Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ) has boosted the resource base at its flagship Nalunaq gold project in Greenland.
The new resource was prepared by SRK Consulting and incorporates the drilling results from the 2020 and 2021 field seasons.
The total inferred resource now rings in at 355,000 tonnes grading 28 grams per tonne gold for 320,000 ounces of gold.
This constitutes a 30% increase in contained gold compared to the previous estimate reported in June 2020 and a 50% increase in average grade.
The Nalunaq project now sits within the top 2% in terms of global reported gold resource grades.
Due to the high-grade nature of the Nalunaq deposit, it is relatively insensitive to cut-off grade and remains robust at a range of gold prices.
"An independently assessed increase in both grade and contained gold following two dedicated field seasons of drilling is excellent news for Nalunaq,” said Eldur Olafsson, chief executive of Amaroq in a statement.
“This update provides the project with a key stepping stone toward the next chapter of its development. Nalunaq now sits in the 98th percentile in terms of reported gold resource grades globally, making it one of the highest-grade gold mines in the world.
"Our new Dolerite Dyke geological model has enabled us to define continuous high-grade zones within the Main Vein, which will make mining more efficient and profitable as lower grade tonnage can be discounted to focus on these higher grade areas.
“This model continues to be instrumental in guiding the drilling of the higher grade zones now and in the year ahead as we aim to progressively increase the resources at Nalunaq to provide increased scale and optionality ahead of recommissioning this high-grade gold operation," he added.
Broker SP Angel added this was an important development for the Nalunaq gold mine carried out under the supervision of SRK in accordance with the CIM NI 43-101 code.
“Nalunaq is one of the world’s highest grade gold mines and we look forward to further news on its potential recommissioning in Greenland.”
Shares rose 2.7% to 38.5p.
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