TIDMAMRQ
TORONTO, ONTARIO, Jan. 24, 2024 (GLOBE NEWSWIRE) -- ("Amaroq" or
the "Corporation")
Sava Drilling Results at Target West Verify New South Greenland
Copper District
**Drillholes into Amaroq's Sava Target West intersect copper
mineralisation from surface**
***Results further indicate the existence of a new 120km long
copper district in South Greenland***
TORONTO, ONTARIO -- January 24, 2024 -- 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, is pleased to announce
the provisional results from its 2023 exploration programme on the
Sava copper project, at the centre of the developing South
Greenland copper belt.
James Gilbertson, VP Exploration of Amaroq, commented:
"Our 2023 drill programme at Sava has identified further
evidence of a significant copper mineral system at Target West.
These results, on previously overlooked ground, suggest the
presence of a typical large scale porphyry-style system and are
testament to our discovery strategy and geological team. Target
West is the first of multiple copper targets within Amaroq's
portfolio. We have now confirmed skarn mineralisation with up to
11.6% Cu at Kobberminebugt, porphyry-style mineralisation at Sava
with assays up to 2.0% CuEq and numerous other porphyry, and
epithermal targets across a belt extending over 120km.
"2023 proved to be a very promising first year for our 3-year
funded exploration programme through the Gardaq JV. At present we
have identified tonnage and remain close to surface. We will now
continue to drill the targets to identify and locate high-grade
mineralisation. Subject to results, we would expect to be in a
position to define the feasibility of a project such as this after
3-5 years and at that stage establish a pathway towards permitting
and development."
Overview
-- Four holes drilled for 2200m across two targets on the Sava Licence
completed on time and budget.
-- The Sava project is centred on an emerging copper district straddling
120km across South Greenland, making this a significant new mineral belt.
-- Amaroq has identified 36 targets across the emerging copper belt, likely
associated with a series of magma chambers formed during a geological
event around 1.8 billion years ago.
-- These results are now being integrated with the extensive geophysics,
flown right across the copper belt, to extract all value ahead of further
announcements in Q2.
Target West
-- Target West is the first Amaroq target to progress to advanced
exploration, following the success of the 2022 scout drillhole, which
intersected 21m of copper and molybdenum mineralisation in Unit 1 from
surface.
-- In 2023, three holes were completed, each intersecting copper molybdenum
mineralisation in the same Unit 1 of up to 345m including higher grade
zones of up to 18m at 0.31% CuEq.
-- Amaroq believe that Target West is a copper porphyry-style orebody. These
deposit types tend to be large and lower grade in nature, similar to
those in the South American Andes, where operations commonly mine at a
grades of between 0.2-1% Cu.
-- Surface mapping and sampling have identified a significant
copper-molybdenum surface footprint of at least 3km2 (560 football field),
suggesting the presence of a large system.
Target North
-- Scout drillhole into a 2km long potential epithermal system did not
intersect mineralisation.
-- Amaroq is reviewing these data with its JV partners ahead of a decision
on whether to pursue the target further going forward.
References to the accompanying presentation on the Sava results
on the website by clicking the link below:
https://www.amaroqminerals.com/investors/presentations/
Discussion on Results
The Sava project, 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 hold an estimated 1.5% of global Rare Earths Element
(REE) resources.
The prospect had initially been considered un-prospective and
was overlooked as the result of incorrect mapping. Amaroq chose to
pursue an innovative exploration strategy and open up this new
copper district. Initial assessment of the Sava project suggested
potential for iron oxide copper-gold (IOCG) and porphyry-style
mineralisation. Since acquiring the licence, the Company has
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 REE deposits.
Mineral system modelling supports the Company's belief that the
Sava project 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
licence.
In 2023 Amaroq conducted surface drilling, geological mapping
and channel sampling across two targets (Target West and Target
North). The aim of this programme was to build on the results of
drilling in 2022 and to develop an emerging copper molybdenum
porphyry-style project at Target West.
2023 Exploration Drilling Locations
Elevation Total Depth
Hole ID Target Easting Northing (m) (m) Dip Azimuth
SAV2301 Target West 432388 6773350 486 737.43 56 209
SAV2302 Target West 432204 6773169 430 751.64 47 120
Target
SAV2303 North 439982 6782270 323 359.40 52 202
SAV2304 Target West 432203 6773169 430 351.91 89 320
Key Intersections from 2023 Exploration Drilling Results
Hole ID From To Interval (m)(1) Cu% Mo% Cu Eq%(5)
SAV2301 2.4 101 98.6 0.1 0.009 0.13
Including 2.4 23 20.6 0.2 0.036 0.42
SAV2301 672 688.72 16.72 0.2 0.013 0.28
Including 687.95 688.72 0.77 1.9 0.014 1.98
SAV2302 12 240 228 0.1 0.003 0.08
SAV2304(2) 6.13 351.91 345.78 0.1 0.004 0.08
Including 166 184 18 0.3 0.008 0.31
Including(3) 239.5 252.9 13.4 0.2 0.020 0.33
Including(4) 328 338.25 10.25 0.2 0.012 0.25
(1) Interval is core length, true widths have not at this time
been calculated
(2) Includes 3 samples which have been entered as 0 ppm pending
assay results
(3) Includes 1 sample which has been entered as 0 ppm pending
assay results
(4) Includes 2 samples which have been entered as 0 ppm pending
assay results
(5) Copper equivalent based on US$3.8/lb Cu and US$21.2/lb
Mo.
The hole SAV2303 drilled at Target North did not return any
significant intersections.
Target West
Hosting copper and molybdenum mineralisation observed during the
2022 season, this Target Area was the primary focus of the 2023
season. Porphyry-style quartz veining with associated copper
sulphide mineralisation was encountered in holes SAV2301, SAV2302
and SAV2304.
Mineralisation appears to be hosted within quartz veining
orientated WNW-ESE to NW-SE. Samples as high as 7.8% Mo have been
recorded so far. 16.39m of channel sampling was carried out in
areas of high vein density and surface copper mineralisation and
results are pending.
Mineralised zones typically exhibit primary quartz flooding,
surrounded by quartz veinlets transitioning into
fracture-controlled alteration and mineralisation. This years;
drilling has confirmed that the host to this mineralisation is a
fine-grained monzonite, and that it has undergone multiple
alteration stages, including potassic, sericite + chlorite, and
hematite alteration related to a possible porphyry style
system.
Geological mapping in 2023 correlates well with downhole logging
and units 1 and 2 are readily defined by their whole rock and trace
element geochemistry, allowing future drilling programmes to better
target the mineralised Unit 1.
Results of channel sampling are pending and will be announced in
due course.
Target North
Geological mapping across this Target Area revealed a roughly
2km long significantly hydrothermally altered fault system up to
400m wide exhibiting potassic alteration and trace rusty sulphide
mineralisation.
Hosted in a granitoid with gneiss, and metasedimentary
inclusions, this epithermal-style mineralisation exhibits open
space textures suggesting low confining pressures and may be late
Ketilidian in age. It is affected by Gardar-period rifting
suggesting a younger age than Target West.
This hydrothermal mineralising system results in stockwork
veining, brecciation, and sheeted veins with chlorite and hematite
alteration. Veins, including quartz + chlorite, quartz + hematite,
and calcite + hematite, displayed complex relationships.
Mineralisation, primarily in the form of copper sulphides and gold,
is associated with quartz + chlorite veins.
A scout drill hole (SAV2303) at Target North tested this
structural-controlled stockwork zone but failed to intersect any
obvious mineralisation.
87.47m of channel sampling was carried out in areas of high vein
density and surface copper mineralisation and results are
pending.
Preliminary Scope of Work for the 2024 field season
Amaroq is undertaking a detailed review of all data and has
secured input from a number of world experts on porphyry and IOCG
style orebodies. The intention is to intergrade all geophysical and
geochemical data to expand the exploration strategy across the
wider copper belt.
The Company is considering deploying a ground IP survey over
Target West, which would aid in defining zones of alteration and
sulphide mineralisation at depth. These results would further guide
a 2024 drilling programme at Target West.
Enquiries:
Amaroq Minerals Ltd.
Eldur Olafsson, Executive Director and CEO
eo@amaroqminerals.com
Eddie Wyvill, Corporate Development
+44 (0)7713 126727
ew@amaroqminerals.com
Stifel Nicolaus Europe Limited (Nominated Adviser and
Broker)
Callum Stewart
Varun Talwar
Simon Mensley
Ashton Clanfield
+44 (0) 20 7710 7600
Panmure Gordon (UK) Limited (Joint Broker)
Hugh Rich
Dougie Mcleod
+44 (0) 20 7886 2500
Camarco (Financial PR)
Billy Clegg
Elfie Kent
Charlie Dingwall
+44 (0) 20 3757 4980
For Corporation updates:
Follow @Amaroq_Minerals on X (Formerly known as Twitter)
Follow Amaroq Minerals Ltd. 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 Corporation'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.
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 Corporation's current expectations regarding future events and
the future growth of the Corporation'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 Corporation'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 Corporation'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 Corporation and speaks only as of the date on which it is made.
Except as required by applicable securities laws, the Corporation
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.
Glossary
Cu Copper
---- -----------------------------
CuEq Copper equivalent
---- -----------------------------
IOCG Iron Ore Copper Gold
---- -----------------------------
IP Induced polarization
---- -----------------------------
Kt Thousand metric tonnes
---- -----------------------------
Mo Molybdenum
---- -----------------------------
Mt Million metric tonnes
---- -----------------------------
UTM Universal Transverse Mercator
---- -----------------------------
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