AMAROQ MINERALS LTD. The Financial Statements and the accompanying Management Discussion and Analysis are available on the Corporation's website at www.amaroqminerals.com and will be filed under the Corporation's SEDAR profile at www.sedar.com later today. All figures are in Canadian dollars unless otherwise noted.
Q3 2022 Highlights
Significant progress across Amaroq's portfolio within
Publication of an updated Nalunaq Mineral Resource Estimate (MRE) with reported Total Inferred Mineral Resource of 355.0Kt @ 28.0g/t Au for 320Koz gold, and confirming the project as falling within the top 2% of deposits in terms of grade globally.
Commencement of the planning stages of a bulk sampling project at Nalunaq to assess the optimal path forward for mine development, and working towards first cashflow generation.
Additional drilling completed across two further projects at
Geophysical surveys completed at Nanoq and North Sava, with the results currently being processed with further ground exploration conducted in the Eagle's Nest and Kobberminbugt areas.
Post-period Highlights
Promising discovery of Copper, Molybdenum and Gold at the
Completion of
Signing of final documentation in relation to the ACAM joint venture for the exploration and development of Amaroq's strategic mineral assets and receipt of initial
Listing of Icelandic Depository Receipts on the Nasdaq First North Growth Market in
2023 Precious Metals Objectives
Focus on progressing Nalunaq to the next phase of development, to underpin the development of the wider portfolio.
Nalunaq: Extraction of an initial bulk sample to elevate the Inferred Mineral Resources to the Indicated category, provide mining access to the orebody and demonstrate revenue generation potential. Drilling programme to take place, targeting an extension to the Inferred Resources in the Mountain Block and to generate further targets in the Welcome Block.
Nanoq: Scout drilling programme to take place following geophysical results, targeting surface exposures to improve understanding of the geology and structure.
Regional: Gold target generation programme will continue across the Vagar licence and the greater area.
2023 Strategic Minerals Objectives
Accelerate exploration of
Stendalen: Airborne geophysical survey and a first strategraphic drill hole through the prospective geological units.
Paatasoq: Ground-based targeting to take place across Gardar age intrusion targeting Rare Earth mineralisation
Kobberminebugt: Airborne geophysical survey to assess the location, size and depth of the skarn style mineralisation.
2023 Operational Priorities
Finalization of ABD Solutions survey to assess the suitability of the Nalunaq site for vehicle automation. Amaroq will continue discussions with ABD Solutions to determine the next steps.
Amaroq's development programme will require significant equipment and the Company will be evaluating procurement options in 2023 to ensure availability of equipment and services.
Amaroq is in dialogue with the Greenlandic government and a team of experts to assess potential for green energy production in
Eldur Olafsson, CEO of Amaroq, commented:
'Amaroq is now the most active private investor in
'I am also pleased to present our priority objectives for 2023. We have developed an exciting programme to accelerate growth across our portfolio, and I look forward to providing an update on our progress.'
Selected Financial Information
The following selected financial data is extracted from the Financial Statements for the three and nine months ended
Contact:
Eldur Olafsson
Executive Director and CEO
T: +354 665 2003
E: eo@amaroqminerals.com
Investor
T: +44 (0)7713 126727
E: ew@amaroqminerals.com
Nominated Adviser and Broker
Simon Mensley
T: +44 (0) 20 7710 7600
Joint Broker
T: +44 (0) 20 7886 2500
SI
Joint Broker
T: +44 (0) 1483 413500
Camarco
Financial PR
T: +44 (0) 20 3757 4980
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