Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ) has provided the results of its 2022 exploration programme at Nalunaq in Southern Greenland, describing it as the most successful drilling campaign to date.
The Greenland-focused explorer said the results included Main Vein intersections grading up to 116 grams per ton (g/t) gold over 0.62 metres (m), the highest grade intersection drilled by the corporation. The campaign also built on its understanding of the Valley Block.
"Expanding the footprint of the Valley Block up to twice the size, with even higher grades sampled (116g/t gold) makes for exciting times at Amaroq Minerals,” CEO Eldur Olafsson, said in a statement.
“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,” he added.
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The 2022 programme consisted of 9,119m of diamond core drilling across 46 drill holes.
Amaroq said the objectives of the drill programme were to infill the existing resource and test an up-dip extension of the Valley Block ore-shoot. Of these drill holes, 42 holes, or 92%, intersected the Main Vein, which it said was a testament to the improved exploration efficiency from its robust geological modelling of the last 24 months.
Three of the remaining five drill holes did not reach the depth of the Main Vein due to poor ground conditions and the company said it will review if these will be redrilled during the 2023 exploration programme.
Other highlights of the 2022 program include:
- 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 gold;
- Results indicate Valley Block has the potential to be as large as the Target Block which produced approximately 250,000oz 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 gold in these newly identified veins
Amaroq said 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,” the company said.
Amaroq's 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% interest in the Nalunaq Project, an advanced exploration stage property with an exploitation license including the previously operating Nalunaq gold mine. It has a portfolio of gold and strategic metal assets covering 7,866.85 square kilometres, the largest mineral portfolio in Southern Greenland covering the two known gold belts in the region.
Contact the author at stephen.gunnion@proactiveinvestors.com