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Amaroq Minerals Ltd
Symbol AMRQ
Shares Issued 263,073,022
Close 2022-11-23 C$ 0.60
Market Cap C$ 157,843,813
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Amaroq Minerals samples up to 7.86% Mo at Sava

2022-11-23 10:04 ET - News Release

Mr. Eldur Olafsson reports

SAVA LICENCE EXPLORATION RESULTS

Amaroq Minerals Ltd. has provided details of its 2022 Sava project exploration results.

Highlights

  • Surface exploration was conducted across three target areas within the Sava licence, including the drilling of two scout drill holes, to inform target generation and provide further geological information on the area;
  • Results suggest a potentially large iron oxide copper gold (IOCG) mineral system, in line with the company's initial 2021 assessment of the area, and produced high-quality samples with copper, gold, silver and molybdenum mineralization;
  • One of the scout drill holes intersected 21 metres of elevated copper grades at surface, in addition to evidence of IOCG-style mineralization;
  • Samples also demonstrated elevated levels of molybdenum (Mo), a valuable element used in metal alloys, as well as copper (Cu), silver (Ag), lead (Pb), iron (Fe) and light rare earth elements (LREE);
  • Mineralized breccia zone, typical for IOCG deposits, identified over a kilometre with grades of up to 0.46 per cent Cu, 4.35 grams per tonne (g/t) Au and 40.9 g/t Ag;
  • Exploration results from Amaroq's new Kobberminebugt licence, expected in the next few weeks, and more analyses to evidence the scale of this new emerging copper/IOCG belt in south Greenland;
  • Up to 7.86 per cent molybdenum recorded in surface sampling, more than twice the grade of the highest-grade molybdenum mine globally.

Eldur Olafsson, chief executive officer of Amaroq, commented:

"I am delighted to announce to the market today that our 2022 exploration program at Sava, which was only designed as early-stage reconnaissance, has identified copper, gold, silver and molybdenum IOCG-style mineralization across three sites. These results confirm that Amaroq holds a significant licence area covering a large-scale highly prospective strategic metals belt.

"The potential for Greenland to supply strategic energy transition minerals is highly significant for western governments and companies to reach their decarbonization targets and secure supply. These results will cast no doubt on the opportunity and the recently announced JV [joint venture] deal with GCAM gives us the financial resources needed to conduct a thorough exploration program going forward with the aim of making large-scale discoveries across our strategic mineral portfolio."

Discussion on results

The Sava licence, acquired by Amaroq in early 2021, is located alongside the significant Ilimaussaq complex (part of the Gardar province) which hosts the Kvanefjeld and Tanbreez deposits, which collectively host an estimated 1.5 per cent of global rare earth element resources.

Initial assessment of the Sava licence in 2021 suggested the potential for IOCG mineralization. Since acquisition, the company has conducted significant mineral system modelling, which demonstrates geodynamic association between the Sava and Gardar areas and the Voisey's Bay province in Canada, which host significant magmatic sulphide and rare earth element (REE) deposits.

The mineral system modelling supports the company's belief that the Sava licence sits within a newly identified copper belt striking approximately 200 kilometres (km) along a major deep-seated structure running from the company's Kobberminebugt licence and eastward to the North Sava licence.

Amaroq has conducted surface exploration across three targets in 2022 (Target North, Target South and Target West) and two shallow scout drill holes into the two more developed target areas (Target West and Target South). The aim of this program was to gather further geological data to inform target generation and the identification of geological style rather than target specific mineralization.

At Target West, a 166.43-metre diamond drill hole (SAVA2201) was completed into the centre of an IOCG anomaly with significant surface copper staining and evidence of hydrothermal activity. Drilling intersected anomalous copper in the first 21 metres with grades of up to 0.3 per cent Cu in a potassic and sodic altered quartz monzonite. Below this, significant magnetite alteration and molybdenum mineralization was noted. Both of these styles are indicative of an IOCG-related system.

Drilling at Target South (SAVA2202) intersected 152.43 m of strongly altered magnetite rich granitoids containing a magnetite-actinolite-apatite layer enriched in LREEs which was also identified in SAVA2201.

In addition to the scout drilling, surface mapping around Target West discovered hydrothermal alterations, including substantial vein hosted molybdenite with grades of up to 7.86 per cent Mo (over twice the grade of the highest-grade molybdenum mine globally). This mineralization has been age dated, placing it at the end of the Ketilidian orogeny, an important geological time period for IOCG mineralization.

Surface exploration aimed at expanding Target North discovered a mineralized quartz breccia zone striking approximately one km along an east-northeast structure and returned grades of up to 0.46 per cent Cu, 4.35 g/t Au and 40.9 g/t Ag.

Both scout drill holes and surface exploration have identified prospective geology and are indicative of a wider IOCG mineral system which will support future target generation across the licence area.

Amaroq additionally contracted a spectral remote sensing study of the area north and east of Sava in 2022, which was conducted by SRK Exploration Services. This resulted in the identification of a further 33 IOCG and porphyry target areas across the expanding mineral belt. Amaroq intends to follow up on this during its 2023 season and build upon the successful exploration approach now developed.

About Amaroq Minerals Ltd.

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-per-cent interest in the Nalunaq project, an advanced exploration-stage property with an exploitation licence including the previously operating Nalunaq gold mine. The corporation has a portfolio of gold and strategic metal assets covering 7,866.85 square km, 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.

Qualified persons statement

The mineral resource estimate was prepared by Dr. Lucy Roberts, MAusIMM (CP), principal consultant (resource geology), SRK Consulting (U.K.) Ltd., an independent qualified person in accordance with the requirements of National Instrument 43-101. Dr Roberts has approved the disclosure herein.

The technical information presented in this press release has been approved by James Gilbertson, CGeol, vice-president of 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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