TIDMAMRQ
RNS Number : 6173N
Amaroq Minerals Ltd
24 January 2023
("Amaroq" or the "Corporation" or the " Company ")
Kobberminebugt Licence Exploration Results
Copper mineralisation confirmed across licence with up to 11.6%
copper returned, highlighting potential of Greenland's emerging
copper belt
TORONTO, ONTARIO - January 24, 2023 - Amaroq Minerals Ltd. (AIM,
TSXV, NASDAQ First North: AMRQ), an independent mine development
company with a substantial land package of gold and strategic
mineral assets covering an area of 7,866.85 km(2) in South
Greenland, provides details of its 2022 Kobberminebugt project
exploration programme.
Highlights
-- Surface and underground surveys completed over the historic
Josva copper mine have built an understanding of mineralisation
style, extent and controlling geology
-- Copper mineralisation confirmed as skarn related, with
potential for significant tonnages at depth or along strike. This
opens up the potential for numerous similar bodies across more that
40km of granite contact zone, which will be further explored during
2023
-- Remaining mineralisation at Josva sampled with channel
samples, which recorded up to 4.2% Cu over 2.5m including 11.6% Cu
over 50cm
-- Mineralisation relates to the same geological events sampled
at the Company's Sava project highlighting the significant scale of
this emerging copper belt over at least a 120km strike length
Eldur Olafsson, CEO of Amaroq, commented:
"The Company continues to further its strategic metals projects,
building upon the mineral potential of South Greenland. These
results indicate significant copper mineralisation to the western
end of the emerging mineral belt which Amaroq is exploring.
Kobberminebugt's high grade nature is unsurprising given the
historic small-scale mining in the area, and our team is now
working closely to identify extensions and additional mineralised
bodies to build a large exploration target through our future field
programme. I look forward to presenting further positive results on
this in the near future."
References to our accompanying presentation on the
Kobberminebugt results on the website by clicking the link below:
https://www.amaroqminerals.com/investors/presentations/
Amaroq Exploration Programme
Amaroq acquired the licence covering these occurrences in the
summer of 2021, following the conclusion of its mineral system
modelling of South Greenland. The exploration conducted across the
licence in 2022 consisted of early-stage geological reconnaissance
of the metavolcanic/granite contact zones at Josva and up to 40km
along strike of the Kobberminebugt shear zone. This work included
detailed drone surveying of the outcropping mineralisation at Josva
at surface and within the historic adit system. The aim of this
programme was to confirm the presence and style of the
mineralisation, assess its potential to host a mineral resource
through extensions of the historical mine and in multiple bodies
along strike and review the most suitable way to generate targets
across this licence block in 2023.
Figure 1. Extract of drone survey conducted across the Josva
mine mineralisation zone
The Company's field work indicated massive copper sulphide
bearing (bornite, chalcopyrite, chalcocite) mineralisation hosted
in a sheared vein system that parallels the Kobberminebugt shear.
These veins are hosted within a roughly 25m wide
diopside-hornblende skarn exhibiting a strong cleavage and hosting
lower grade copper mineralisation. This zone is in direct contact
with hydrothermally altered Ketilidian granites.
Samples of these vein systems returned up to 4.2% Cu over 2.5m
including 11.6% Cu over 50cm. Minor gold and silver grades were
also reported.
Figure 2. Skarn hosted massive sulphide mineralisation observed
at Josva - 11.6% Cu over 50cm
The Amaroq geology team is now confident in the skarn origin to
this mineralisation at Kobberminebugt which opens up the potential
for multiple mineralised skarns along the granite contact zone
which extends 40km to the northeast and in a further 35km contact
zone in the north of the licence. This highlights the copper
potential of this area of the South Greenland copper belt. Further,
from assessing the attitude of the surface mineralisation at Josva,
the team believes there is potential that this narrow
mineralisation style could open up at depth or along strike,
indicating mine scale tonnages.
It is hypothesised these skarns formed late in the orogenic
sequence that saw the subduction of material below the Archean
craton to the North. These regions along the final suture zone are
considered particularly prospective for Iron Oxide, Copper, Gold
(IOCG) mineralisation and related hydrothermal and magmatic
mineralisation styles.
2023 Exploration Programme
Amaroq intends to follow this exploration with a detailed
assessment in 2023 of the skarn geometry and minerology, and plans
to generate targets at depth at Josva and along strike of the skarn
contact zones and Kobberminebugt shear system through commissioning
a detailed airborne geophysical programme utilising a similar
system to that successfully employed across the Company's other
Greenland assets.
Geological Background
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 and North Sava
projects over 120km to the East. As with Sava, this area is also
spatially related, and possible further mineralised by, Gardar
intrusions such as those that host the Kvanefjeld and Tanbreez rare
earth development projects; it is however important to note that no
elevated uranium has thus far been recorded. As such Amaroq
considers that the Kobberminebugt licence forms the western extent
of an emerging copper district located along the Gardar - Voisey's
Bay Fault Zone that straddles Eastern Canada and South
Greenland.
Licence History
Narrow vein hosted high grade copper mineralisation was
exploited at the Josva mine, 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.
Figure 3. Historical image of the past producing Josva copper
mine, circa 1906
Enquiries:
Amaroq Minerals Ltd.
Eldur Olafsson, Executive Director and CEO
+354 665 2003
eo@amaroqminerals.com
Eddie Wyvill, Investor Relations
+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)
John Prior
Hugh Rich
Dougie Mcleod
+44 (0) 20 7886 2500
SI Capital Limited (Joint Broker)
Nick Emerson
+44 (0) 1483 413500
Camarco (Financial PR)
Billy Clegg
Elfie Kent
Charlie Dingwall
+44 (0) 20 3757 4980
For Company updates:
Follow @Amaroq_minerals on 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 Company'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
covering 7,866.85km(2) , the largest mineral portfolio 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 Company's current expectations regarding future events and the
future growth of the Company'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 Company'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 Company'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 Company and speaks
only as of the date on which it is made. Except as required by
applicable securities laws, the Company 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.
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