Latest news with #AMRQ
Globe and Mail
12-06-2025
- Business
- Globe and Mail
Results of Fundraising
Reykjavík, June 12, 2025 (GLOBE NEWSWIRE) -- THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. PLEASE SEE THE IMPORTANT NOTICES SECTION WITHIN THIS ANNOUNCEMENT. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY, AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF AMAROQ MINERALS LTD. THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION NO 596/2014, WHICH IS PART OF ICELANDIC LAW BY VIRTUE OF THE ACT NO 60/2021 ON MEASURES AGAINST MARKET ABUSE AND ASSIMILATED REGULATION NO 596/ 2014 AS IT FORMS PART OF THE LAW OF THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN. Amaroq Minerals Ltd. (' Amaroq ' or the ' Company ') Results of Fundraising TORONTO, ONTARIO – 12 June 2025 – Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ), an independent mine development corporation focused on unlocking Greenland's mineral potential, is pleased to announce the successful completion of its significantly oversubscribed Fundraising as announced on 11 June 2025. A total of 52,986,036 new common shares (the ' Fundraising Shares ') have been conditionally placed with new and existing investors at a price of 85.0 pence (C$1.57, ISK 144 at the closing exchange rate on 10 June 2025) per new common share (the ' Placing Price '), raising gross proceeds of approximately £45.0 million (C$83.2 million, ISK 7.6 billion). The net proceeds of the Fundraising will be used to support the ongoing commissioning and production expansion at Nalunaq, complete technical studies in relation to production expansion at Nalunaq, create a new hub in West Greenland, accelerate and deepen exploration drilling and the preparation of technical studies of the assets and provide additional balance sheet strength and working capital flexibility to the Company. The Fundraising Shares will represent approximately 11.7 per cent. of the Company's enlarged share capital following completion of the Fundraising. It is currently expected that Admission will become effective, and that dealings in the Fundraising Shares will commence on AIM, at 8.00 a.m. GMT on 30 June 2025, on the Icelandic Exchange at 9.30 a.m. UTC on 30 June 2025 and on the TSX-V at 9:30 a.m. ET on 30 June 2025. Approximately 90% of the demand for the Fundraising was secured from a broad range of institutional investors from the UK, USA and mainland Europe. Panmure Liberum Limited acted as nominated adviser, joint bookrunner and joint broker, alongside Canaccord Genuity Limited (together, the ' UK Joint Bookrunners ') who also acted as joint bookrunner and joint broker on the UK Placing. Landsbankinn hf. and Acro verðbréf hf. (the ' Icelandic Joint Bookrunners ') acted as joint bookrunners on the Icelandic Placing. Capitalised terms not otherwise defined in the text of this announcement have the meanings given in the Company's Fundraising announcement dated 11 June 2025. Eldur Olafsson, CEO of Amaroq, commented: 'We are pleased to announce the results of this successful, significantly oversubscribed fundraise, which received considerable interest from a broad spectrum of investors around the world. I would like to welcome new investors to Amaroq and to thank existing shareholders for their strong support. With the clear backing from the market for our strategy, we remain focused on unlocking Greenland's significant resource potential and look forward to updating shareholders on our operational progress at Nalunaq, our newly established West Greenland Hub and across the wider portfolio.' Enquiries: Amaroq Minerals Ltd. Eldur Olafsson, Executive Director and CEO Ed Westropp, Head of BD and Corporate Affairs +44 (0)7385 755711 ewe@ Eddie Wyvill, Corporate Development +44 (0)7713 126727 ew@ Panmure Liberum Limited (Nominated Adviser, Joint Bookrunner and Corporate Broker) Scott Mathieson Nikhil Varghese Freddie Wooding Rauf Munir +44 (0) 20 7886 2500 Canaccord Genuity Limited (Joint Bookrunner and Corporate Broker) James Asensio Harry Rees George Grainger Sam Lucas (ECM) Darren Furby (ECM) +44 (0) 20 7523 8000 Landsbankinn hf. (Joint Bookrunner) Björn Hákonarson Sigurður Kári Tryggvason +354 410 7340 Acro verðbréf hf. (Joint Bookrunner) Hannes Árdal Þorbjörn Atli Sveinsson +354 532 8000 Camarco (Financial PR) Billy Clegg Elfie Kent Fergus Young +44 (0) 20 3757 4980 Application for Admission Applications will be made for admission of the Fundraising Shares to trading on (a) AIM; (b) Icelandic Exchange; and (c) the TSX-V, with listing subject to the conditional approval of the TSX-V and the Company satisfying all of the requirements of the TSX-V. It is currently expected that admission will become effective, and that dealings in the Fundraising Shares will commence on AIM, at 8.00 a.m. GMT on 30 June 2025, on the Icelandic Exchange at 9.30 a.m. UTC on 30 June 2025 and on the TSX-V at 9:30 a.m. ET on 30 June 2025 (or in each case such other date as may be agreed between the Company, the Icelandic Joint Bookrunners and the UK Joint Bookrunners). The Fundraising Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing common shares of the Company, including the right to receive all dividends and other distributions thereafter declared, made or paid on the enlarged share capital from admission. Total Voting Rights Following the admission of the Icelandic Placing Shares, the UK Placing Shares and the Subscription Shares, Amaroq's total issued share capital will consist of 454,106,653 common shares of no par value. Given the Company does not hold any common shares in Treasury, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules or the Icelandic Act No 20/2021 on Disclosure Obligations of Issuers and Notifications on Major Holdings. End Note: Conversions based on FX rates of GBP:ISK of 169.90 and GBP:C$ of 1.8484 as at 10 June 2025. IMPORTANT NOTICES This Announcement does not constitute, or form part of, a prospectus relating to the Company, nor does it constitute or contain an invitation or offer to any person, or any public offer, to subscribe for, purchase or otherwise acquire any shares in the Company or advise persons to do so in any jurisdiction, nor shall it, or any part of it form the basis of or be relied on in connection with any contract or as an inducement to enter into any contract or commitment with the Company. This Announcement is not for publication or distribution, directly or indirectly, in or into the United States of America, Australia, The Republic of South Africa (' South Africa '), Japan or any other jurisdiction in which such release, publication or distribution would be unlawful. This Announcement is for information purposes only and does not constitute an offer to sell or issue, or a solicitation of an offer to buy, subscribe for or otherwise acquire any securities in the United States (including its territories and possessions, any state of the United States and the District of Columbia (collectively, the ' United States ')), Australia, Canada, South Africa, Japan or any other jurisdiction in which such offer or solicitation would be unlawful or to any person to whom it is unlawful to make such offer or solicitation. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the ' Securities Act '), and may not be offered or sold in the United States, except pursuant to an applicable exemption from the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States, or under the securities laws of Australia, Canada, South Africa, Japan, or any state, province or territory thereof or any other jurisdiction outside the United Kingdom, except pursuant to an applicable exemption from the registration requirements and in compliance with any applicable securities laws of any state, province or other jurisdiction of Australia, Canada, South Africa or Japan (as the case may be). No public offering of securities is being made in the United States, Australia, Canada, South Africa, Japan or elsewhere. No action has been taken by the Company, Panmure Liberum, Canaccord, Landsbankinn, Acro or any of their respective affiliates, or any of its or their respective directors, officers, partners, employees, consultants, advisers and/or agents (collectively, ' Representatives ') that would permit an offer of the Fundraising Shares or possession or distribution of this Announcement or any other publicity material relating to such Fundraising Shares in any jurisdiction where action for that purpose is required. Persons receiving this Announcement are required to inform themselves about and to observe any restrictions contained in this Announcement. Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this Announcement should seek appropriate advice before taking any action. Persons distributing any part of this Announcement must satisfy themselves that it is lawful to do so. This Announcement, as it relates to the UK Placing, is directed at and is only being distributed to: (a) if in a member state of the EEA, persons who are qualified investors (' EEA Qualified Investors '), being persons falling within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the ' EU Prospectus Regulation '); or (b) if in the United Kingdom, persons who are qualified investors (' UK Qualified Investors '), being persons falling within the meaning of Article 2(e) of assimilated Regulation (EU) 2017/1129 as it forms part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended (the ' UK Prospectus Regulation '), and who are (i) persons falling within the definition of 'investment professional' in Article 19(5) of the Financial Services And Markets Act 2000 (Financial Promotion) Order 2005, as amended (the ' Order ') or (ii) persons who fall within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Order, or (c) persons to whom it may otherwise be lawfully communicated (all such persons referred to in (a), (b) and (c) together being referred to as ' Relevant Persons '). This Announcement, as it relates to the Icelandic Placing, is directed at and is only being distributed to EEA Qualified Investors. The Fundraising Shares have not been qualified for distribution by prospectus in Canada and may not be offered or sold in Canada except in reliance on exemptions from the requirements to provide the relevant purchaser with a prospectus and, as a consequence of acquiring securities pursuant to this exemption or exemptions, certain protections, rights and remedies provided by the applicable Canadian securities laws will not be available to the relevant purchaser. The Fundraising Shares will be subject to statutory resale (hold) restrictions for a period of four months and one day in Canada under the applicable Canadian securities laws and any resale of the Common Shares must be made in accordance with such resale restrictions or in reliance on an available exemption therefore. Such restrictions shall not apply to any Fundraising Shares acquired outside of Canada. For the attention of residents of Australia: This Announcement is not a prospectus or product disclosure statement or otherwise a disclosure document for the purposes of Chapter 6D or Part 7.9 of the Australian Corporations Act 2001 (Cth) (' Corporations Act ') and does not constitute an offer, or an invitation to purchase or subscribe for the Fundraising Shares offered by this Announcement except to the extent that such an offer or invitation would be permitted under Chapter 6D or Part 7.9 of the Corporations Act without the need for a lodged prospectus or product disclosure statement. In addition, for a period of 12 months from the date of issue of the Fundraising Shares, no transfer of any interest in the Fundraising Shares may be made to any person in Australia except to 'sophisticated investors' or 'professional investors' within the meaning of sections 708(8) and (11) of the Corporations Act or otherwise in accordance with section 707(3) of the Corporations Act. No other person should act on or rely on this Announcement as it relates to the UK Placing or the Icelandic Placing and persons distributing this Announcement must satisfy themselves that it is lawful to do so. By accepting the terms of this Announcement, you represent and agree that you are a Relevant Person. This Announcement must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this Announcement or the Fundraising relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. No offering document or prospectus will be made available in any jurisdiction in connection with the matters contained or referred to in this Announcement, the UK Placing, the Icelandic Placing or the Fundraising, unless applicable in relation to admission to trading in Iceland and no such prospectus is required (in accordance with either the EU Prospectus Regulation for the purpose of the offer or sale of the Common Shares, the UK Prospectus Regulation or Canadian securities laws) to be published. The offering as it relates to the Icelandic Placing is subject to the exemptions from the obligation to publish a prospectus provided for in Articles 1(4)(a) of the EU Prospectus Regulation. Panmure Liberum, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom is acting exclusively for the Company and for no one else in connection with the UK Placing and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the UK Placing and will not be responsible to anyone other than the Company in connection with the UK Placing or for providing the protections afforded to their clients or for giving advice in relation to the UK Placing, the Fundraising or any other matter referred to in this Announcement. The responsibilities of Panmure Liberum, as nominated adviser, are owed solely to the London Stock Exchange and are not owed to the Company or to any director or any other person and accordingly no duty of care is accepted in relation to them. No representation or warranty, express or implied, is made by Panmure Liberum as to, and no liability whatsoever is accepted by Panmure Liberum in respect of, any of the contents of this Announcement (without limiting the statutory rights of any person to whom this Announcement is issued). Canaccord, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom is acting exclusively for the Company and for no one else in connection with the UK Placing and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the UK Placing and will not be responsible to anyone other than the Company in connection with the UK Placing or for providing the protections afforded to their clients or for giving advice in relation to the UK Placing, the Fundraising or any other matter referred to in this Announcement. Acro, which is authorised and regulated by the Financial Supervisory Authority of the Central Bank of Iceland, is acting exclusively for the Company and for no one else in connection with the Icelandic Placing and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the Icelandic Placing and will not be responsible to anyone other than the Company in connection with the Icelandic Placing or for providing the protections afforded to their clients or for giving advice in relation to the Icelandic Placing, the Fundraising or any other matter referred to in this Announcement. Some Icelandic Subscribers may however be customers of Acro. Landsbankinn, which is authorised and regulated by the Financial Supervisory Authority of the Central Bank of Iceland, is acting exclusively for the Company and for no one else in connection with the Icelandic Placing and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the Icelandic Placing and will not be responsible to anyone other than the Company in connection with the Icelandic Placing or for providing the protections afforded to their clients or for giving advice in relation to the Icelandic Placing, the Fundraising or any other matter referred to in this Announcement. Some Icelandic Subscribers may however be customers of Landsbankinn. This Announcement is being issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by or on behalf of Panmure Liberum, Canaccord, Landsbankinn and/or Acro (apart from in the case of Panmure Liberum and Canaccord the responsibilities or liabilities that may be imposed by the Financial Services and Markets Act 2000, as amended (' FSMA ') or the regulatory regime established thereunder) and/or by any of their respective affiliates and/or any of their respective Representatives as to, or in relation to, the accuracy, adequacy, fairness or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or their respective advisers or any other statement made or purported to be made by or on behalf of Panmure Liberum, Canaccord, Landsbankinn and/or Acro and/or any of their respective affiliates and/or by any of their respective Representatives in connection with the Company, the UK Placing Shares, the UK Placing, the Icelandic Placing Shares, the Icelandic Placing, the Common Shares or any part of the Fundraising and any responsibility and liability whether arising in tort, contract or otherwise therefor is expressly disclaimed. No representation or warranty, express or implied, is made by Panmure Liberum, Canaccord, Landsbankinn and/or Acro and/or any of their respective affiliates and/or any of their respective Representatives as to the accuracy, fairness, verification, completeness or sufficiency of the information or opinions contained in this Announcement or any other written or oral information made available to or publicly available to any interested party or their respective advisers, and any liability therefor is expressly disclaimed. The information in this Announcement may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction or disclosure of this Announcement, in whole or in part, is not authorised. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions. This Announcement does not constitute a recommendation concerning any investor's options with respect to the UK Placing, the Icelandic Placing or any part of the Fundraising. Recipients of this Announcement should conduct their own investigation, evaluation and analysis of the business, data and other information described in this Announcement. This Announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the UK Placing Shares, the Icelandic Placing Shares or the Common Shares. The price and value of securities can go down as well as up and investors may not get back the full amount invested upon the disposal of the shares. Past performance is not a guide to future performance. The contents of this Announcement are not to be construed as legal, business, financial or tax advice. Each investor or prospective investor should consult his or her or its own legal adviser, business adviser, financial adviser or tax adviser for legal, business, financial or tax advice. Any indication in this Announcement of the price at which the Company's shares have been bought or sold in the past cannot be relied upon as a guide to future performance. Persons needing advice should consult an independent financial adviser. No statement in this Announcement is intended to be a profit forecast or profit estimate for any period and no statement in this Announcement should be interpreted to mean that earnings, earnings per share or income, cash flow from operations or free cash flow for the Company for the current or future financial periods would necessarily match or exceed the historical published earnings, earnings per share or income, cash flow from operations or free cash flow for the Company. All offers of the Fundraising Shares will be made pursuant to an exemption under the EU Prospectus Regulation and the UK Prospectus Regulation from the requirement to produce a prospectus. This Announcement is being distributed and communicated to persons in the United Kingdom only in circumstances in which section 21(1) of FSMA does not apply. The Fundraising Shares to be issued pursuant to the Fundraising will not be admitted to trading on any stock exchange other than AIM, the TSX-V and the Icelandic Exchange. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information This Announcement includes statements that are, or may be deemed to be, 'forward-looking statements'. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'aims', 'anticipates', 'believes', 'could', 'envisages', 'estimates', 'expects', 'intends', 'may', 'plans', 'projects', 'should', 'targets' or 'will' or, in each case, their negative or other variations or comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and factors which are beyond the Company's control. The actual results, performance or achievements of the Company or developments in the industry in which the Company operates may differ materially from the future results, performance or achievements or industry developments expressed or implied by the forward-looking statements contained in this Announcement. The forward-looking statements contained in this Announcement speak only as at the date of this Announcement. The Company undertakes no obligation to update or revise publicly the forward-looking statements contained in this Announcement, except as required in order to comply with its legal and regulatory obligations.
Business Upturn
13-05-2025
- Business
- Business Upturn
2024 Exploration Update for Strategic Minerals JV
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: 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 Olafsson, Executive Director and CEO [email protected]
Hamilton Spectator
13-05-2025
- Business
- Hamilton Spectator
2024 Exploration Update for Strategic Minerals JV
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 Stendalen South Greenland Copper Belt Target North Johan Dahl Land Josva 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: . 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 2024 Drill Locations Stendalen * Logged, sampled and detectORE assays received Projection WGS 84 UTM zone 23N All Core drilled at NQ diameter Target North Projection WGS 84 UTM zone 23N All Core drilled at NQ diameter Josva 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. *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 eo@ Ed Westropp, Head of Business Development and Corporate Affairs ewe@ Eddie Wyvill, Corporate Development +44 (0)7713 126727 ew@ Panmure Liberum Limited (Nominated Adviser and Corporate Broker) Scott Mathieson Nikhil Varghese +44 (0) 20 7886 2500 Canaccord Genuity Limited (Corporate Broker) James Asensio Harry Rees Tel: +44 (0) 20 7523 8000 Camarco (Financial PR) Billy Clegg Elfie Kent Fergus Young +44 (0) 20 3757 4980 For Corporation updates: Follow @Amaroq_Minerals on X (Formerly known as Twitter) Follow Amaroq Minerals Ltd. on LinkedIn Further Information: About Amaroq Minerals Amaroq's principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in South Greenland. The Company's principal asset is a 100% interest in the Nalunaq Gold mine. The Company has a portfolio of gold and strategic metal assets in Southern Greenland covering the two known gold belts in the region as well as advanced exploration projects at Stendalen and the Sava Copper Belt exploring for Strategic metals such as Copper, Nickel, Rare Earths and other minerals. Amaroq Minerals is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Companies Act. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events and the future growth of the Corporation's business. In this press release there is forward-looking information based on a number of assumptions and subject to a number of risks and uncertainties, many of which are beyond the Corporation's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include but are not limited to the factors discussed under 'Risk Factors' in the Final Prospectus available under the Corporation's profile on SEDAR at . Any forward-looking information included in this press release is based only on information currently available to the Corporation and speaks only as of the date on which it is made. Except as required by applicable securities laws, the Corporation assumes no obligation to update or revise any forward-looking information to reflect new circumstances or events. No securities regulatory authority has either approved or disapproved of the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Inside Information This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse ('UK MAR'), as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse ('EU MAR'). Qualified Person Statement The technical information presented in this press release has been approved by James Gilbertson CGeol, VP Exploration for Amaroq Minerals and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.
