Amaroq upbeat on maiden Nanoq drilling results

The AIM-traded firm said the maiden programme comprised two scout drill holes totaling 133.1 metres, targeting the Nanoq discovery outcrop first identified by GEUS in 1996 and reassessed by Amaroq in 2021.

Drilling intersected three zones of high-grade orogenic gold mineralisation, with visible coarse gold observed in quartz veins up to three metres thick, surrounded by mineralised alteration zones.

Located 120 kilometres from Amaroq’s Nalunaq Mine, the board said the Nanoq Project’s high-grade results validated the company’s geological model and confirmed mineralisation at depth.

The findings would pave the way for an expanded drilling programme in 2025, with the goal of defining a maiden mineral resource.

Amaroq said it was also evaluating the feasibility of bulk sampling and processing material from Nanoq at its Nalunaq facility, leveraging synergies between the two assets.

“These results mark a significant milestone in our Greenland exploration efforts, confirming Nanoq's exceptional gold potential and strengthening our understanding of the Nanortalik Gold Belt,” said chief executive officer Eldur Olafsson.

“The visible gold intersected in these first drill holes reflects the high-grade zones we see at Nalunaq, highlighting the potential for multimillion-ounce discoveries in the region.”

Olafsson said the company was now looking to broaden its exploration initiatives, as well as the concept of future bulk sampling at Nanoq with processing at its Nalunaq facility.

“This cost-effective approach would not only confirm Nanoq's high-grade potential and economic viability but also position us to enhance production and cash flow by leveraging and potentially expanding the processing capacity of our existing infrastructure.”

At 1348 GMT, shares in Amaroq Minerals were up 5.38% at 84.3p.

Reporting by Josh White for Sharecast.com.