Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ) has said the results of its 2022 Sava project exploration in Greenland suggest a potentially large iron oxide, copper gold (IOCG) mineral system, in line with the company's initial 2021 assessment of the area.
The company noted that surface exploration was conducted across three target areas within the Sava licence, including the drilling of two scout drillholes, to inform target generation and provide further geological information on the area and produced high-quality samples with copper, gold, silver and molybdenum mineralisation.
In a statement, Eldur Olafsson, CEO of Amaroq, commented: ‘I am delighted to announce to the market today that our 2022 exploration programme at Sava, which was only designed as early-stage reconnaissance, has identified copper, gold, silver and molybdenum IOCG style mineralisation across three sites. These results confirm that Amaroq holds a significant licence area covering a large-scale, highly prospective strategic metals belt."
READ: Amaroq Minerals closes Canada and UK-listed equity financing; raises over C$17.3M
He added: "The potential for Greenland to supply strategic energy transition minerals is highly significant for Western Governments and companies to reach their decarbonisation targets and secure supply. These results will cast no doubt on the opportunity and the recently announced JV deal with GCAM gives us the financial resources needed to conduct a thorough exploration programme going forward with the aim of making large-scale discoveries across our strategic mineral portfolio."
One of the scout drillholes intersected 21 meters (m) of elevated copper grades at surface, in addition to evidence of IOCG style mineralisation.
Samples also demonstrated elevated levels of Molybdenum (Mo), a valuable element used in metal alloys, as well as Copper (Cu), Silver (Ag), Lead (Pb), Iron (Fe) and Light Rare Earth Elements (LREE).
Mineralised breccia zone, typical for IOCG deposits, identified over a kilometre with grades of up to 0.46% Cu, 4.35 grams per ton (g/t) Au and 40.9 g/t Ag. Up to 7.86% Mo was recorded in surface sampling, more than twice the grade of the highest-grade molybdenum mine globally.
Exploration results from Amaroq´s new Kobberminebugt licence, are expected in the next few weeks, together with more analyses to evidence the scale of this new emerging copper/IOCG belt in south Greenland.
The Sava licence, acquired by Amaroq in early 2021, is located alongside the significant Ilimaussaq complex (part of the Gardar Province) which hosts the Kvanefjeld and Tanbreez deposits, which collectively host an estimated 1.5% of global Rare Earths Element resources.
Initial assessment of the Sava licence in 2021 suggested the potential for IOCG mineralisation. Since its acquisition, the company has conducted significant mineral system modelling, which demonstrates geodynamic association between the Sava and Gardar areas and the Voisey's Bay province in Canada, which host significant magmatic sulphide and rare earth element (REE) deposits.
The mineral system modelling supports the company's belief that the Sava licence sits within a newly identified copper belt striking around 200 kilometres (km) along a major deep-seated structure running from the company's Kobberminebugt licence and eastward to the North Sava licence.
Amaroq has conducted surface exploration across three targets in 2022 (Target North, Target South and Target West) and two shallow scout drillholes into the two more developed target areas (Target West and Target South). The aim of this programme was to gather further geological data to inform target generation and the identification of geological style rather than target-specific mineralisation.
At Target West, a 166.43m diamond drillhole (SAVA2201) was completed into the centre of an IOCG anomaly with significant surface copper staining and evidence of hydrothermal activity. Drilling intersected anomalous copper in the first 21 meters with grades of up to 0.3% Cu in a potassic and sodic-altered quartz monzonite. Below this, significant magnetite alteration and molybdenum mineralisation was noted. Both of these styles are indicative of an IOCG related system.
Drilling at Target South (SAVA2202) intersected 152.43m of strongly altered magnetite rich granitoids containing a Magnetite-Actinolite-Apatite layer enriched in LREEs which was also identified in SAVA2201.
In addition to the scout drilling, surface mapping around Target West discovered hydrothermal alterations including substantial vein-hosted molybdenite with grades of up to 7.86% Mo (over twice the grade of the highest grade molybdenum mine globally). This mineralisation has been age dated, placing it at the end of the Ketilidian Orogeny, an important geological time period for IOCG mineralisation.
Surface exploration aimed at expanding Target North, discovered a mineralised quartz breccia zone striking around 1km along an ENE structure and returned grades of up to 0.46% Cu, 4.35g/t Au and 40.9g/t Ag.
Both scout drillholes and surface exploration have identified prospective geology and are indicative of a wider IOCG mineral system which will support future target generation across the licence area.
Amaroq additionally contracted a spectral remote sensing study of the area north and east of Sava in 2022, which was conducted by SRK Exploration Services. This resulted in the identification of a further 33 IOCG and porphyry target areas across the expanding mineral belt. Amaroq intends to follow up on this during its 2023 season and build upon the successful exploration approach now developed.
Amaroq Minerals' 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.
Amaroq 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 jon.hopkins@proactiveinvestors.com