16:41:58 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Amaroq Minerals Ltd
Symbol AMRQ
Shares Issued 263,073,022
Close 2022-11-28 C$ 0.64
Market Cap C$ 168,366,734
Recent Sedar Documents

Amaroq spends $5.56-million on exploration in Q3

2022-11-29 11:57 ET - News Release

Mr. Eldur Olafsson reports

"AMAROQ" OR THE "CORPORATION" Q3 2022 FINANCIAL RESULTS AND 2023 OBJECTIVES

Amaroq Minerals Ltd. has released its Q3 financials and presented its exploration and development objectives for 2023.

The Financial Statements and the accompanying Management Discussion and Analysis are available on the Corporation's website at www.amaroqminerals.com and will be filed under the Corporation's SEDAR profile at www.sedar.com later today. All figures are in Canadian dollars unless otherwise noted.

Q3 2022 Highlights

  • Significant progress across Amaroq's portfolio within Greenland during the period, with work plans completed on schedule and within budget.
  • Publication of an updated Nalunaq Mineral Resource Estimate (MRE) with reported Total Inferred Mineral Resource of 355.0Kt @ 28.0g/t Au for 320Koz gold, and confirming the project as falling within the top 2% of deposits in terms of grade globally.
  • Commencement of the planning stages of a bulk sampling project at Nalunaq to assess the optimal path forward for mine development, and working towards first cashflow generation.
  • Additional drilling completed across two further projects at Sava and at Vagar Ridge, with results expected in Q4 and follow up exploration and drilling planned for 2023.
  • Geophysical surveys completed at Nanoq and North Sava, with the results currently being processed with further ground exploration conducted in the Eagle's Nest and Kobberminbugt areas.
  • C$11m allocated to exploration and development of the Corporation's significant Greenlandic assets in the nine months ended September 30, 2022.

Post-period Highlights

  • Promising discovery of Copper, Molybdenum and Gold at the Sava licence during the 2022 exploration programme.
  • Completion of pounds sterling30m Capital Fundraising (circa C$46.4 million) in London and Iceland to accelerate development of the Company's precious metals portfolio.
  • Signing of final documentation in relation to the ACAM joint venture for the exploration and development of Amaroq's strategic mineral assets and receipt of initial pounds sterling18m funding (circa C$28.5 million) is expected to close in Q1 2023, subject to limited regulatory conditions being satisfied.
  • Listing of Icelandic Depository Receipts on the Nasdaq First North Growth Market in Iceland with the first day of trading being November 1, 2022.

2023 Precious Metals Objectives

  • Focus on progressing Nalunaq to the next phase of development, to underpin the development of the wider portfolio.
  • Nalunaq: Extraction of an initial bulk sample to elevate the Inferred Mineral Resources to the Indicated category, provide mining access to the orebody and demonstrate revenue generation potential. Drilling programme to take place, targeting an extension to the Inferred Resources in the Mountain Block and to generate further targets in the Welcome Block.
  • Vagar Ridge: Following limited drilling during 2022 due to weather conditions, Amaroq will finalize the scout drilling programme to improve the understanding of the geology and mineralisation of the discovery.
  • Nanoq: Scout drilling programme to take place following geophysical results, targeting surface exposures to improve understanding of the geology and structure.
  • Regional: Gold target generation programme will continue across the Vagar licence and the greater area.

2023 Strategic Minerals Objectives

  • Accelerate exploration of Strategic Minerals assets in line with the ACAM Joint Venture agreement.
  • Sava/North Sava: Further scout drilling on 3+ targets as well as infill drilling at Target South and Target West. Systematic surface sampling to expand Target North and define further iron oxide, copper, gold (IOCG) prospectivity.
  • Stendalen: Airborne geophysical survey and a first strategraphic drill hole through the prospective geological units.
  • Paatasoq: Ground-based targeting to take place across Gardar age intrusion targeting Rare Earth mineralisation
  • Kobberminebugt: Airborne geophysical survey to assess the location, size and depth of the skarn style mineralisation.

2023 Operational Priorities

  • Finalization of ABD Solutions survey to assess the suitability of the Nalunaq site for vehicle automation. Amaroq will continue discussions with ABD Solutions to determine the next steps.
  • Amaroq's development programme will require significant equipment and the Company will be evaluating procurement options in 2023 to ensure availability of equipment and services.
  • Amaroq is in dialogue with the Greenlandic government and a team of experts to assess potential for green energy production in Greenland. The Company's priority focus is to establish how green energy can be sourced to supply Amaroq's sites and how the Company can cooperate with the government to help facilitate the development of green energy within Greenland.

Eldur Olafsson, CEO of Amaroq, commented:

"Amaroq is now the most active private investor in Greenland, and we continue to make excellent strategic progress in the region. We are now focused on advancing our cornerstone Nalunaq project to the next phase of development, with an initial bulk sample expected in 2023. We also continue to progress exploration work at our key growth targets and remain on schedule with our plans, with geophysical surveys and additional drilling completed throughout the period.

"I am also pleased to present our priority objectives for 2023. We have developed an exciting programme to accelerate growth across our portfolio, and I look forward to providing an update on our progress."

Selected Financial Information

The following selected financial data is extracted from the Financial Statements for the three and nine months ended September 30, 2022.

We seek Safe Harbor.

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