("Amaroq" or the
"Corporation")
Significant New Nickel-Copper
Discovery at Stendalen
***Discovery of significant new strategic metal project 60km
from Nalunaq***
**Drill
results confirm the presence of high tenor mineralisation, typical
of a high grade Nickel-Copper deposits**
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 announce a significant new Ni-Cu discovery
at its Stendalen Project.
Overview
•
Over 140m of disseminated magmatic sulphides
containing nickel, copper & cobalt intersected in the first
scout drillhole at Stendalen.
•
Sulphides so far intersected are lower grade and
disseminated in style and Amaroq will use these results to target
the more concentrated massive sulphides expected to be within the
deposit.
•
Geophysical results provide evidence of the
location of the feeder zone to the deposit and will be the focus
for the 2024 drilling programme.
•
The critical aspects of these results, such as
sulphide tenors, textures, scale and minerology, are considered
similar to globally important nickel - copper deposits.
•
Calculation of the tenor of the sulphides, based
upon the assays received, implies that, due to relative metal
content, Stendalen holds the ability to host grades similar to
analogous deposits, therefore if intersected, massive sulphide
could hold grades of up to 3-5% nickel equivalent.
•
Metals are hosted solely in sulphides, therefore
Amaroq anticipates strong future metal recoveries
•
The 2023 drillhole was the first hole into a body
that is roughly 6km in diameter; it is therefore possible that
Stendalen hosts multiple large orebodies
•
This mineral discovery further illustrates the
opportunities across South Greenland
•
The Company believes these results justify further
exploration and plans a significant upscale in activities with at
least three drill rigs and a dedicated ground geophysical team
planned for 2024
References to the accompanying
presentation on the Stendalen results on the website by clicking
the link below: https://www.amaroqminerals.com/investors/presentations/
Eldur Olafsson, CEO of Amaroq, commented:
"A
new mineral discovery such as that seen at Stendalen is the
culmination of many years of hard work by the Amaroq geological
team, and is testament to our belief that South Greenland holds
exceptional opportunities to host world class deposits. The
discovery of strategic metals such as copper and nickel, critical
for the energy transition, in a region with such a strong
geopolitical position, cannot be overstated. These initial results
give us the confidence to deploy a larger proportion of the
Company's Gardaq JV fully funded 3 year exploration programme to
this project during 2024 and beyond."
James Gilbertson, VP Exploration of Amaroq,
commented:
"Our geological team made a number of
breakthrough predictions following our detailed geological
modelling of South Greenland and I'm exceptionally grateful to the
Boards of both Amaroq and our JV partners in having the confidence
to allow us to test our hypothesis. This scout programme exceeded
all of our expectations. Although the current intersection is
disseminated lower grade, the features of the rocks indicate that
the magma was dynamic, these Taxite textures are fundamental
characteristic of the world's largest high grade nickel-copper
deposits, including Talnakh (Noril'sk), Sudbury and Voisey's Bay.
Further, the sulphide tenors recorded suggest high grades within
the system which are the key objectives for our 2024
exploration.
This is the start of the road for Stendalen, with further
geophysics and drilling campaigns to come. The success of this
programme greatly increases the potential for discovering further
strategic metal deposits across other identified targets in
Amaroq's portfolio and proves, without doubt, the mineral potential
of South Greenland."
Discussion on Results
2023 Programme and Exploration Results
Geophysics
In early 2023, an airborne MobileMT
(Mobile MagnetoTellurics) survey was flown by Expert Geophysics
Limited over a 10x17km area at 200m line spacing, targeting
conductive Ni-Cu sulphide mineralisation at or below the surface.
This survey method measures electrical resistivity of the rocks to
a depth of approximately 2,000m. Sulphide minerals are typically
highly conductive, and if present in sufficient quantities or near
surface then they may be directly detectable using this method. The
method can also detect changes in rock type, for example the
contact of the Stendalen gabbro intrusion with the metasedimentary
basement is visible in the survey data. This allows the geometry of
the gabbro intrusion to be modelled, and potential favourable sites
for Ni-Cu sulphide mineralisation identified.
Core Drilling
Following the positive initial
results from the geophysics, a single 1061m diamond drillhole,
STE2301, was drilled in the late summer of 2023, targeting a
conductive anomaly. The hole intersected the layered gabbro series
from surface down to a depth of 694m, where it continued through
the metasedimentary basement until the end of hole at 1061m (495m
below sea level).
From surface to 540m, the gabbro is
finely layered, with varying grain size and mineralogy. Much of
this layered sequence is weakly mineralised with disseminated
pyrrhotite and stringers of pyrrhotite and chalcopyrite.
From 540m to 694m the layering
becomes poorly defined. The gabbro here is termed 'taxitic'
(variable grain size and textures in the same rock mass) and is
mineralised with magmatic nickel-copper sulphides of various
textures. Taxite host-rock textures are features of the world's
largest nickel deposits, including Talnakh (Noril'sk), Sudbury and
Voisey's Bay. Taxites are thought to form due to fluid interactions
where different magmas mix. The current interpretation is that this
texture relates to the margins of the magma chamber and zones of
possible magma recharge. Taxites indicate that the magma chamber
was dynamic. Mixing and mingling of magmas in the chamber and
incorporation of wall-rock can further help concentrate Ni-Cu-Co in
sulphide melt to form a larger deposit.
This taxitic layer is situated at
roughly sea level with potential future access via a shallow
surface portal.
The entire sequence is cut by
younger granitic pegmatite dykes, which can reach up to tens of
metres in thickness.
Based on interpretation of the
airborne MagnetoTellurics ("MT") survey data, geological mapping
and core drilling, a preliminary geological model illustrating the
potential scale of the mineralisation at Stendalen has been
developed. Sulphide mineralisation in this model is expected to be
situated at the base of the layered series - sulphide melt is dense
so naturally sinks and accumulates at the base of magma chamber.
Mineralisation may be laterally extensive along the basal contact
of the intrusion, with greater accumulations of sulphide within and
around the feeder zone.
Interpreted cross sections across
Stendalen.
Diverse range of magmatic sulphide
textures from the mineralised taxitic gabbro from 540 to 694m
downhole. NQ core diameter is 47.6mm (1 7/8″).
Pyrrhotite is normally weakly
magnetic but at Stendalen it is non-magnetic. This has implications
for exploration; non-magnetic conductors should not be ruled out as
sulphide targets. Much of the pyrrhotite at Voisey's Bay is also
non-magnetic.
2023 Scout Drillhole Location
Hole ID
|
Easting
|
Northing
|
Elevation
(m)
|
Total Depth
(m)
|
Dip
|
Azimuth
|
STE2301
|
571691
|
6715248
|
520
|
1061.01
|
74
|
016
|
WGS84 / UTM zone 23N
Key
Intersections from 2023 Scout Drilling Results
Hole ID
|
From
|
To
|
Interval
(m)1
|
Ni
ppm
|
Cu
ppm
|
Co
ppm
|
NiEq%2
|
STE2301
|
541
|
663
|
122
|
419
|
619
|
56
|
0.08
|
and incl.
|
595.47
|
607.4
|
11.93
|
1149
|
1826
|
127
|
0.23
|
and incl.
|
615.27
|
620
|
4.73
|
1196
|
1567
|
90
|
0.22
|
and incl.
|
628
|
640
|
12
|
753
|
921
|
107
|
0.14
|
|
|
|
|
|
|
|
|
1 Interval is core length,
true widths have not been calculated at this time
2 Nickel equivalent is
calculated based on US$7.25/lb Ni, US$3.8/lb Cu and US$13/lb Co
with no adjustments for recoveries and penalties.
Hole STE2301 did not encounter
significant grades of Platinum Group Elements (PGE) but the
potential of higher and lower parts of the intrusion has not yet
been tested and the system remains prospective.
Sulphide tenor
Grade is calculated from the product
of sulphide tenor and the proportion of sulphides in the rock. So
far scout drilling has only intersected lower grade disseminated
sulphides (with sulphur grades of up to 5.5% S). However,
their existence confirms that the intrusion has reach 'sulphur
saturation' and there is good potential for the presence of massive
sulphides within the system. Massive sulphides have a sulphur grade
of ~35% S. Taking the assay results from this initial drillhole, it
is possible to calculate the likely grades of massive sulphide,
were they intersected. When conducting this calculation for
Stendalen, it is seen that the metal concentration or
'sulphide tenors' are high, and the project therefore holds the
ability to host material between 3-5% nickel equivalent.
In evaluating nickel-copper sulphide
mineralisation, its tenor, is of critical importance. At this early
stage of exploration, while assessing the initial discovery hole,
sulphide tenor is more important than interval grade.
Mineralisation observed at Stendalen consists primarily of the
sulphide minerals pyrrhotite, chalcopyrite and pentlandite. Ni and
Co are preferentially found in pyrrhotite and pentlandite and Cu in
chalcopyrite. These metal-bearing sulphide minerals have a very
similar sulphur content, which makes it possible to derive the
average sulphide tenor from whole-rock sulphur content. To ensure
that this calculation is robust, only samples with sufficiently
high sulphur grades have been used.
Interestingly, the copper content of
these sulphides is moderately high at a ratio of about 1.5 copper
to nickel.
2024
exploration plans
Geophysics
The intersected sulphide zone is not
clearly visible in the 2023 airborne MT survey data, and further
data processing is planned. Two further programmes are planned for
2024, ground MT and downhole electromagnetics geophysical surveys.
Data from all geophysical surveys will then be combined and used to
reprocess and reinterpret the deposit models. This should greatly
enhance the Company's ability to discriminate sulphide
accumulations and will guide all further drilling. The ground MT
survey will be performed early in the 2024 season, giving time for
drillhole locations to be optimised.
Geological mapping
Detailed geological and structural
mapping of the Stendalen complex will also be used to refine the
geological model and understanding of the mineralisation
process.
Drilling
Several deep drillholes are planned
within the discovery valley zone, up to a maximum depth of 1500m.
Up to three drill rigs will be mobilised in 2024. Holes will target
the base of the layered series and the modelled gabbro feeder zone
which is thought to have good potential for greater accumulations
of Ni-Cu sulphides. All holes will be surveyed with downhole EM
geophysics, which will greatly enhance the 3D geophysical model at
depth.
Background
The Stendalen gabbro intrusion was
identified during regional mapping by the Geological Survey of
Denmark and Greenland (GEUS) in 1992. Reconnaissance work by GEUS
and Softrock Minerals Ltd. in 1996 located mineralised boulders on
a glacier on the west side of the intrusion, grading up to 0.5% Ni,
0.8% Cu and 0.1% Co. A 6,000 m long and up to 200 m thick contact
'rust zone' was reported on the West, North and East flanks of the
Stendalen Gabbro, just above the contact with the metasedimentary
basement, and was assumed to be the source of the Ni-Cu sulphide
mineralisation, however this was not followed up. The licence was
visited by NunaMinerals in 2010, which focussed on a Ti-V
mineralised layer within the intrusion but did not consider the
intrusion prospective for Ni-Cu sulphide mineralisation.
Amaroq acquired the project in 2021,
considering Stendalen highly prospective for Ni-Cu sulphide
mineralisation following the Company's Mineral System Modelling of
the region, and carried out first exploration in 2023.
Location of the Stendalen Discovery
in South Greenland
Geology
Stendalen is a layered mafic
intrusion hosted in sulphide and graphite bearing metasediments
(migmatites) and located in South Greenland at the junction of
Nørrearm and Lindenow fjords, approximately 60km north-east of
Amaroq's Nalunaq gold mine. From Amaroq's Mineral System modelling,
Stendalen sits on the eastern end of the Gardar-Voisey's Bay fault
zone, providing potential spatial relationship to both the rare
earth deposits of the Gardar and Vale's Ni-Cu operation at Voisey's
Bay.
The intrusion itself comprises an
upper homogeneous gabbro separated from a lower layered gabbro
series by a 5-10m thick magnetite-ilmenite rich layer, which has
previously been targeted for its Ti-V potential and has returned
grades of up to 10.5% TiO2 and 0.57% V. The layered
gabbro series can be classified as a hornblende gabbro, where
layering is defined by varying abundances of the minerals
hornblende and plagioclase. This layering has been gently folded
and steepens towards the edge of the intrusion resulting in a
bowl-like shape.
Deformation of the intrusion has
taken place after it was formed which has likely remobilised
sulphide mineralisation. The effect of this, and the potential for
further concentration of grades resulting from this is yet to be
tested.
The intrusion has not been dated,
but is likely to be late Ketilidian in age based on cross cutting
granite dykes and its deformation history. Amaroq considers
Stendalen to be a member of the regional "appinite suite" of
hydrous mafic and ultramafic intrusions in South Greenland, all of
which are held under licence by Amaroq. Several examples of the
appinite suite are known to be mineralised with Platinum Group
Elements and Ni-Cu sulphides.
Deposit Model
Intrusion-related magmatic sulphide
nickel-copper deposits contain economically significant
concentrations of nickel and copper, often accompanied by other
valuable metals such as cobalt, platinum, palladium, and
gold.
These deposits are closely tied to
the intrusion of mafic and ultramafic magmas from the Earth's
mantle into the crust. This magma, enriched with metals like nickel
and copper, cools and solidifies, forming intrusive igneous
rocks.
As the magma is emplaced into the
crust it can assimilate and dissolve sulphide and graphite rich
'country rock'. This can cause the magma to reach 'sulphur
saturation' by adding sulphur and changing the magma
chemistry.
Sulphide saturation is a critical
concept in the formation of magmatic sulphide deposits. It refers
to the condition where the magma cannot dissolve any more sulphur,
leading to separation of an immiscible sulphide melt. This sulphide
melt scavenges 'sulphur loving' metals (Ni-Cu-Co-PGE) from the
surrounding silicate melt. Sulphide melt is dense and tends to sink
to the base of the magma chamber, where it cools and crystallises.
Pyrrhotite, pentlandite and chalcopyrite are the most common
sulphide minerals in these deposits.
The degree and timing of sulphide
saturation is important for concentration of nickel and copper in
the deposit; deposits with high sulphide saturation are more likely
to host massive sulphide ores, which are rich in nickel and
copper.
Subsequent hydrothermal activity can
also play a role in enriching these deposits. Hot fluids
circulating through the rocks can remobilise metals, leading to the
formation of secondary mineralisation zones.
Sampling and QAQC Disclosure
Drill core was cut in half using a
diamond blade core saw. Cut lines were consistently drawn along the
core layering 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. 100 g pulps were prepared
and sent to ALS Loughrea for analysis. Master pulps and coarse
reject material is retained in storage at Nalunaq.
All samples were assayed with a
60-element Four-Acid Digestion ICP-MS method (ME-MS61r) and with a
portable-XRF method (pXRF-34) for Si, Ti and Zr. In addition, all
samples were analysed for Pt, Pd and Au by 50 g fire assay
with method PGM-MS24 which has a detection limit of 0.0005 ppm
Pt, 0.001 ppm Pd and 0.001 ppm Au.
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 order to detect gold
contamination between samples prepared at Nalunaq. Future drilling
programmes at Stendalen will include Ni-Cu-PGE specific certified
reference materials. In addition, ALS insert blanks and standards
into the analytical process. The average sample mass was
2.10 kg.
No QAQC issues were noted with the
results reported herein.
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
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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 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
Ni
|
Nickel
|
Cu
|
Copper
|
Co
|
Cobalt
|
PGE
|
Platinum Group Elements
|
NiEq
|
Nickel equivalent
|
MT
|
Magnetotellurics
|
EM
|
Electromagnetics
|
DHEM
|
Downhole Electromagnetics
|
UTM
|
Universal Transverse
Mercator
|