines in
the world.
Our new Dolerite Dyke geological model has enabled us to define
continuous high grade zones within the Main Vein, which will make
mining more efficient and profitable as lower grade tonnage can be
discounted to focus on these higher grade areas. This model
continues to be instrumental in guiding the drilling of the higher
grade zones now and in the year ahead as we aim to progressively
increase the resources at Nalunaq to provide increased scale and
optionality ahead of recommissioning this high grade gold
operation."
Table 1: Mineral Resource Statement for Nalunaq gold deposit,
Greenland, as of 3(rd) September 2022
Mineral Resource Gross Net attributable Operator
-------------------- ----------------
Tonnes Grade Contained Tonnes Grade Contained
(t) (g/t Metal (Oz) (t) (g/t Metal (Oz)
Au) Au)
-------------------- -------- ------ ------------ -------- ------ ------------ ----------------
In-Mine Inferred 140,000 31.0 140,000 140,000 31.0 140,000 Amaroq Minerals
-------- ------ ------------ -------- ------ ------------ ----------------
Extension Inferred 215,000 26.0 180,000 215,000 26.0 180,000 Amaroq Minerals
-------- ------ ------------ -------- ------ ------------ ----------------
TOTAL 355,000 28.0 320,000 355,000 28.0 320,000 Amaroq Minerals
-------- ------ ------------ -------- ------ ------------ ----------------
Mineral Resource Statement Notes
-- Mineral Resources are reported in accordance with the CIM Definition Standards.
-- Mineral Resources have an effective date of 3 September 2022,
and have been depleted to reflect the current understanding of the
mining completed up to the date of production ceasing in 2013;
-- Mineral Resources are reported as in-situ and undiluted. The
Mineral Resources are reported above a cut-off grade of 5.0 g/t,
generated using a gold price of 1,800 USD/ozAu. Given these
parameters, SRK considers there to be reasonable prospects for
eventual economic extraction, and as such, fulfil the requirements
for reporting a Mineral Resource;
-- The In-Mine Mineral Resource is accessible from existing
underground development while the Extension Mineral Resource
requires development to be put in place for it to be accessed;
-- Mineral Resources are not Ore Reserves and have not
demonstrated economic viability, nor have any mining modifying
factors been applied;
-- The Competent Person for the declaration of Mineral Resources
is Dr Lucy Roberts, MAusIMM(CP), of SRK Consulting. The Mineral
Resource estimates and accompanying Statements were produced and
reviewed by a team of consultants from SRK.
-- SRK notes that a site visit to Nalunaq was conducted by the QP in September 2021;
-- Tonnages are reported in metric units, with metal grades in
grammes per tonne (g/t). Tonnages and grades are rounded. Rounding,
as required by reporting guidelines, may result in apparent
summation differences between tonnes, grade and contained metal
content. Where these occur, SRK does not consider these to be
material.
MRE3 Estimation Methodology
MRE3 was produced by SRK and supersedes MRE2 dated 19 June 2020,
which was produced by SRK Exploration Services Ltd. MRE3 has been
reported in accordance to CIM Definition Standards and incorporates
several updates to the project most notably the inclusion of data
obtained from 61 new core drillholes totalling 13,065m completed
during the 2020 and 2021 seasons centred on the newly defined
Valley Block and benefits from significant improvements in
geological understanding gained through the incorporation of the
Dolerite Dyke Model.
The Company believes that this, along with detailed
reconciliation and geostatistical studies performed by SRK, has
resulted in an updated estimation methodology that better reflects
the nature of the orebody and produces a more robust and defendable
estimate with respect to past production records.
Other updates to MRE2 include:
-- A change from a 1.2m minimum mining width to the reporting of
an undiluted model which contributes to the change in grade;
-- Improvement in the estimates of past mining tonnages through
the use of more robust underground surveys;
-- The use of a two tier approach to cap the influence of high
and ultra-high grade values in the interpolation process in which
the former were given distance restrictions and the latter were
both capped as well as being given distance restrictions; and
-- A change in rock density from 3.00 to 2.96 t/m(3) to reflect new measurements.
MRE3 Cut-off Grade
MRE3 has been reported using a cut-off grade of 5.0 g/t Au which
was determined by SRK based on assumptions regarding the likely
mining and processing methods, estimates of operating costs and a
gold price of USD1,800/oz which is based on a long term gold price
+30% in order to capture mineralisation that has Reasonable
Prospects for Eventual Economic Extraction (RPEEE). The high grade
nature of the project, however, means it is relatively insensitive
to cut-off grade and operating costs as illustrated in Table 2 and
3 below.
Table 2: Mineral Resource Sensitivity to Cut-off Grade
Cut-off Grade Effective Gold price Change in Gold Content
(g/t Au) (USD/oz) (%)
--------------------- -----------------------
6.0 1,500 -1.1%
--------------------- -----------------------
5.5 1,650 -0.5%
--------------------- -----------------------
5.0 1,800
--------------------- -----------------------
4.5 1,900 0.8%
--------------------- -----------------------
4.0 2,000 1.6%
--------------------- -----------------------
Table 3: Mineral Resource Sensitivity to Operating Costs
Change in Operating Effective Cut-off Change in Gold Content
Costs Grade
(g/t Au) (g/t Au) (%)
------------------ -----------------------
+15% 6.0 -1.1%
------------------ -----------------------
+10% 5.4 -0.5%
------------------ -----------------------
+5% 5.2 -0.3%
------------------ -----------------------
0 5.0 0%
------------------ -----------------------
-5% 4.7 0.4%
------------------ -----------------------
-10% 4.4 0.8%
------------------ -----------------------
-15% 4.2 1.2%
------------------ -----------------------
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.
Use of a Standard
The resource information included within this announcement is
reported in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) Definition Standards on Mineral
Resources and Mineral Reserves (May 2014) as required by CIM
Definition Standards.
Analyst presentation
There will be a video conference call for analysts at 14:00
(BST) today (06 September 2022) hosted by CEO Eldur Olafsson and
Vice President Exploration James Gilbertson.
Please contact amaroq@camarco.co.uk to register your
attendance.
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 @Amaroq_minerals on Twitter
Follow Amaroq Minerals Inc. 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 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.
Glossary
Au gold
g grams
g/t grams per tonne
km kilometers
Koz thousand ounces
m meters
MRE2 Mineral Resource Estimate 2020
MRE3 Mineral Resource Estimate 2022
oz ounces
t tonnes
t/m(3) tonne per cubic meter
USD/ozAu US Dollar per ounce of gold
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").
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