REG - Amaroq Minerals Ltd - South Greenland Copper Exploration Update

Amaroq MineralsAnnouncement

31/05/2024 07:00

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RNS Number : 5558Q  Amaroq Minerals Ltd  31 May 2024

("Amaroq" or the "Corporation")

 

South Greenland Copper Exploration Update

**Confirmed porphyry / intrusion related copper and molybdenum body at Target
West supports mineral potential of South Greenland Copper Belt**

***24 further copper targets identified ahead of 2024 field season***

 

TORONTO, ONTARIO - May 31, 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 an updated results from its ongoing copper
exploration activities in South Greenland.

James Gilbertson, VP Exploration of Amaroq, commented:

"Building on the successful 2023 drilling program at Target West, Amaroq has
rigorously interpreted these results, alongside recently received geophysical
data. With the assistance of leading independent copper industry experts, we
continue to define the emerging South Greenland Copper Belt. This work has now
confirmed the region's first copper porphyry system as well as helped to
identify 24 further high-potential targets across this belt. Amaroq, through
its Gardaq Joint venture, believes that these results warrant further
exploration efforts across a broader area of the belt to identify further
targets.

"Our 2024 field program will  leverage the knowledge developed so far on
Target West and direct exploration efforts on these new high-potential
targets."

Overview

•              The South Greenland Copper Belt is defined by
numerous copper showings and historical small scale operations running ~150km,
from the Josva mine in the West, to multiple porphyry targets in the Johan
Dahl Land zone in the East

•              Expert review of the 2022 and 2023 results from
Target West have confirmed the project as a copper-molybdenum porphyry /
intrusion related body, significantly strengthening the copper potential of
this underexplored mineral belt

•              Interpretation suggests greater preservation
potential in the East with up to 17 significant new targets defined within the
Johan Dahl Land area

•              A data review of the 2023 Kobberminebugt
geophysics has highlighted potential for further high-grade copper
mineralisation at depth and across two newly defined targets

•              Target generation studies coupled with the
potential highlighted by Amaroq's discovery at Stendalen highlights a further
5 copper-nickel sulphide targets within the same mineral belt

•              The Company is now finalising the detailed plans
for its 2024 exploration programme which will concentrate on the discovery and
development of copper resources

•              Amaroq's operational readiness ensures
availability of logistical and consumable requirements, should follow-up
assessments be required later this year

References to the accompanying presentation on the Sava results on the website
by clicking the link below:
https://www.amaroqminerals.com/investors/presentations/
(https://www.amaroqminerals.com/investors/presentations/)

South Greenland Copper Belt

The combination of the Company's Mineral System modelling and the review of
registered and undocumented copper occurrences has defined an emerging South
Greenland Copper Belt, stretching from the past-producing Josva copper mine in
the west ~150km to numerous potential porphyry systems in the Johan Dahl Land
area in the east.

This ground had previously been mapped and recorded as un-prospective
granites, however Amaroq's research has indicated this to be a
misinterpretation and highlighted the geodynamic association of the belt to
the Ketilidian aged subduction beneath the nearby Archean craton margin as
well as the structural association with the rare earth element hosting Gardaq
Province along the regionally important Gardar-Voisey's Bay fault zone.

In commencing this research, Amaroq has made a number of new copper,
molybdenum and gold discoveries along the belt including the Target West
copper-molybdenum porphyry system, which underwent successful scout drilling
in 2022 and 2023. Copper occurrences range from high grade vein hosted
mesothermal or skarn style bodies such as that historically mined at Josva in
the Kobberminebugt area, through large lower grade copper (+/- molybdenum and
gold) porphyry systems as identified at Target West with indication of further
bodies in the Johan Dahl land area. In addition, potential epithermal
copper/gold sites have been identified, such as Target North.

Research from the 2023 exploration results suggests that the level of erosion
decreases towards the east and therefore increasing ore deposit preservation
potential.

Review of the Target West Porphyry System

As reported in the press release of 24(th) January 2024, Amaroq completed a
further 2,200m of scout drilling into Target West located within the Sava
licence. This exploration intersected up to 345m of low grade porphyry style
mineralisation within a body termed Unit 1.

This Unit 1 has subsequently been interpreted as an early stage fine-grained
monzonite intrusion that is potassic (K-feldspar+biotite) altered and cut by
sinuous, relatively high temperature, quartz veins that contain minor amounts
of pyrite, chalcopyrite and molybdenite (less commonly bornite). Magnetite
does occur with the quartz-sulfide veins locally but overall the body of
fine-grained monzonite coincides with a reduced-to-the-pole magnetic low.

Further review of these data alongside of leading independent copper industry
expert Steve Garwin, an internationally renowned copper expert, has suggested
that Target West exists as an ancient porphyry or intrusion related system.
The relict potassic altered core suggests that erosion level are high and thus
while depth potential remains, much of the original mineralising system has
been eroded away. However, Amaroq's discovery of Target West illustrates the
potential to find further porphyry deposits across the belt.

Kobberminebugt Geophysical Results

The Kobberminebugt licence covers a coastal area in South-Western Greenland,
25km southwest of Arsuk. The terrain is flat undulating and affords excellent
exposure of interbedded metavolcanics, metasedimentary and pyroclastic rocks
of the Ilordleq Group exposed along the extent of the Kobberminebugt shear
zone, a regionally significant feature. These rocks have been mineralised
during the intrusion of a large granite system (the Julianehåb complex) that
are late Paleoproterozoic (Ketilidian) in age, and therefore temporally
related to the mineralisation observed and reported on within the Company's
Sava licence over 120km to the East. As such Amaroq considers that the
Kobberminebugt licence forms the western extent of an emerging copper belt
located along the Gardar - Voisey's Bay Fault Zone that straddles Eastern
Canada and South Greenland.

Narrow vein hosted high grade copper mineralisation was exploited at the Josva
mine area, which was operated by Grønlands Minedrift Aktieselskab between
1853-1855 and 1905-1914. It is estimated that ~91 metric tons of copper as
well as small amounts of gold (16oz) and silver (1,600oz) were extracted from
2200 tons of ore that was smelted on the site.

During 2023, a helicopter-borne MobileMT electromagnetic and magnetic survey
was conducted across the entire licence area aimed at delineating the known
mineralisation at Josva and other historically mined areas and assessing the
strike and dip extensions of these. In parallel the signature from these
bodies could be used to define further targets within the immediate licence
area. The subsequent data has also undergone inversion to allow for three
dimensional interpretation.

From these data, and specifically the magnetic inversions, Amaroq has
interpreted a small strike but greater dip extension to the high-grade hosting
shear zone at the Josva mine. This provides additional copper hosting
potential at depth and particularly in areas where the host shear zone appears
to bend and widen.

In addition to this, the association between mineralisation and magnetite seen
at Josva has allowed the Company to define a further two prospective targets
at the Sanerut island area and particularly at Kiinalik where granitoid rock
near a skarn horizon of the Ilordleq group may host hydrothermal skarn type
mineralisation, and displays anomalous Au and lesser Cu stream sediment
anomalies.

 

Nunarsuit Geophysical Results

The 2023 helicopter-borne geophysics (magnetics, radiometric and gravity)
flown over the western areas and specifically the Gardar age rock of the
Nunarsuit licence have been received. Initial review and interpretation from
these data have provided significant insights into the structure and
composition of the Gardar intrusions that hold potential to host critical
metal and rare earth metals. Of particular interest is the identification of
new, previously unrecognised, intrusions and dykes as well as the southern
extension of the Isortoq Dyke which 15km to the north hosts VTi Resources
Isortoq vanadium-titanium deposit (70.3 million tonnes containing 10.9%
TiO(2), 0.15% V(2)O(5) and 43.4% FeO 1 ).

The identification and mapping of the structure of these Gardar intrusions is
a critical step towards understanding their and defining their metal hosting
potential.

Target Generation Across the Mineral Belt

Following the assessment of the Target West data in conjunction with Steve
Garwin and the confirmation that the belt host copper porphyry / intrusion
related bodies, all available data from across the belt has undergone further
review in order to update and refine Amaroq's key copper exploration targets
ahead of the 2024 field season. This process involved a review of the regional
remote sensing, geophysical and geochemical data sets in conjunction with the
Company's Mineral System models and the insights gathered from the Target West
drilling data and regional exploration conducted in 2023. Due to the
interpretation of the higher preservation potential towards the east of the
belt, this project generation programme focused on the Johan Dahl Land area.

The results of this programme are that, in addition to the two modelled
mesothermal/shear hosted targets defined in the Kobberminebugt Target, a
further 17 copper exploration targets have been defined across the North Sava
and Johan Dahl Land area. This is in addition to the previously reported
targets across the wider belt.

Further, and leaning on insights taken from the Stendalen copper-nickel
discovery reported 29(th) February 2024, a number of appinite (hydrous
plutonic rocks) bodies have been assessed as further magmatic sulphide target
located upon the same copper belt. In all five further sulphide targets have
been defined.

 No.  Target          Comment
 1    JDL1            Porphyry/IOCG Target - anomalous Cu stream sediments across 7 shallow magnetic
                      bodies
 2    JDL2            Porphyry/IOCG Target - two shallow elliptical magnetic highs with favourable
                      structural complexity
 3    JDL3            Porphyry/IOCG Target - pluton with evidence of magnetite destruction and
                      alteration
 4    JDL4            Porphyry/IOCG Target - potential for alteration, rheological contrasts and
                      favourable lithology
 5    JDL5            Porphyry/IOCG Target - porphyry remote sensing target
 6    JDL6            Porphyry/IOCG Target - felsic intrusion with a circular fracture pattern with
                      anomalous gold
 7    JDL7            Porphyry/IOCG Target - porphyry remote sensing target
 8    JDL8            Porphyry/IOCG Target - showing strong propylitic (MgOH) responses
 9    JDL9            Porphyry/IOCG Target - strong sericite responses (AlOH, PC4, Fe)
 10   JDL11           Porphyry/IOCG Target - porphyry remote sensing target
 11   JDL12           Porphyry/IOCG Target - porphyry remote sensing target
 12   JDL13           Porphyry/IOCG Target - Fe-sericitic-propylitic acid alteration responses.
 13   JDL14           Porphyry/IOCG Target - Fe-sericitic-propylitic acid alteration responses
 14   JDL15           Porphyry/IOCG Target - coincident radiomentic halo and magnetic high
 15   JDL17           Porphyry/IOCG Target - anomalous Cu stream sediments
 16   JDL18           Porphyry/IOCG Target - elevated Mo stream sediments
 17   JDL19           Porphyry/IOCG Target - elevated Mo stream sediments and coinciding Zr anomaly
 18   JDL10           Magmatic Sulphide Target - large circular appinite with anomalous stream
                      sediments
 19   JDL21           Magmatic Sulphide Target - elevated MgO, Ni, Fe2O3, Cr and CaO
 20   JDL16           Magmatic Sulphide Target - Co stream sediment anomaly within an unmapped
                      intrusion
 21   JDL20           Magmatic Sulphide Target - Appinite suite diorites in a 9km long body
 22   JDL22           Magmatic Sulphide Target - high magnetic and coinciding low radiometric
                      response
 23   Sanerut island  Copper Skarn Target - magnetite anomaly in a granitoid region
 24   Kiinalik        Copper Skarn Target - skarn horizon of the Ilordleq group

 

2024 Exploration Aims and Objectives

Amaroq is now finalising its 2024 field plans and objectives for the licence
within the South Greenland copper belt. These programmes will involve a
dedicated copper exploration team assessing all targets identified from the
~10,000 line km geophysical data collected in 2023 with particular attention
paid to the porphyry targets identified within the eastern reaches of the belt
where preservation potential is high.

Amaroq has further ensured availability for logistical and consumable
requirements needed for any scout drilling this Summer should any of these
targets assessed warrant immediate follow up assessment.

 

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 South Greenland. The Company's principal asset is a 100%
interest in the past producing Nalunaq Gold mine which is due to go into
production towards the end of 2024. The Corporation has a portfolio of gold
and strategic metal assets in Southern Greenland covering the two known gold
belts in the region as well as advanced exploration projects at Stendalen and
the Sava Copper Belt exploring for Strategic metals such as Copper, Nickel,
Rare Earths and other minerals. 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

 Cu    Copper
 CuEq  Copper equivalent
 IOCG  Iron Ore Copper Gold
 IP    Induced polarization
 Kt    Thousand metric tonnes
 Mo    Molybdenum
 Mt    Million metric tonnes
 UTM   Universal Transverse Mercator

 

 

 1  NI 43-101 Report prepared by Andrew Turner of Apex Geoscience on behalf of
West Melville Metals 2012. The qualified person did not author this report and
relies upon Andrew Turner as the author of this report and the containing
estimate.  The Mineral resource estimate may not be current as it was
submitted by a prior own of the licence.

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