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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

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.

(1NI 43-101 Report dated June 2020; 2See press release dated September 16, 2020; 3See 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


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