Nalunaq 2023 Drilling Results deliver record gold grade results
(“
Amaroq,” “
Company” or the
“
Corporation”)
Nalunaq 2023 Drilling Results deliver
record gold grade results
***High grade intersect of 182g/t Au over 0.69m
at Nalunaq extends the Mountain Block high grade zone ahead of
commencing trial mining in 2024***
***Discovery of new high-grade vein, 75m above
the Main Vein, with highest ever grade intersect of 256 g/t Au over
0.5m, significantly increasing Nalunaq’s resource potential ***
TORONTO, ONTARIO – October 11, 2023 – 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,
provides the results of its 2023 exploration drilling programme at
Nalunaq.
Eldur Olafsson, CEO of Amaroq, commented:
“These are the highest grade drill results at
Nalunaq since we founded Amaroq Minerals in 2017. These results
highlight the substantial upside potential to our development
plans, and confirms the extension of the high grade zone, which
sits within our current mine plan and extends beyond.
This year’s drilling programme at the Mountain
Block extension, from two high altitude mountain locations is
testament to the effective collaboration between the Amaroq
technical team and our long term contractors. Together they have
safely delivered these results from our high quality targets in the
timescale required to meet our seasonal objectives.
This marks another step forward to meeting our
internal objective of expanding our Mineral Resource at Nalunaq
towards 1Moz and potentially beyond.”
James Gilbertson, VP Exploration, Amaroq
commented:
“We deliberately focused this year’s Nalunaq
exploration programme on the Mountain Block, the planned area for
our initial mining programme due to commence in 2024. Our efforts
will now turn to developing a further mining front at Nalunaq, with
underground exploration and drill planning on the Target Block high
grade zone.
In addition, these results have confirmed the
presence of a potential orebody in the hanging wall, referred to
now as the ‘75 Vein’, which adds upside to Nalunaq’s prospectivity
and mine life.”
References to the accompanying presentation on the Nalunaq
results on the website by clicking the link below:
https://www.amaroqminerals.com/investors/presentations/
Overview
- Recorded the
Company’s highest grade Main Vein intersect ever reported at 182g/t
Au over 0.69m during a programme to explore the up-dip extension of
the Mountain Block.
- Six drillholes
successfully completed for 1,731.43 m from two high mountain
platforms.
- All six
drillholes intersected the Main Vein structure as predicted, with
four confirming significant extension of the high grade
mineralisation in the Mountain Block, the focus of the Company’s
initial mining programme scheduled to commence in 2024.
- Results provide
invaluable information on the form and continuity of the Main Vein,
critical for mine design and planning.
- New discovery of
several Hanging Wall Veins intersected, including 256g/t Au over
0.5m in the 75m Vein, showing similar thickness to Main Vein,
providing potential for further minable bodies beyond the Main
Vein.
- Amaroq further
expects results from two additional sampled intersections at the 75
Vein, which are currently being processed by the laboratory.
- New
high-resolution drone imagery provides significant new structural
data on the Main Vein and Hanging Wall Vein continuity up-dip that
will guide 2024 drilling activities.
- Further
underground exploration is scheduled for Q4 2023 aimed at opening
up a new high grade mining extension from the Target Block, which
is located next to Mountain Block.
- Drill results
further confirm the Dolerite Dyke Model method used to define high
grade regions in the Main Vein.
2023 Drilling
Results
The 2023 programme consisted of 1,731.43 m
of diamond core drilling across six targeted mountain drillholes.
The objective of this drill programme was to test the continuation
of the Mountain Block high grade corridor, up-dip from the zone the
Company is planning to initiate initial mining during 2024.
This targeted programme, completed from two
mountainside platforms constructed in very challenging locations,
successfully intersected the Main Vein structure in all six
drillholes. In addition, the presence of an extremely high grade
intersection (182g/t Au over 0.69m from NAL2305) and four
intersections of economic and anomalous gold, provide conclusive
evidence of the significant extension of the Mountain Block beyond
which was previously modelled. This holds significance as the
Mountain Block is set to form the core of the Company’s future
mining schedule following the initiation of the trial mining
programme in 2024.
Amaroq expects further results from two
additional sampled intersections of the 75 Vein, which are
currently being processed by ALS Geochemistry, and will provide an
update in due course.
As with previous programmes, the drilling was
completed using the Company’s structural Dolerite Dyke Model, which
has proved to be an effective targeting tool. A particular
highlight was a 0.69m intersection of the Main Vein, with
significant visible gold which resulted in the highest grade ever
intersected by the Company, (182g/t Au over 0.69m from NAL2305),
breaking the previous record set during 2022 (116g/t Au over 0.62m
from AEX2237).
In addition to the Main Vein, the Company
intersected a number of hanging wall veins that were reported on
during drone imagery taken in 2022. This includes 256g/t Au over
0.5m from NAL2305. From initial modelling vein 75m (75m
stratigraphically above the Main Vein) may constitute a significant
new mineralisation target that could be accessed as mining and
development on the Main Vein proceeds up the mountain. A review of
the historical data shows that NQ96, drilled in 2004, intersected a
vein at this level which graded 22.59 g/t Au over 0.54 m, 450
metres away from this year’s intersection in NAL2305. It is likely
that the historic intersection is also related to the 75 vein.
2023 Drill Locations
Hole
ID |
Easting |
Northing |
Elevation |
Total
Depth (m) |
Avg.
Dip |
Avg.
Azimuth |
NAL2301 |
508011 |
6691453 |
1114 |
321.93 |
85 |
302 |
NAL2302 |
508010 |
6691453 |
1114 |
249.98 |
62 |
322 |
NAL2303 |
508010 |
6691455 |
1116 |
286.48 |
65 |
20 |
NAL2304 |
508083 |
6691351 |
1033 |
275.05 |
66 |
354 |
NAL2305 |
508083 |
6691352 |
1033 |
274.41 |
47 |
356 |
NAL2306 |
508083 |
6691351 |
1033 |
323.58 |
35 |
7 |
Projection WGS 84 UTM zone 23N
Sampled Intersections from 2023 Drilling
Programme
Hole
ID |
From |
To |
Interval
(m) |
True
Thickness* (m) |
Au
(g/t) |
Vein |
NAL2301 |
246.88 |
247.38 |
0.5 |
0.35 |
0.64 |
MV |
NAL2302 |
209.25 |
209.75 |
0.5 |
0.50 |
2.48 |
MV |
NAL2303 |
240.9 |
241.9 |
1 |
0.91 |
1.34 |
MV |
NAL2304 |
233.65 |
236.65 |
3 |
2.99 |
0.11 |
MV |
NAL2305 |
240.15 |
240.84 |
0.69 |
0.46 |
182 |
MV |
NAL2306 |
274.34 |
274.84 |
0.5 |
0.43 |
6.84 |
MV |
NAL2301 |
137.45 |
138.95 |
1.5 |
0.00 |
0.03 |
75 |
NAL2302 |
|
|
|
|
pending |
75 |
NAL2303 |
146.35 |
147.1 |
0.75 |
0.00 |
0.24 |
75 |
NAL2304 |
137.33 |
137.87 |
0.54 |
0.00 |
0.32 |
75 |
NAL2305 |
128.4 |
128.9 |
0.5 |
0.00 |
256 |
75 |
NAL2306 |
|
|
|
|
pending |
75 |
2023 Drone Survey
Further to the drilling programme, the Company
also completed detailed drone imagery across the North face of the
mountain to supplement the 2022 drone survey. This will provide
centimetre accuracy to future Mineral Resource wireframing and
further illustrated the presence and continuity of the 75 vein. In
the course of acquiring this imagery, a zone of structural thinning
(pinching) of the Main Vein was observed which was further
corroborated by the results from the core drilling. This
information could prove invaluable to future mine design and
planning activities as the initial mining programme progresses
toward full-scale mining operations.
Further Exploration and 2024
Programmes
In 2024, the Company intends to conduct further
underground exploration to assess the continuation of the Target
Block high grade zone, guided by the Dolerite Dyke model. This aims
to provide evidence for the potential to significantly extend the
resource in this area of the deposit and will feed into a planned
surface drill programme in 2024 similar to that conducted this year
on the Mountain Block. This exploration initiative holds the
potential to open up a second underground mining target for the
initial mining programme.
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. 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 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
announced September 6, 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 on 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
126727ew@amaroqminerals.com
Stifel Nicolaus Europe Limited
(Nominated Adviser and Broker)
Callum StewartVarun TalwarSimon MensleyAshton
Clanfield+44 (0) 20 7710 7600
Panmure Gordon (UK) Limited (Joint
Broker)
John PriorHugh RichDougie Mcleod+44 (0) 20 7886
2500
Camarco (Financial PR)
Billy CleggElfie KentCharlie 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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