Mr. James Gilbertson reports

SAVA DRILLING RESULTS AT TARGET WEST VERIFY NEW SOUTH GREENLAND COPPER DISTRICT

Amaroq Minerals Ltd. has released the provisional results from its 2023 exploration program on the Sava copper project, at the centre of the developing South Greenland copper belt.

James Gilbertson, vice-president of exploration of Amaroq, commented:

"Our 2023 drill program at Sava has identified further evidence of a significant copper mineral system at Target West. These results, on previously overlooked ground, suggest the presence of a typical large-scale porphyry-style system and are testament to our discovery strategy and geological team. Target West is the first of multiple copper targets within Amaroq's portfolio. We have now confirmed skarn mineralization with up to 11.6 per cent Cu at Kobberminebugt, porphyry-style mineralization at Sava with assays up to 2.0 per cent CuEq and numerous other porphyry, and epithermal targets across a belt extending over 120 km.

"Two thousand twenty-three proved to be a very promising first year for our three-year funded exploration program through the Gardaq JV. At present, we have identified tonnage and remain close to surface. We will now continue to drill the targets to identify and locate high-grade mineralization. Subject to results, we would expect to be in a position to define the feasibility of a project such as this after 3-5 years and at that stage establish a pathway towards permitting and development."

Overview:

• Four holes drilled for 2,200 metres (m) across two targets on the Sava licence completed on time and budget.
• The Sava project is centred on an emerging copper district straddling 120 kilometres (km) across South Greenland, making this a significant new mineral belt.
• Amaroq has identified 36 targets across the emerging copper belt, likely associated with a series of magma chambers formed during a geological event around 1.8 billion years ago.
• These results are now being integrated with the extensive geophysics, flown right across the copper belt, to extract all value ahead of further announcements in Q2.

Target West:

• Target West is the first Amaroq target to progress to advanced exploration, following the success of the 2022 scout drill hole, which intersected 21 m of copper and molybdenum mineralization in unit 1 from surface.
• In 2023, three holes were completed, each intersecting copper molybdenum mineralization in the same unit 1 of up to 345 m including higher grade zones of up to 18 m at 0.31 per cent CuEq.
• Amaroq believe that Target West is a copper porphyry-style orebody. These deposit types tend to be large and lower grade in nature, similar to those in the South American Andes, where operations commonly mine at a grades of between 0.2 to 1 per cent Cu.
• Surface mapping and sampling have identified a significant copper-molybdenum surface footprint of at least three square km (560 football field), suggesting the presence of a large system.

Target North:

• Scout drill hole into a two-kilometre-long potential epithermal system did not intersect mineralization.
• Amaroq is reviewing these data with its JV (joint venture) partners ahead of a decision on whether to pursue the target further going forward.

Discussion on results

The Sava project, 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 hold an estimated 1.5 per cent of global rare earths element (REE) resources.

The prospect had initially been considered unprospective and was overlooked as the result of incorrect mapping. Amaroq chose to pursue an innovative exploration strategy and open up this new copper district. Initial assessment of the Sava project suggested potential for iron oxide copper-gold (IOCG) and porphyry-style mineralization. Since acquiring the licence, 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 REE deposits.

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

In 2023, Amaroq conducted surface drilling, geological mapping and channel sampling across two targets (Target West and Target North). The aim of this program was to build on the results of drilling in 2022 and to develop an emerging copper molybdenum porphyry-style project at Target West.

Target West

Hosting copper and molybdenum mineralization observed during the 2022 season, this target area was the primary focus of the 2023 season. Porphyry-style quartz veining with associated copper sulphide mineralization was encountered in holes SAV2301, SAV2302 and SAV2304.

Mineralization appears to be hosted within quartz veining orientated WNW-ESE to NW-SE. Samples as high as 7.8 per cent Mo have been recorded so far. 16.39 m of channel sampling was carried out in areas of high vein density and surface copper mineralization and results are pending.

Mineralized zones typically exhibit primary quartz flooding, surrounded by quartz veinlets transitioning into fracture-controlled alteration and mineralization. This years, drilling has confirmed that the host to this mineralization is a fine-grained monzonite and that it has undergone multiple alteration stages, including potassic, sericite plus chlorite, and hematite alteration related to a possible porphyry style system.

Results of channel sampling are pending and will be announced in due course.

Target North

Geological mapping across this target area revealed a roughly two-kilometre-long significantly hydrothermally altered fault system up to 400 m wide exhibiting potassic alteration and trace rusty sulphide mineralization.

Hosted in a granitoid with gneiss, and metasedimentary inclusions, this epithermal-style mineralization exhibits open space textures suggesting low confining pressures and may be late Ketilidian in age. It is affected by Gardar-period rifting suggesting a younger age than Target West.

This hydrothermal mineralizing system results in stockwork veining, brecciation, and sheeted veins with chlorite and hematite alteration. Veins, including quartz plus chlorite, quartz plus hematite, and calcite plus hematite, displayed complex relationships. Mineralization, primarily in the form of copper sulphides and gold, is associated with quartz plus chlorite veins.

A scout drill hole (SAV2303) at Target North tested this structural-controlled stockwork zone but failed to intersect any obvious mineralization.

The company carried out 87.47 m of channel sampling in areas of high vein density and surface copper mineralization and results are pending.

Preliminary scope of work for the 2024 field season

Amaroq is undertaking a detailed review of all data and has secured input from a number of world experts on porphyry and IOCG-style orebodies. The intention is to intergrade all geophysical and geochemical data to expand the exploration strategy across the wider copper belt.

The company is considering deploying a ground IP (induced polarization) survey over Target West, which would aid in defining zones of alteration and sulphide mineralization at depth. These results would further guide a 2024 drilling program at Target West.

Qualified person statement

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 National Instrument 43-101.

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