Proactive Investors - Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ) sees a path to production at its Nalunaq project in Greenland.
In a corporate update, the company said trial mining is set to start at Mountain Block in the second half of 2024, followed by operations at Target (NYSE:TGT) Block in the first half of 2025.
Initial mining rates are expected to range between 40-60 tonnes per day (t/d), scaling up to 130-150 t/d at each block by the latter half of 2025.
The company anticipates its first gold pour by the fourth quarter of 2024.
The feasibility study indicates that plant recoveries are on track to reach between 90-94% by the end of 2025, supported by planned investments. Amaroq plans to allocate C$25-30 million for the gravity plant in Q3 2024, and C$2.5 million in Q4 2024 and an additional C$6 million in H1 2025 for the flotation plant.
As well, Amaroq continues to advance its exploration program across South Greenland, focusing on strategic minerals and rare earths through its well-funded Gardaq JV.
The company is expected to provide more details at a Capital Markets Day event, taking place on Thursday between 10 am and 12 pm ET at Landsbankinn‘s headquarters in Reykjavik.
A recording of the proceedings will also be available post-event for review.
"The Amaroq management team and I are pleased to present our plans for bringing Nalunaq into production, accompanied by our broader gold and strategic minerals programme within Greenland,” Eldur Olafsson, CEO of Amaroq Minerals said.
Furthermore, Amaroq is enhancing its local procurement capabilities within Greenland with the establishment of ServiceCo, aimed at fortifying its supply chain resilience and enhancing transparency. The company is also committed to transitioning towards sustainable mining practices, including the utilization of renewable energy sources to power its operations and support local communities.