Mr. Eldur Olafsson reports

KOBBERMINEBUGT LICENCE EXPLORATION RESULTS

Amaroq Minerals Ltd. has provided details of its 2022 Kobberminebugt project exploration program.

Highlights:

• Surface and underground surveys completed over the historic Josva copper mine have built an understanding of mineralization style, extent and controlling geology.
• Copper mineralization 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 than 40 kilometres of granite contact zone, which will be further explored during 2023.
• Remaining mineralization at Josva sampled with channel samples, which recorded up to 4.2 per cent Cu over 2.5 metres, including 11.6 per cent Cu over 50 centimetres.
• Mineralization 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 120 km strike length.

Eldur Olafsson, chief executive officer 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 mineralization 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 mineralized bodies to build a large exploration target through our future field program. I look forward to presenting further positive results on this in the near future."

Amaroq exploration program

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 40 km along strike of the Kobberminebugt shear zone. This work included detailed drone surveying of the outcropping mineralization at Josva at surface and within the historic adit system. The aim of this program was to confirm the presence and style of the mineralization, 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.

The company's fieldwork indicated massive copper sulphide-bearing (bornite, chalcopyrite, chalcocite) mineralization hosted in a sheared vein system that parallels the Kobberminebugt shear. These veins are hosted within a roughly 25-metre-wide diopside-hornblende skarn exhibiting a strong cleavage and hosting lower-grade copper mineralization. This zone is in direct contact with hydrothermally altered Ketilidian granites.

Samples of these vein systems returned up to 4.2 per cent copper over 2.5 m, including 11.6 per cent Cu over 50 centimetres. Minor gold and silver grades were also reported.

The Amaroq geology team is now confident in the skarn origin to this mineralization at Kobberminebugt which opens up the potential for multiple mineralized skarns along the granite contact zone which extends approximately 40 km to the northeast and in a further approximately 35 km 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 mineralization at Josva, the team believes there is potential that this narrow mineralization style could open up at depth or along strike, indicating mine-scale tonnages.

It is hypothesized 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) mineralization and related hydrothermal and magmatic mineralization styles.

2023 exploration program

Amaroq intends to follow this exploration with a detailed assessment in 2023 of the skarn geometry and mineralogy, 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 program utilizing a similar system to that successfully employed across the company's other Greenland assets.

Geological background

The Kobberminebugt licence covers a coastal area in southwestern Greenland, 25 km 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 mineralized during the intrusion of a large granite system (the Julianehab complex) that are late Paleoproterozoic (Ketilidian) in age, and therefore temporally related to the mineralization observed and reported on within the company's Sava and North Sava projects over 120 km to the east. As with Sava, this area is also spatially related, and possible further mineralized 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 mineralization was exploited at the Josva mine, which was operated by Gronlands Minedrift Aktieselskab between 1853 and 1855 and 1905 and 1914. It is estimated that approximately 91 metric tonnes of copper as well as small amounts of gold (16 ounces) and silver (1,600 oz) were extracted from 2,200 tonnes of ore that was smelted on the site.

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.

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