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NALUNAQ 2022 EXPLORATION RESULTS

07 December 2022 - 07:00

("Amaroq" or the "Corporation")

Nalunaq 2022 Exploration Results
 

Amaroq expands Valley Block and records highest ever drill grade of 116g/t Au over 0.6m during the 2022 exploration programme

TORONTO, ONTARIO - December 07, 2022 - Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ First North: AMRQ), an independent mine development corporation with a substantial land package of gold and strategic mineral assets covering an area of 7,866.85 km2 in Southern Greenland, provides the results of its 2022 exploration programme at Nalunaq.

Highlights

· Completion of 46 diamond core drillholes, on time and on budget, at Nalunaq. The holes infilled and extended the Valley Block, hitting the Main Vein in 42 holes, a success rate of 92% confirming the targeting ability of the Corporation's geological model

·  Main Vein intersections grading up to 116 g/t Au over 0.62m, the highest grade intersection drilled by the Corporation

· Surface channel samples taken near existing underground infrastructure in the Mountain Block confirm thick, high-grade intersections of up to 98.6 g/t Au

·  Results indicate Valley Block has the potential to be as large as the Target Block which produced ~250 koz gold historically 

·  Results illustrate that the Mountain Block may provide the lowest cost access to mineralisation through subsequent mine development

·  Significant progress made in defining and sampling a series of hanging wall veins both in the Valley and Mountain Blocks with grades received of up to 10.8 g/t Au in these newly identified veins

·  The main component of the 2023 exploration programme will be a large bulk sample, as a key step towards a maiden Mineral Reserve estimate. This programme has the potential to clearly demonstrate the revenue potential of the resource and be the first step toward full production

Eldur Olafsson, CEO of Amaroq, commented:

"Expanding the footprint of the Valley Block up to twice the size, with even higher grades sampled (116g/t Au) makes for exciting times at Amaroq Minerals. The 2022 Nalunaq exploration results, the most successful drilling campaign to date, build further on our understanding of the Valley Block. The results also provide additional evidence for the mining potential in Mountain Block. Significantly, the Corporation has two potential near term production areas ahead of commencing the 2023 Bulk Sample."

References to our accompanying presentation on the Nalunaq results on the website by clicking the link below: https://www.amaroqminerals.com/investors/presentations/

Click on, or paste the following link into your web browser, to view full announcement:

http://www.rns-pdf.londonstockexchange.com/rns/8351I_1-2022-12-7.pdf

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

Provided by: Cision
London AIM (United Kingdom)
Nasdaq First North Iceland (Iceland)
Amaroq Minerals Ltd.
Amaroq Minerals Ltd is an independent gold mining company engaged in the identification, acquisition, exploration and development of gold properties in Greenland....
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