High-Grade Extension of Target Block Confirmed at Nalunaq
Published
****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, ON / ACCESSWIRE / January 29, 2024 / *Amaroq Minerals Ltd. (AIM:AMRQ)(TSXV:AMRQ)(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 appreciate
*Figure 1. Plan view illustrating the 2023 Underground exploration locations and Target Block potential*
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.
*Figure 2. Underground channelling within the western reaches of the Target Block*
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 a
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
0.5
0.5
0.44
0.1
57322
0.5
0.5
0.44
0.23
57324
0.5
0.5
0.44
0.31
57326
0.5
0.5
0.44
0.34
57328
0.5
0.5
0.44
0.57
57330
0.5
0.5
0.44
13.3
57332
1
1
0.88
48.3
57334
0.5
0.5
0.47
14.8
57336
0.7
0.7
0.65
4.21
57338
0.8
0.8
0.75
0.09
57340
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.
*Figure 3. Schematic cross section illustrating the location of the 2023 drilling and the 75 Vein*
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.
*Figure 4. Map illustrating the extent of confirmed 75 Vein intersections*
*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 gold^1. 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, 2020^2. 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 gold^3.
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)
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 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
*SOURCE: *Amaroq Minerals Ltd.
View the original press release on accesswire.com