High-grade extension of Target Block confirmed at Nalunaq
TORONTO, ONTARIO, Jan. 29, 2024 (GLOBE NEWSWIRE)
-- (“Amaroq,” “Company” or the
“Corporation”)
High-grade extension of Target Block
confirmed at Nalunaq
***New underground samples beyond the
historically mined areas of Target Block, Nalunaq’s largest
historic mining block, confirms continuation of high grade
mineralisation into modelled extension area with grades of up to
48.3g/t Au over 1m***
***Additional intersections of the newly
discovered 75 Vein provide further confidence in its thickness and
continuity***
TORONTO, ONTARIO – January 29, 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 provide additional exploration results from within the
Nalunaq mine following its 2023 exploration programme.
James Gilbertson, VP Exploration, Amaroq
commented:
“A thorough underground exploration
programme, guided by our Dolerite Dyke Model, has once again
enabled our team to identify further resource and mining potential
at Nalunaq. These channel results highlight the continuity of the
high grade at the Target Block beyond the last historic stopes.
This significantly de-risks a designed underground rehabilitation
and exploration programme aimed at advancing additional development
faces, which should help the Company to progress towards its target
production rate of 300tpd and increase the overall contained
resource.
“In addition, further sample results now
confirm the significant extent of the newly discovered 75 Vein, now
with a total extension similar to that of the Main Vein. This body
is now known to extend above all mining blocks with grades of up to
256g/t Au over 0.5m above the Mountain block, 22.59g/t Au over
0.59m above the Target Block, 175g/t Au over 0.51m above the South
Block and 15.5g/t Au over 1.45m above the Valley Block. These
results enable us to robustly model this second vein and, following
further drilling results, we hope to be in a position to define a
Mineral Resource for this vein in the near future.”
Overview
- Results received
from underground channel sampling across three levels within the
Target Block, historically the highest grade region of the
mine.
- Sampling was
aimed at corroborating previously unreported historical channel
samples that suggested the continuation of the Target Block into
extension areas.
- Results confirm
high grade nature of the Target Block extending into previously
unmined areas with grades of up to 48.3g/t Au over 1m.
- Following these
results, Amaroq intends to commence underground drilling aimed at
developing a second mining face at Nalunaq with a potential strike
extension of up to 775m.
- Additional
samples further confirm the continuity of the newly discovered 75
Vein, with grades of up to 256g/t Au over 0.5m reported in the 2023
Nalunaq drilling campaign.
- Amaroq intends
to further expand the sampling of core from historical drillholes
in 2024 to aid the geological modelling of the 75 Vein.
Underground
Exploration
During an underground exploration programme
guided by Amaroq’s Dolerite Dyke Model at Nalunaq during 2023, the
Amaroq team recognised that the Main Vein appeared to extend beyond
the last stope within the western areas of the Target Block. This
area was formerly the highest grade region of the Nalunaq mine.
This strongly suggested that the mineralisation previously mined
within this block extended well beyond the last stopes and into
virgin ground. The potential extension from these last stope to the
Main Vein outcrop to the west is around 775m.
Historic development and sampling in these areas
appears not to have fully appreciated this potential, with historic
underground exploration concentrating in areas now considered
unprospective using the Dolerite Dyke Model. This discovery
triggered a new robust underground channel sampling programme
across all currently accessible levels within the western Target
Block.
Sampling proceeded with the use of a twin blade
diamond channel cutter with samples taken as full Main Vein widths
on the side walls alongside historical chip channel samples.
Samples were fully documented and submitted to ALS Geochemistry for
sample preparation on site and chemical assaying in Ireland.
The results from this channel sampling programme
corroborate the inefficient historical chip channel samples and
confirm that the Main Vein beyond the last stope is high grade
mineralised with new assays of up to 48.3g/t Au over 1m. This
knowledge, coupled with the visual mapping of strong and continuous
Main Vein material at the ends of these historic drifts, lends
significant weight to the assumption that further commercial mining
can proceed along strike. Amaroq will now complete the design of a
rehabilitation and underground drilling and sampling programme
targeting this area. The aim of this programme would be to provide
sufficient confidence to allow for the mine design and scheduling
in the Target Block extension as the second development face at
Nalunaq.
Underground Channel Sample
Results
Channel ID |
Easting |
Northing |
Elevation |
Total Depth (m) |
Dip |
Azimuth |
57320 |
508215 |
6691101 |
584 |
0.5 |
90 |
315 |
57322 |
508218 |
6691102 |
584 |
0.5 |
90 |
315 |
57324 |
508221 |
6691103 |
583 |
0.5 |
90 |
315 |
57326 |
508223 |
6691105 |
583 |
0.5 |
90 |
315 |
57328 |
508226 |
6691107 |
583 |
0.5 |
90 |
315 |
57330 |
508231 |
6691109 |
583 |
0.5 |
90 |
315 |
57332 |
508239 |
6691112 |
582 |
1 |
90 |
315 |
57334 |
508276 |
6691091 |
564 |
0.5 |
90 |
315 |
57336 |
508278 |
6691092 |
563 |
0.7 |
90 |
315 |
57338 |
508349 |
6691074 |
538 |
0.8 |
90 |
315 |
57340 |
508354 |
6691077 |
538 |
0.9 |
90 |
315 |
Channel ID |
From |
To |
Interval (m) |
True Thickness (m) |
Au (g/t) |
57320 |
0 |
0.5 |
0.5 |
0.44 |
0.1 |
57322 |
0 |
0.5 |
0.5 |
0.44 |
0.23 |
57324 |
0 |
0.5 |
0.5 |
0.44 |
0.31 |
57326 |
0 |
0.5 |
0.5 |
0.44 |
0.34 |
57328 |
0 |
0.5 |
0.5 |
0.44 |
0.57 |
57330 |
0 |
0.5 |
0.5 |
0.44 |
13.3 |
57332 |
0 |
1 |
1 |
0.88 |
48.3 |
57334 |
0 |
0.5 |
0.5 |
0.47 |
14.8 |
57336 |
0 |
0.7 |
0.7 |
0.65 |
4.21 |
57338 |
0 |
0.8 |
0.8 |
0.75 |
0.09 |
57340 |
0 |
0.9 |
0.9 |
0.85 |
0.15 |
Additional 75 Vein Sampling
Following the discovery of the new mineralised
vein, 75 meter stratigraphically above the Main Vein from the 2023
drilling (the 75 Vein, reported October 11, 2023), the Amaroq team
reassessed the remaining core from this programme as well as a
number of historical drillholes that potentially had intersected
the 75 Vein, but not been fully recognised. The results of this now
conclude that five of the six 2024 drillholes intersected this body
and that now a total of 46 75 Vein intersects have been recognised.
In addition to this a further ~100 intersections require review and
sampling, this will be conducted during 2024.
The 75 Vein is now the most continuous
mineralised body at Nalunaq after the Main Vein, with a similar
overall strike extent. Amaroq’s intention is to continue the
re-logging and identification of additional 75 Vein intersects
during 2024, facilitating the robust modelling of this vein, which
will in turn allow for Mineral Resource estimation in areas that
contain sufficient drill density.
The 75 Vein now also constitutes a potential
mine development area towards developing additional mine faces
allowing the Company to build towards its target production rate of
300tpd.
Selected Drill Locations for 75 Vein
Intersections
Hole ID |
Easting |
Northing |
Elevation |
Total Depth (m) |
Avg. Dip |
Avg. Azimuth |
Year |
NAL2301 |
508011 |
6691453 |
1114 |
321.93 |
85 |
302 |
2023 |
NAL2302 |
508010 |
6691453 |
1114 |
249.98 |
62 |
322 |
2023 |
NAL2303 |
508010 |
6691455 |
1116 |
286.48 |
65 |
20 |
2023 |
NAL2304 |
508083 |
6691351 |
1033 |
275.05 |
66 |
354 |
2023 |
NAL2305 |
508083 |
6691352 |
1033 |
274.41 |
47 |
356 |
2023 |
NAL2306 |
508083 |
6691351 |
1033 |
323.58 |
35 |
7 |
2023 |
AEX2218 |
508974 |
6690835 |
360 |
181.60 |
50 |
311 |
2022 |
AEX2219 |
508877 |
6690714 |
378 |
242.36 |
67 |
245 |
2022 |
AEX2220 |
508877 |
6690714 |
378 |
203.12 |
71 |
270 |
2022 |
AEX2226 |
508879 |
6690713 |
378 |
212.25 |
65 |
307 |
2022 |
AEX2228 |
508880 |
6690714 |
378 |
209.62 |
80 |
302 |
2022 |
AEX2230 |
508881 |
6690714 |
378 |
212.05 |
57 |
322 |
2022 |
AEX2235 |
508753 |
6690787 |
454 |
242.46 |
55 |
223 |
2022 |
AEX2236 |
508928 |
6690769 |
370 |
196.84 |
48 |
298 |
2022 |
AEX2238 |
508928 |
6690769 |
370 |
184.56 |
61 |
308 |
2022 |
AEX2242 |
508978 |
6690836 |
360 |
178.97 |
58 |
284 |
2022 |
AEX2244 |
508978 |
6690836 |
360 |
176.20 |
71 |
310 |
2022 |
AEX21005 |
509111 |
6690874 |
306 |
164.70 |
55 |
326 |
2021 |
AEX21009 |
509037 |
6690911 |
342 |
161.63 |
79 |
315 |
2021 |
AEX21032 |
508950 |
6690488 |
318 |
240.96 |
55 |
316 |
2021 |
AEX21092 |
509386 |
6690918 |
233 |
206.33 |
66 |
315 |
2021 |
AEX21099 |
509244 |
6690515 |
231 |
404.50 |
86 |
269 |
2021 |
AEX2005 |
509127 |
6690868 |
306 |
148.50 |
80 |
315 |
2020 |
AEX2007 |
509133 |
6690904 |
304 |
213.00 |
68 |
318 |
2020 |
AEX2008 |
509127 |
6690868 |
306 |
175.30 |
62 |
325 |
2020 |
AEX1906 |
509444 |
6691087 |
234 |
215.61 |
64 |
309 |
2019 |
AEX1702 |
508750 |
6690313 |
226 |
137.90 |
60 |
316 |
2017 |
AEX1703 |
508063 |
6690782 |
665 |
139.80 |
90 |
315 |
2017 |
AEX1704 |
508063 |
6690782 |
665 |
132.80 |
60 |
315 |
2017 |
NQ158 |
508085 |
6691344 |
1029 |
371.00 |
68 |
29 |
2006 |
NQ159 |
508547 |
6690849 |
577 |
260.00 |
60 |
317 |
2006 |
NQ161 |
508085 |
6691343 |
1029 |
378.75 |
84 |
6 |
2006 |
NQ163 |
508546 |
6690849 |
577 |
240.00 |
46 |
320 |
2006 |
NQ164 |
508180 |
6691202 |
936 |
320.50 |
66 |
5 |
2006 |
NQ113 |
509150 |
6690850 |
290 |
280.00 |
78 |
310 |
2005 |
NQ127 |
509284 |
6690873 |
245 |
246.50 |
65 |
310 |
2005 |
NQ90 |
508295 |
6691091 |
829 |
299.70 |
45 |
315 |
2004 |
NQ96 |
508343 |
6691073 |
791 |
242.90 |
48 |
290 |
2004 |
NQ-79 |
508810 |
6690890 |
445 |
198.00 |
46 |
305 |
2001 |
NQ-80 |
508756 |
6690807 |
457 |
251.70 |
85 |
260 |
2001 |
NQ-84 |
508969 |
6690837 |
364 |
251.70 |
85 |
305 |
2001 |
NQ-86 |
508598 |
6690954 |
580 |
251.70 |
86 |
315 |
2001 |
NQ-64 |
508998 |
6691030 |
372 |
161.00 |
85 |
297 |
1999 |
NQ-37 |
509064 |
6690799 |
324 |
302.00 |
63 |
330 |
1998 |
NQ-41 |
508976 |
6690942 |
372 |
248.00 |
43 |
330 |
1998 |
NQ-42 |
508976 |
6690941 |
372 |
170.00 |
80 |
330 |
1998 |
NQ-45 |
508651 |
6691215 |
581 |
149.00 |
84 |
315 |
1998 |
Projection WGS 84 UTM zone 23N
Sampled 75 Vein
Intersections
Hole ID |
From |
To |
Interval (m)* |
Au (g/t) |
Vein |
NAL2301 |
137.45 |
138.95 |
1.5 |
0.03 |
75 |
NAL2302 |
75 vein not identified (pinched out) |
NAL2303 |
147.1 |
147.6 |
0.5 |
0.51 |
75 |
NAL2304 |
137.33 |
137.87 |
0.54 |
0.32 |
75 |
NAL2305 |
128.4 |
128.9 |
0.5 |
256 |
75 |
NAL2306 |
152.5 |
154 |
1.5 |
0.28 |
75 |
AEX2218 |
72 |
72.5 |
0.5 |
0.1 |
75 |
AEX2219 |
96.1 |
97 |
0.9 |
0.08 |
75 |
AEX2220 |
87 |
88.5 |
1.5 |
0.07 |
75 |
AEX2226 |
84.75 |
85.25 |
0.5 |
0.06 |
75 |
AEX2228 |
91 |
91.5 |
0.5 |
0.22 |
75 |
AEX2230 |
85.3 |
86 |
0.7 |
0.17 |
75 |
AEX2235 |
122.37 |
122.87 |
0.5 |
0.14 |
75 |
AEX2236 |
83.85 |
84.35 |
0.5 |
3.85 |
75 |
AEX2238 |
79.26 |
79.8 |
0.54 |
0.09 |
75 |
AEX2242 |
76.56 |
77.07 |
0.51 |
0.12 |
75 |
AEX2244 |
62.82 |
63.32 |
0.5 |
0.11 |
75 |
AEX21005 |
50.26 |
51.71 |
1.45 |
15.5 |
75 |
AEX21009 |
50.65 |
51.59 |
0.94 |
0.1 |
75 |
AEX21032 |
134.4 |
135.9 |
1.5 |
0.09 |
75 |
AEX21092 |
50.54 |
51.04 |
0.5 |
0.13 |
75 |
AEX21099 |
184.58 |
186.08 |
1.5 |
0.13 |
75 |
AEX2005 |
60.45 |
61.95 |
1.5 |
1.11 |
75 |
AEX2007 |
54.6 |
55.35 |
0.75 |
6.02 |
75 |
AEX2008 |
58.8 |
60.3 |
1.5 |
0.122 |
75 |
AEX1906 |
24.9 |
25.4 |
0.5 |
5.48 |
75 |
AEX1702 |
49 |
50 |
1 |
0.08 |
75 |
AEX1703 |
53.5 |
54.5 |
1 |
0.17 |
75 |
AEX1704 |
48.78 |
49.8 |
1.02 |
0.29 |
75 |
NQ158 |
154.88 |
155.38 |
0.5 |
0.11 |
75 |
NQ159 |
101.95 |
103.05 |
1.1 |
0.1 |
75 |
NQ161 |
143.25 |
143.99 |
0.74 |
0.2 |
75 |
NQ163 |
106.44 |
106.95 |
0.51 |
175 |
75 |
NQ164 |
179.21 |
179.95 |
0.74 |
0.49 |
75 |
NQ113 |
55.05 |
55.52 |
0.47 |
0.15 |
75 |
NQ127 |
46.6 |
46.84 |
0.24 |
0.08 |
75 |
NQ90 |
164.04 |
164.57 |
0.53 |
0.09 |
75 |
NQ96 |
153.82 |
154.36 |
0.54 |
22.59 |
75 |
NQ-79 |
48.95 |
49.5 |
0.55 |
0.11 |
75 |
NQ-80 |
87.15 |
88.5 |
1.35 |
0.57 |
75 |
NQ-84 |
75.35 |
76 |
0.65 |
0.22 |
75 |
NQ-86 |
85.1 |
86.25 |
1.15 |
0.24 |
75 |
NQ-64 |
32.98 |
33.93 |
0.95 |
0.38 |
75 |
NQ-37 |
73 |
74.25 |
1.25 |
0.07 |
75 |
NQ-41 |
39.55 |
40.3 |
0.75 |
0.19 |
75 |
NQ-42 |
53.46 |
54.48 |
1.02 |
0.19 |
75 |
NQ-45 |
8.82 |
9.86 |
1.04 |
0.07 |
75 |
*True length estimated at 70-100% of
interval length
Background – The Nalunaq
Orebody
The Main Vein at Nalunaq is a laterally
extensive shallowly dipping gold-bearing quartz vein with an
average thickness of 70 cm in thickness. The vein hosts
variable high gold grades of up to 5,240 g/t, with the
mineralisation separated into high grade zones of up to
5,240 g/t and low-grade zones, both of which are controlled by
the intersection of structures which Amaroq has defined in its
Dolerite Dyke geological model.
This vein was mined between 2004 and 2013 and
produced c.360,000 ounces of gold1. Amaroq is exploring
for an Exploration Target of up to 2.0 Moz gold across the
Main Vein and veins in the footwall and hanging wall as announced
on September 16, 20202. Following a Mineral Resource
Estimate update published on September 6th, 2022, the project hosts
a CIM compliant Inferred Mineral Resource of 355.0 kt @
28.0 g/t Au, with 320 koz gold3.
The mine area is separated into five coherent
zones termed the Mountain, Target, South, Valley and Welcome Blocks
that constitute the highest grade areas of the Main Vein. Three of
these blocks have experienced some historical mining, with the
Company concentrating its efforts in expanding resources up and
down dip of these areas as well as developing previously
unrecognised Blocks.
The 2022 exploration programme involved further
core drilling, underground assessments, surface channel sampling
and drone photogrammetry concentrated on the Valley and Mountain
Blocks.
(1 NI 43-101 Report
dated June 2020; 2 See press release
dated September 16, 2020; 3 See press
release dated September 6, 2022)
Sampling and QAQC
Disclosure
Drill core was cut in half using a diamond blade
core saw. Cut lines were consistently drawn along the core
foliation axis and the right-hand side of the core was sampled. All
drill core samples were placed into thick polymer bags with a
sample ticket. All samples were prepared at ALS Geochemistry’s
containerised preparation laboratory on-site at Nalunaq, before
being packaged and sent to an accredited laboratory, ALS
Geochemistry, Loughrea, Ireland, for analysis.
Sample preparation scheme PREP-31BY was used on
all 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 method
Au-AA26 which has a detection limit of 0.01 ppm Au. Samples
containing visible gold and samples considered to be the Main Vein
were assayed with screen-metallics fire assay technique Au-SCR24
which has a detection limit of 0.05 ppm Au. This involves screening
1 kg of pulverised sample to 106 microns followed by a gravimetric
assay of the entire plus fraction and a duplicate 50 g AAS assay of
the minus fraction.
Amaroq’s QA/QC program consists of the
systematic insertion of certified reference materials of known gold
content, blanks, and quarter core field duplicates at a rate of 1
in 20 or 5% per QA/QC type. In addition, ALS insert blanks and
standards into the analytical process. The average sample mass was
2.08 kg.
All Mineral Resource Estimates presented in this
press release have been estimated in accordance with the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM) Definition
Standards on Mineral Resources and Mineral Reserves, National
Instrument 43-101.
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)
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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
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 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.
Glossary
Au |
Gold |
g/t |
Grams per metric tonne |
koz |
Thousand troy ounces |
Moz |
Million troy ounces |
kt |
Thousand metric tonnes |
Mt |
Million metric tonnes |
oz |
Troy ounces |
UTM |
Universal Transverse Mercator |
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