2024 Exploration Update for Strategic Minerals JV

Business Upturn

13-05-2025

Reykjavík, May 13, 2025 (GLOBE NEWSWIRE) — ('Amaroq' or the 'Company' or the 'Corporation')
2024 Exploration Update for Strategic Minerals JV
Amaroq Advances its Strategic Minerals Vision — Welcoming Dr. Steve Garwin
TORONTO, ONTARIO – May 13, 2025 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mining company with a substantial land package of gold and strategic mineral assets in Southern Greenland, is pleased to provide an update on the 2024 exploration results across the Company's strategic minerals portfolio JV, Gardaq AS.
Highlights
General Successfully completed an ambitious exploration programme across seven licences held under the Gardaq JV. Activities included extensive geological reconnaissance, mapping of previously unexplored terrain, geochemical sampling, and 5,524m of core drilling across three high-priority projects.
Gardaq now holds the majority of the licenses across this prospective belt that hosts South Greenland's first Copper Porphyry System at Target West.
Company has further expanded its geological understanding of the critical metals hosting across South Greenland.
Three new licence applications across Greenland have been submitted, targeting copper, gold, and rare/critical earth elements.
The Company is proud to announce the appointment of world-renowned porphyry and epithermal exploration specialist Dr. Steve Garwin as Chief Technical Advisor – Epithermal & Porphyry Systems to Gardaq.
Stendalen Drilling at Stendalen provided key geological insights into the copper/nickel/cobalt ('Cu/Ni/Co') mineralised system, supported by the identification of several chargeable geophysical features identified post drilling.
Further sections of Cu/Ni/Co sulphides have been intersected across all drillholes.
Although some assay results are still pending, so far one narrow zone of semi-massive sulphide has been encountered indicating potential for higher concentrations of Cu/Ni/Co sulphides still to be discovered.
Quantitative petrographic analysis at Stendalen confirmed high copper, nickel, and notably high cobalt content (up to~10% Co) within sulphides, consistent with a Cu/Ni/Co geochemical signature.
Post drilling, a downhole geophysical survey was conducted, which is now being coupled with the drilling data, highlighting exciting targets for future drilling and a better understanding of the Stendalen structure.
South Greenland Copper Belt Ongoing work across the South Greenland Copper Belt has delineated approximately four new porphyry/epithermal targets for follow-up work in 2025.
Target North Scout drilling at Target North confirmed the presence of a significant epithermal system. Although no economic mineralisation was encountered during the scout drilling at Target North, the confirmation of a well-developed epithermal system provides compelling evidence of the region's broader potential to host Cu-Au epithermal targets.
Johan Dahl Land Exploration at the newly acquired Johan Dahl Land licence led to the discovery of the Ukaleq project, with impressive grades up to 12.3 g/t Au and 5.1% Cu (as previously reported1).
Josva At Josva, scout drilling expanded the host structure at the historic mine site.
Bornite-bearing alteration zones were intersected, with best grades of 0.35% Cu, 6.0 g/t Ag (JOS2401) and 0.38% Cu, 5.55 g/t Ag (JOS2402).
While intersections are currently considered subeconomic, further work is aimed to delineate further strike and depth potential.
1 Amaroq Awarded Johan Dahl Land Licence and Positive Initial Exploration Results, 22 January 2025 .
References to the accompanying presentation can be accessed on the website by clicking the link below: https://www.amaroqminerals.com/investors/presentations/.
James Gilbertson, VP Exploration for Amaroq, commented:
'2024 was a defining year for Amaroq's strategic minerals exploration. While not every drill target yielded economic results, each programme delivered valuable geological insights that are sharpening our focus on the most promising opportunities. Key highlights include the discovery of new porphyry and epithermal systems, confirmation of a cobalt-rich nickel-copper target at Stendalen, and strong early results at Ukaleq — all reinforcing South Greenland's untapped potential.
'We're also pleased to welcome Dr. Steve Garwin as Technical Advisor. His global expertise in porphyry and epithermal systems is already influencing our exploration strategy.
'With new drill data, geophysics, and assay results in hand, Amaroq is well positioned to prioritise 2025 follow-up programmes — including potential further drilling at Stendalen and Ukaleq. These next steps will be key in demonstrating the value of the Gardaq JV and its contribution to Amaroq's strategic growth.'
Overview of 2024 Exploration Programme Project Programme Details Stendalen Downhole Geophysics Downhole EM through 2023/24 drillholes Core Drilling 4,773m of exploration drilling Sava Scout Drilling 501m from the Target North Cu/Au epithermal system Josva Scout Drilling 250m initial drilling into the former production high grade copper project Copper Belt Reconnaissance Surface sampling and mapping over multiple copper targets across the 120km belt
2024 Drill Locations
Stendalen 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
All Core drilled at NQ diameter
Target North Hole ID Easting Northing Elevation Total Depth (m) Avg. Dip Avg. Azimuth SAV2401 439317 6782264 232.5 350 80.3 165.9 SAV2402 439317 6782264 232.5 151 43.6 169.2
Projection WGS 84 UTM zone 23N
All Core drilled at NQ diameter
Josva Hole ID Easting Northing Elevation Total Depth (m) Avg. Dip Avg. Azimuth JOS2401 330870 6753144 11.3 80.2 51.7 322 JOS2402 330870 6753144 11.3 170.7 66.8 209
Projection WGS 84 UTM zone 23N
All Core drilled at NQ diameter
Initial Review of Exploration Results
Stendalen
In 2024, while assays are still largely pending and expected later this quarter, drilling did confirm extensive Cu/Ni/Co sulphides concentrated throughout the system as well as along the basal contact of the gabbroic intrusion, supported by strong conductive signals identified through downhole electromagnetic surveys (DHEM).
Updated geological models from these drilling results incorporate fold structures (anticlines, synclines, and sheathing) that could act as key controls on mineralisation, particularly near the hypothesised feeder zone to the northwest. U-Pb zircon dating yielded an age of ~1804 Ma, predating the Ketilidian orogeny and aligning well with these observed structural features and deformation phases.
These results provide a number of promising drill targets and represent a significant step toward advancing Stendalen.
Further afield from Stendalen, Amaroq is looking to leverage off the geological and sulphide hosting experienced gained in the assessment for further identify potential ultramafic and volcanic-hosted mineralisation.
Copper Belt
In 2024, drilling at Josva tested the depth and strike extensions of the historic copper-bearing Josva Shear Zone. While low-grade copper mineralisation (primarily bornite and chalcopyrite) was intercepted, results were below economic thresholds, though they expanded understanding of the mineralised system and its structural controls. Work will now more towards an assessment of the strike and depth potential away from Josva. Hole ID From To Interval (m) Cu (%) JOS2401 24 25 1 0.36 JOS2401 45 49 4 0.22 Including 47 48 1 0.34 JOS2401 69 70 1 0.14 JOS2402 43 44 1 0.33 JOS2402 64 70 6 0.15 Including 68.88 70 1.12 0.38
*True lengths have not been determined but are estimated to be 70-100% of interval length
At Target North, scout drilling intersected low- to intermediate-sulphidation epithermal veins, with evidence of hydrothermal boiling textures. Although no economic mineralisation was encountered, the confirmation of a well-developed epithermal system provides compelling evidence of the region's broader potential to host Cu-Au epithermal targets. As such, exploration focus is now shifting to other regional targets along the belt where similar geological signatures may be present.
Further exploration across the Copper Belt identified the Ukaleq target that included gold grades up to 12.3 g/t Au and copper grades reaching 5.1%, indicative of a robust mineralizing system; as previously reported.
On top of this exploration efforts have identified at least a further four prospective porphyry/epithermal targets to be followed up during 2025.
New Licences
The Company has drawn on its geological expertise to apply for three additional mineral licences, targeting highly prospective opportunities across Greenland. These include the tier-one phosphate and critical minerals potential at Gardiner (East Greenland), the emerging REE and Nb-Ta target at Illerfissalik, and a potential Kiruna-style IOCG system at Minturn in northern Greenland.
Sampling and QAQC Disclosure
Surface Drilling
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.
At Stendalen – 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 and ICP-MS finish using method PGM-MS24 which has a low detection limit for Pt, Pd and Au. A second multielement assay analysis is run for 50 g using method ME-MS61r, where the sample is digested in 4-acid (perchloric, nitric, hydrofluoric and hydrochloric acids) and analysed by ICP-AES for all elements and ICP-MS for high concentration elements.
At Target North and Josva – 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 and ICP-AES finish using method Au-ICP2, with overlimit method Au-GRA22 which has a gravimetric finish. A second multielement assay analysis is run for 50 g using method ME-MS61r, where the sample is digested in 4-acid (perchloric, nitric, hydrofluoric and hydrochloric acids) and analysed by ICP-MS for all elements. Samples were analysed for Si, Ti and Zr using pXRF method pXRF-34.
Amaroq's QA/QC program consists of the systematic insertion of certified reference materials of known base metal contents, blanks, and quarter core field duplicates at a rate of 1 in 20 (5%) per QA/QC type. In addition, ALS insert blanks and standards into the analytical process.
Grab Sampling
Grab samples were collected from outcrops through the use of geological picks and hammers. Where possible chip channel samples were collected across the width of the visible vein. Grab samples were packaged into thick polymer bags with a sample ticket and reviewed by the Company geological staff prior to submission.
All grab 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. As with drill the surface drill core, samples underwent preparation scheme PREP-31BY. 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.
Grab sample QAQC procedures consisted of the systematic insertion of certified reference materials of known gold content, blanks, and 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.
Enquiries:
Amaroq Minerals Ltd.Eldur Olafsson, Executive Director and CEO
[email protected]