Amaroq kynnir rannsóknarniðurstöður ársins 2024 úr Nalunaq 

/EIN News/ -- Reykjavík, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Amaroq kynnir rannsóknarniðurstöður ársins 2024 úr Nalunaq 

** Sterkar niðurstöður úr rannsóknum neðanjarðar – áframhaldandi stækkun á helstu gullberandi æðum **

Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ) kynnir með ánægju rannsóknarniðurstöður ársins 2024 úr Nalunaq. Rannsóknum var beint að því að stækka Mountain Block sem og svæðið í framhaldi af Target Block.

Helstu atriði

• Samtals var borað í gegnum 2.985 metra í 11 borholum af yfirborði í svæðið í framhaldi af Target Block auk 374,5 metra af neðanjarðar-borunum í Mountain Block. Auk þess voru tekin 203 sýni vestanmegin fjallsins þar sem aðalæðin (e. Main Vein) og 75-æðin (75-Vein) koma upp á yfirborðið.
• Neðanjarðar-boranir hafa veitt verðmætar upplýsingar um áframhald gullæðarinnar og skilað niðurstöðum á borð við 47,6 g/t Au yfir 1,72 metra, sem sýnir fram á háan styrkleika gulls í Mountain Block, þaðan sem vinnsla efnis fer fram um þessar mundir.
• Boranir af yfirborði greindu gullberandi svæði, þar á meðal þverskurð með 22.7 g/t Au yfir 0,5 metra, sem styður við frekari greiningu á svæðinu í framhaldi af Target Block.
• Sýnataka á aðalæðinni (18,85 g/t Au) og 75-æðinni (6,63 g/t Au) gefur til kynna að málmmyndun heldur áfram lengra í vestur, en þörf er á frekari greiningu til staðfestingar.
• Amaroq mun samþætta þessar niðurstöður í tilvonandi uppfærslu á auðlindamati í Nalunaq (Mineral Resource Estimate, “MRE4”).
• Félagið undirbýr nú áætlanir um frekari rannsóknir neðanjarðar og á yfirborði til að greina betur áframhald málmmyndunar og styðja við þróun og uppbyggingu námunnar.

James Gilbertson, jarðfræðingur og yfirmaður rannsókna hjá Amaroq:

“Niðurstöður rannsókna frá 2024 halda áfram að staðfesta jarðfræðilíkan okkar af Nalunaq. Neðanjarðar-boranir skila afar góðum niðurstöðum með háum styrkleika gulls, sem eykur enn frekar trú okkar á möguleikum Mountain Block svæðisins. Þar að auki gefa niðurstöður okkar í auknum mæli til kynna að boranir af yfirborði gætu verið að vanmeta styrkleika gulls, en vísbendingar um það má bæði finna í gegnum niðurstöður neðanjarðar-borana sem og breytanleikagreiningu. Byggt á þessum niðurstöðum hlökkum við til að uppfæra auðlindamat Nalunaq, sem við stefnum á í lok þessa ársfjórðungs. Frekari rannsóknarboranir eru áætlaðar á árinu 2025 og höfum við góða trú á getu okkar til að skilgreina fleiri svæði með háum styrkleika gulls ásamt því að gera námuvinnsluna eins skilvirka og kostur er á.”

Overview of Exploration Programme

Following the successful 2023 exploration season and the initiation of underground rehabilitation and development at Nalunaq, Amaroq completed an ambitious 2024 exploration programme, further solidifying its commitment to unlocking the mine’s full potential. The 2024 campaign encompassed both surface and underground drilling, including:

• Underground Exploration:
  • Initiation of an underground drilling programme to support both resource growth and mine definition.
  • High-grade close-space variability studies to refine geological modelling.
• Surface Exploration:
  • A core drilling programme targeting the extension of the Target Block.
  • A mountain channel sampling programme focused on the western outcrop zones.

Underground Drilling – Mountain Block

Amaroq’s underground core drilling programme at Nalunaq is now well underway, managed by Amaroq and executed by Thyssen Schachbau. To date, seven drill holes have been completed, totalling 374.5m, with the first three holes fully logged and sampled. The programme has successfully targeted the up-dip continuity of the Mountain Block, yielding valuable insights into the form and extent of the Main Vein ahead of mining operations.

Core samples are collected and logged by the Amaroq mining team, with target intervals analysed on-site using the innovative detectORE™ system, developed by Portable PPB. This field-based technology allows for rapid gold assaying, significantly accelerating decision-making. Additionally, all samples undergo traditional fire assay testing at ALS Geochemistry to ensure comprehensive validation.

A total of 229.8m of underground drilling from five holes was completed in 2024, with a further 144.7m from two holes drilled in early 2025. The underground drill locations are detailed below:

2024/5 Underground Drill Locations

Hole ID	Easting	Northing	Elevation	Total Depth (m)	Avg. Dip	Avg. Azimuth
NAL-UG-2401	508405	6691592	725	30.3	45	130
NAL-UG-2402	508405	6691592	725	30.2	75	90
NAL-UG-2403	508405	6691592	725	35	30	88
NAL-UG-2404*	508350	6691601	730	69.8	50	170
NAL-UG-2405*	508350	6691601	730	64.5	75	190
NAL-UG-2501*	508350	6691604	732	65.7	55	215
NAL-UG-2502	508349	6691604	731	79	50	240

* logged, sampled and detectORE assays received

*Projection WGS 84 UTM zone 23N

Underground High-Grade Continuity Study

To better understand the high-grade distribution and continuity of the Main Vein, a targeted close-space channel sampling programme was conducted. Two high-grade sites, Target Block 600W and Target Block 570W, were selected for this study. Using diamond saw techniques, samples were collected and submitted to ALS Geochemistry for fire assay and screen fire assay analysis.

Surface Core Drilling – Target Block Extension

Following the identification of high-grade material beyond the last western stope in the Target Block during the 2023 field season, Amaroq successfully completed a surface exploratory core drilling programme to assess the Target Block Extension zone potential. This was conducted from two newly constructed mountain platforms allowing access to the extension zone, a 775m long strike from the last stope to the western Main Vein outcrop.

In total 2,985m of core drilling was completed from eleven drillholes as detailed in the below table. All samples were submitted to ALS Geochemistry, Ireland for multi-element and fire assay.

2024 Surface Drill Locations

Hole ID	Easting	Northing	Elevation	Total Depth (m)	Avg. Dip	Avg. Azimuth
NAL2401	508210	6690997	814.5	282	80	351
NAL2402	508210	6690997	814.5	262	62	331
NAL2403	508210	6690997	814.5	284.93	71	294
NAL2404	508071	6691089	874	245	78	32
NAL2405	508071	6691089	874	239	62	349
NAL2406	508071	6691089	874	238.7	52	308
NAL2407	508071	6691089	874	253.5	78	286
NAL2408	508069	6691087	874	295.01	67	230
NAL2409	508069	6691087	874	300	81	175
NAL2410	508069	6691087	874	287	46	350
NAL2411	508069	6691087	874	298.7	63	21

*Projection WGS 84 UTM zone 23N

Mountain Channel Sampling

Building on previous exploration success, Amaroq expanded its mountain channel sampling programme in 2024 to target both the Main Vein and 75 Vein outcrops. The aim was to confirm the continuation of high-grade corridors to the west, presenting additional resource growth opportunities.

A total of 203 channel samples were collected, analysed at Nalunaq, and sent to ALS Geochemistry for further multi-element and fire assay testing.

Initial Review of Exploration Results

Underground Drilling

Amaroq’s first underground drilling campaign at Nalunaq has been highly successful, confirming orebody continuity and delivering multiple intersections of visible gold. Notable results include intersections up to 47.6g/t Au over 1.72m, reaffirming the high-grade nature of the Mountain Block.

Sampled Intersections from the 2024 Underground Drilling Programme

Hole ID	From	To	Interval (m)	True thickness (m)	Au g/t	Vein
NAL-UG-2404	49.85	50.35	0.5	0.5	31.6	MV
NAL-UG-2404	50.79	52.91	2.12	2.12	23.3	MV
	Including			0.5	57.2
NAL-UG-2405	49	50.72	1.72	1.61	47.6	MV
	Including			0.5	87.1
NAL-UG-2501	50.18	51.67	1.49	1.46	23.6	MV
	Including			0.49	48.5
NAL-UG-2501	54.4	54.9	0.5	0.49	25.83	HW

* True thickness calculated using Main Vein intersection angles recorded during geological logging and from 3D modelling in Leapfrog Geo software.

These results, initially assessed using detectORE™, are currently undergoing additional fire assay confirmation at ALS Geochemistry in Ireland.

Underground High Grade Continuity Study

The close-space sampling programme has provided invaluable data on the high-grade variability within the Main Vein, offering insight into why small-diameter surface drilling may sometimes underrepresent gold grades. These findings will directly inform the next Mineral Resource Estimate (MRE4).

Sample results from the High Grade Continuity Study

Location	From	To	Interval (m)	Au g/t
TB 600W	0	0.5	0.5	1.6
TB 600W	0	0.5	0.5	4.9
TB 600W	0	0.5	0.5	50.1
TB 600W	0	0.5	0.5	290.0
TB 600W	0	0.5	0.5	169.5
TB 600W	0	0.7	0.7	351.0
TB 570W	0	0.5	0.5	3.9
TB 570W	0	0.5	0.5	62.7

Surface Drilling

The 2024 drilling campaign was completed during the summer of 2024 before being reviewed, logged, sampled and samples prepared on site. Initial results suggested the continuity of key gold-bearing veins, further supporting Amaroq’s geological model of Nalunaq. The results are still under review, and while vein thickness and consistency were below initial expectations, these variations may be attributed to the significant step-out distance of this year's drilling from the last stope.

Despite this, high grades were intersected including 22.0g/t Au over 0.5m in hole NAL2403 illustrating that the high-grade nature of the Main Vein and 75 Vein continue into the Target Block Extension.

Moving forward, Amaroq will prioritize targeted underground drilling in areas immediately beyond the last stope to refine mineralization continuity and assess high-grade extensions more precisely.

Sampled Intersections from 2024 Drilling Programme

Hole ID	From	To	Interval (m)	True thickness (m)	Au g/t
NAL2403	200.87	201.37	0.5	0.48	22.7
NAL2403	199.37	199.87	0.5	0.50	9.94
NAL2401	244.23	244.73	0.5	0.49	0.64
NAL2405	148.38	148.78	0.4	0.23	0.56
NAL2405	147.88	148.38	0.5	0.38	0.48
NAL2406	165.80	167.00	1.2	1.2	0.4
NAL2406	165.30	165.80	0.5	0.5	0.37
NAL2409	190.28	191.07	0.79	0.74	0.25

* True thickness calculated using Main Vein intersection angles recorded during geological logging and from 3D modelling in Leapfrog Geo software.

Mountain Channel Sampling

203 channel samples were taken from the outcropping vein systems on the western side of Nalunaq mountain targeting where both the Mountain Block and Target Block high grade plunges are expected to crop out. Results from these samples include 18.85g/t Au in the Main Vein outcrop and 6.63g/t Au in the 75 Vein.

A focused strategy is now being developed to better understand the structural controls and refine geological targeting, particularly in the Target Block (TB) Extension zone. While this zone requires further assessment, the Company remains optimistic about its potential and will prioritize targeted underground drilling to enhance confidence in the zone.

2025 Exploration and Development Strategy

Amaroq remains committed to maximizing the value of Nalunaq. Insights from the 2024 exploration programme will directly inform the upcoming MRE4, reinforcing the Company’s long-term growth strategy.

For 2025, Amaroq is reviewing a structured exploration and development plan, focusing on:

• Targeted underground drilling to enhance confidence in high-grade zones.
• Expanded surface exploration to unlock additional resource growth potential.
• Continued geological modelling improvements to refine mining strategies and optimize resource extraction.
  
  

With a proven track record of exploration success and an aggressive development strategy, Amaroq is well-positioned to accelerate Nalunaq’s transformation into a high-grade gold producer.

Sampling and QAQC Disclosure        

Drill core was cut in half using a diamond blade core saw. Cut lines were consistently drawn along the core foliation axis and the right-hand side of the core was sampled. All drill core samples were placed into thick polymer bags with a sample ticket. All samples were prepared at ALS Geochemistry’s containerised preparation laboratory on-site at Nalunaq, before being packaged and sent to an accredited laboratory, ALS Geochemistry, Loughrea, Ireland, for analysis.

Sample preparation scheme PREP-31BY was used on all samples. This involves crushing to 70% under 2 mm, rotary split off 1 kg, and pulverizing the split to better than 85% passing 75 microns. Samples were then analysed by 50 g fire assay with method Au-AA26 which has a detection limit of 0.01 ppm Au. Samples containing visible gold and samples considered to be the Main Vein were assayed with screen-metallics fire assay technique Au-SCR24 which has a detection limit of 0.05 ppm Au. This involves screening 1 kg of pulverised sample to 106 microns followed by a gravimetric assay of the entire plus fraction and a duplicate 50 g AAS assay of the minus fraction.

Amaroq’s QA/QC program consists of the systematic insertion of certified reference materials of known gold content, blanks, and quarter core field duplicates at a rate of 1 in 20 or 5% per QA/QC type. In addition, ALS insert blanks and standards into the analytical process. The average sample mass was 2.08 kg.

Unground drillholes core has undergone initial assaying on site managed and maintained by ALS Geochemistry. Analysis for gold following processing utilising the detectORETM method as commercially available with Portable PPB Pty Ltd (Portable PPB). The detectORETM utilised approximately 250g of material sieved (to passing 1mm) split from a 2 to 2.5kg preperared sample. The sieved sample is inserted into a plastic sample pouch along with 500ml of gold lixiviant (GLIX_20™) and a detectORE™ bar coded collector device. The sealed pouch was then tumbled for 12 hours in a detectORE™ sample mixer.

Following tumbling, the detectORE™ collector device was removed, rinsed in water and dried prior to reading with a detectORE Mode enabled pXRF. The entire work flow was run by ALS Geochemistry and managed through Portable PPB’s pLIMS™ software and in accordance with the instructions, including QAQC protocols

Enquiries:

Amaroq Minerals Ltd.
Eldur Olafsson, Executive Director and CEO
eo@amaroqminerals.com

Eddie Wyvill, Corporate Development
+44 (0)7713 126727
ew@amaroqminerals.com

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Nikhil Varghese
+44 (0) 20 7886 2500

Canaccord Genuity Limited (Corporate Broker)
James Asensio
Harry Rees
Tel: +44 (0) 20 7523 8000

Camarco (Financial PR)
Billy Clegg
Elfie Kent
Fergus Young
+44 (0) 20 3757 4980

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Further Information:

About Amaroq Minerals

Amaroq’s principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in South Greenland. The Company’s principal asset is a 100% interest in the Nalunaq Gold mine. The Company has a portfolio of gold and strategic metal assets in Southern Greenland covering the two known gold belts in the region as well as advanced exploration projects at Stendalen and the Sava Copper Belt exploring for Strategic metals such as Copper, Nickel, Rare Earths and other minerals. Amaroq Minerals is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Companies Act.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events and the future growth of the Corporation's business. In this press release there is forward-looking information based on a number of assumptions and subject to a number of risks and uncertainties, many of which are beyond the Corporation's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include but are not limited to the factors discussed under "Risk Factors" in the Final Prospectus available under the Corporation's profile on SEDAR at www.sedar.com. Any forward-looking information included in this press release is based only on information currently available to the Corporation and speaks only as of the date on which it is made. Except as required by applicable securities laws, the Corporation assumes no obligation to update or revise any forward-looking information to reflect new circumstances or events. No securities regulatory authority has either approved or disapproved of the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Inside Information

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse ("UK MAR"), as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR").

Qualified Person Statement

The technical information presented in this press release has been approved by James Gilbertson CGeol, VP 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.