Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ), formerly AEX Gold Inc, told investors that drilling was ahead of schedule at its Nalunaq gold project in Greenland as the explorer posted its results for the second quarter to end-June this year.
The company, which now holds mineral assets of over 7,866.85 square kilometres (sq km) having increased its land package and exposure to base and strategic metals, said it had improved efficiency across all aspects of its portfolio.
As of June 30, the firm had cash of $19.5 million versus $23.8 million at the end of March this year, has no debt, and total working capital of $16.8 million.
"Our field season for 2022 is well underway and we are making solid progress with our drilling programmes at Nalunaq, Vagar Ridge and Sava," said CEO Eldur Olafsson in a statement.
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"We expect to share the results from this programme with the market in late Q3 to Q4. We are progressing with our strategic mineral exploration programme in Southern Greenland with the support of our partners.
"We remain focused on accelerating Greenland's contribution to the energy transition as a frontier jurisdiction at a time when access to these critical minerals for Western Governments and companies is limited by Chinese and Russian control of supply," the company boss added.
At Nalunaq, a 50-person all-weather camp is now in place and drilling is ahead of schedule with 7,300 metres (m) of core drilling at the Valley Block completed out of a scheduled 9,100m ahead of a potential increase to the resource estimate at the property "in due course".
A preliminary economic assessment (PEA) has begun at Nalunaq to assess the bulk sample and the options for an eventual reopening of the mine.
Meanwhile, at the company's Vagar Ridge project, following exploration last year, which significantly increased the footprint, Amaroq has begun an around 2,000m core drilling programme to further understand the geology ahead of defining potential resources.
So far, around 1,300m has been drilled across four holes.
At the Eagle's Nest target, Amaroq said it aimed to continue early stage geological reconnaissance mapping and sampling, provisionally scheduled for mid-September this year.
At the Sava and North Sava licences, Amaroq has completed a 320m scout core drilling programme over two drillholes on Targets West and Target South at the former, while a 5,000 line km programme will be conducted at the latter.
In the six months to June 30, the company posted a net loss of $10.4 million, compared to a loss of $7.8 million in the first half of 2021.
Amaroq has a portfolio of gold and strategic metal assets covering 7,615.85 sq km, the largest mineral portfolio in Southern Greenland covering the two known gold belts in the region.
Contact the writer at giles@proactiveinvestors.com