South Greenland Copper Exploration Update
Toronto, Ontario , May 31, 2024 (GLOBE NEWSWIRE)
-- (“Amaroq” or the
“Corporation”)
South Greenland Copper Exploration
Update
**Confirmed porphyry / intrusion related copper
and molybdenum body at Target West supports mineral potential of
South Greenland Copper Belt**
***24 further copper targets identified ahead of
2024 field season***
TORONTO, ONTARIO – May 31, 2024 – Amaroq
Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent
mine development corporation with a substantial land package of
gold and strategic mineral assets across in Southern Greenland, is
pleased to provide an updated results from its ongoing copper
exploration activities in South Greenland.
James Gilbertson, VP Exploration of
Amaroq, commented:
"Building on the successful 2023 drilling
program at Target West, Amaroq has rigorously interpreted these
results, alongside recently received geophysical data. With the
assistance of leading independent copper industry experts, we
continue to define the emerging South Greenland Copper Belt. This
work has now confirmed the region's first copper porphyry system as
well as helped to identify 24 further high-potential targets across
this belt. Amaroq, through its Gardaq Joint venture, believes that
these results warrant further exploration efforts across a broader
area of the belt to identify further targets.
"Our 2024 field program will leverage the
knowledge developed so far on Target West and direct exploration
efforts on these new high-potential targets."
Overview
- The South
Greenland Copper Belt is defined by numerous copper showings and
historical small scale operations running ~150km, from the Josva
mine in the West, to multiple porphyry targets in the Johan Dahl
Land zone in the East
- Expert review of
the 2022 and 2023 results from Target West have confirmed the
project as a copper-molybdenum porphyry / intrusion related body,
significantly strengthening the copper potential of this
underexplored mineral belt
- Interpretation
suggests greater preservation potential in the East with up to 17
significant new targets defined within the Johan Dahl Land
area
- A data review of
the 2023 Kobberminebugt geophysics has highlighted potential for
further high-grade copper mineralisation at depth and across two
newly defined targets
- Target
generation studies coupled with the potential highlighted by
Amaroq’s discovery at Stendalen highlights a further 5
copper-nickel sulphide targets within the same mineral belt
- The Company is
now finalising the detailed plans for its 2024 exploration
programme which will concentrate on the discovery and development
of copper resources
- Amaroq’s
operational readiness ensures availability of logistical and
consumable requirements, should follow-up assessments be required
later this year
References to the accompanying presentation on the Sava results
on the website by clicking the link below:
https://www.amaroqminerals.com/investors/presentations/
South Greenland Copper Belt
The combination of the Company’s Mineral System
modelling and the review of registered and undocumented copper
occurrences has defined an emerging South Greenland Copper Belt,
stretching from the past-producing Josva copper mine in the west
~150km to numerous potential porphyry systems in the Johan Dahl
Land area in the east.
This ground had previously been mapped and
recorded as un-prospective granites, however Amaroq’s research has
indicated this to be a misinterpretation and highlighted the
geodynamic association of the belt to the Ketilidian aged
subduction beneath the nearby Archean craton margin as well as the
structural association with the rare earth element hosting Gardaq
Province along the regionally important Gardar-Voisey’s Bay fault
zone.
In commencing this research, Amaroq has made a
number of new copper, molybdenum and gold discoveries along the
belt including the Target West copper-molybdenum porphyry system,
which underwent successful scout drilling in 2022 and 2023. Copper
occurrences range from high grade vein hosted mesothermal or skarn
style bodies such as that historically mined at Josva in the
Kobberminebugt area, through large lower grade copper (+/-
molybdenum and gold) porphyry systems as identified at Target West
with indication of further bodies in the Johan Dahl land area. In
addition, potential epithermal copper/gold sites have been
identified, such as Target North.
Research from the 2023 exploration results
suggests that the level of erosion decreases towards the east and
therefore increasing ore deposit preservation potential.
Review of the Target West Porphyry
System
As reported in the press release of
24th January 2024, Amaroq completed a further 2,200m of
scout drilling into Target West located within the Sava licence.
This exploration intersected up to 345m of low grade porphyry style
mineralisation within a body termed Unit 1.
This Unit 1 has subsequently been interpreted as
an early stage fine-grained monzonite intrusion that is potassic
(K-feldspar+biotite) altered and cut by sinuous, relatively high
temperature, quartz veins that contain minor amounts of pyrite,
chalcopyrite and molybdenite (less commonly bornite). Magnetite
does occur with the quartz-sulfide veins locally but overall the
body of fine-grained monzonite coincides with a reduced-to-the-pole
magnetic low.
Further review of these data alongside of
leading independent copper industry expert Steve Garwin, an
internationally renowned copper expert, has suggested that Target
West exists as an ancient porphyry or intrusion related system. The
relict potassic altered core suggests that erosion level are high
and thus while depth potential remains, much of the original
mineralising system has been eroded away. However, Amaroq’s
discovery of Target West illustrates the potential to find further
porphyry deposits across the belt.
Kobberminebugt Geophysical
Results
The Kobberminebugt licence covers a coastal area
in South-Western Greenland, 25km southwest of Arsuk. The terrain is
flat undulating and affords excellent exposure of interbedded
metavolcanics, metasedimentary and pyroclastic rocks of the
Ilordleq Group exposed along the extent of the Kobberminebugt shear
zone, a regionally significant feature. These rocks have been
mineralised during the intrusion of a large granite system (the
Julianehåb complex) that are late Paleoproterozoic (Ketilidian) in
age, and therefore temporally related to the mineralisation
observed and reported on within the Company’s Sava licence over
120km to the East. As such Amaroq considers that the Kobberminebugt
licence forms the western extent of an emerging copper belt located
along the Gardar – Voisey’s Bay Fault Zone that straddles Eastern
Canada and South Greenland.
Narrow vein hosted high grade copper
mineralisation was exploited at the Josva mine area, which was
operated by Grønlands Minedrift Aktieselskab between 1853–1855 and
1905–1914. It is estimated that ~91 metric tons of copper as well
as small amounts of gold (16oz) and silver (1,600oz) were extracted
from 2200 tons of ore that was smelted on the site.
During 2023, a helicopter-borne MobileMT
electromagnetic and magnetic survey was conducted across the entire
licence area aimed at delineating the known mineralisation at Josva
and other historically mined areas and assessing the strike and dip
extensions of these. In parallel the signature from these bodies
could be used to define further targets within the immediate
licence area. The subsequent data has also undergone inversion to
allow for three dimensional interpretation.
From these data, and specifically the magnetic
inversions, Amaroq has interpreted a small strike but greater dip
extension to the high-grade hosting shear zone at the Josva mine.
This provides additional copper hosting potential at depth and
particularly in areas where the host shear zone appears to bend and
widen.
In addition to this, the association between
mineralisation and magnetite seen at Josva has allowed the Company
to define a further two prospective targets at the Sanerut island
area and particularly at Kiinalik where granitoid rock near a skarn
horizon of the Ilordleq group may host hydrothermal skarn type
mineralisation, and displays anomalous Au and lesser Cu stream
sediment anomalies.
Nunarsuit Geophysical
Results
The 2023 helicopter-borne geophysics (magnetics,
radiometric and gravity) flown over the western areas and
specifically the Gardar age rock of the Nunarsuit licence have been
received. Initial review and interpretation from these data have
provided significant insights into the structure and composition of
the Gardar intrusions that hold potential to host critical metal
and rare earth metals. Of particular interest is the identification
of new, previously unrecognised, intrusions and dykes as well as
the southern extension of the Isortoq Dyke which 15km to the north
hosts VTi Resources Isortoq vanadium-titanium deposit (70.3 million
tonnes containing 10.9% TiO2, 0.15%
V2O5 and 43.4% FeO1).
The identification and mapping of the structure
of these Gardar intrusions is a critical step towards understanding
their and defining their metal hosting potential.
Target Generation Across the Mineral
Belt
Following the assessment of the Target West data
in conjunction with Steve Garwin and the confirmation that the belt
host copper porphyry / intrusion related bodies, all available data
from across the belt has undergone further review in order to
update and refine Amaroq’s key copper exploration targets ahead of
the 2024 field season. This process involved a review of the
regional remote sensing, geophysical and geochemical data sets in
conjunction with the Company’s Mineral System models and the
insights gathered from the Target West drilling data and regional
exploration conducted in 2023. Due to the interpretation of the
higher preservation potential towards the east of the belt, this
project generation programme focused on the Johan Dahl Land
area.
The results of this programme are that, in
addition to the two modelled mesothermal/shear hosted targets
defined in the Kobberminebugt Target, a further 17 copper
exploration targets have been defined across the North Sava and
Johan Dahl Land area. This is in addition to the previously
reported targets across the wider belt.
Further, and leaning on insights taken from the
Stendalen copper-nickel discovery reported 29th February
2024, a number of appinite (hydrous plutonic rocks) bodies have
been assessed as further magmatic sulphide target located upon the
same copper belt. In all five further sulphide targets have been
defined.
No. |
Target |
Comment |
1 |
JDL1 |
Porphyry/IOCG Target – anomalous Cu stream sediments across 7
shallow magnetic bodies |
2 |
JDL2 |
Porphyry/IOCG Target – two shallow elliptical magnetic highs with
favourable structural complexity |
3 |
JDL3 |
Porphyry/IOCG Target – pluton with evidence of magnetite
destruction and alteration |
4 |
JDL4 |
Porphyry/IOCG Target – potential for alteration, rheological
contrasts and favourable lithology |
5 |
JDL5 |
Porphyry/IOCG Target – porphyry remote sensing target |
6 |
JDL6 |
Porphyry/IOCG Target – felsic intrusion with a circular fracture
pattern with anomalous gold |
7 |
JDL7 |
Porphyry/IOCG Target – porphyry remote sensing target |
8 |
JDL8 |
Porphyry/IOCG Target – showing strong propylitic (MgOH)
responses |
9 |
JDL9 |
Porphyry/IOCG Target – strong sericite responses (AlOH, PC4,
Fe) |
10 |
JDL11 |
Porphyry/IOCG Target – porphyry remote sensing target |
11 |
JDL12 |
Porphyry/IOCG Target – porphyry remote sensing target |
12 |
JDL13 |
Porphyry/IOCG Target – Fe-sericitic-propylitic acid alteration
responses. |
13 |
JDL14 |
Porphyry/IOCG Target – Fe-sericitic-propylitic acid alteration
responses |
14 |
JDL15 |
Porphyry/IOCG Target – coincident radiomentic halo and magnetic
high |
15 |
JDL17 |
Porphyry/IOCG Target – anomalous Cu stream sediments |
16 |
JDL18 |
Porphyry/IOCG Target – elevated Mo stream sediments |
17 |
JDL19 |
Porphyry/IOCG Target – elevated Mo stream sediments and coinciding
Zr anomaly |
18 |
JDL10 |
Magmatic Sulphide Target – large circular appinite with anomalous
stream sediments |
19 |
JDL21 |
Magmatic Sulphide Target – elevated MgO, Ni, Fe2O3, Cr and CaO |
20 |
JDL16 |
Magmatic Sulphide Target – Co stream sediment anomaly within an
unmapped intrusion |
21 |
JDL20 |
Magmatic Sulphide Target – Appinite suite diorites in a 9km long
body |
22 |
JDL22 |
Magmatic Sulphide Target – high magnetic and coinciding low
radiometric response |
23 |
Sanerut island |
Copper Skarn Target – magnetite anomaly in a granitoid region |
24 |
Kiinalik |
Copper Skarn Target – skarn horizon of the Ilordleq group |
2024 Exploration Aims and
Objectives
Amaroq is now finalising its 2024 field plans
and objectives for the licence within the South Greenland copper
belt. These programmes will involve a dedicated copper exploration
team assessing all targets identified from the ~10,000 line km
geophysical data collected in 2023 with particular attention paid
to the porphyry targets identified within the eastern reaches of
the belt where preservation potential is high.
Amaroq has further ensured availability for
logistical and consumable requirements needed for any scout
drilling this Summer should any of these targets assessed warrant
immediate follow up assessment.
Enquiries:
Amaroq Minerals Ltd.
Eldur Olafsson, Executive Director and CEO
eo@amaroqminerals.com
Eddie Wyvill, Corporate Development
+44 (0)7713 126727
ew@amaroqminerals.com
Stifel Nicolaus Europe Limited
(Nominated Adviser and Broker)
Callum Stewart
Varun Talwar
Simon Mensley
Ashton Clanfield
+44 (0) 20 7710 7600
Panmure Gordon (UK) Limited (Joint
Broker)
Hugh Rich
Dougie Mcleod
+44 (0) 20 7886 2500
Camarco (Financial PR)
Billy Clegg
Elfie Kent
Charlie Dingwall
+44 (0) 20 3757 4980
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Further Information:
About Amaroq Minerals
Amaroq Minerals' 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 past producing Nalunaq
Gold mine which is due to go into production towards the end of
2024. The Corporation 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
incorporated under the Canada Business Corporations Act and wholly
owns Nalunaq A/S, incorporated under the Greenland Public Companies
Act.
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 www.sedar.com. 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.
Glossary
Cu |
Copper |
CuEq |
Copper equivalent |
IOCG |
Iron Ore Copper Gold |
IP |
Induced polarization |
Kt |
Thousand metric tonnes |
Mo |
Molybdenum |
Mt |
Million metric tonnes |
UTM |
Universal Transverse Mercator |
1 NI 43-101 Report prepared by Andrew Turner of Apex
Geoscience on behalf of West Melville Metals 2012. The qualified
person did not author this report and relies upon Andrew Turner as
the author of this report and the containing estimate. The Mineral
resource estimate may not be current as it was submitted by a prior
own of the licence.
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