Proactive Investors - Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ) unveiled encouraging exploration results from its Nalunaq mine in Greenland following the 2023 exploration program.
The results from underground channel sampling across three levels within the Target (NYSE:TGT) Block confirmed the high-grade nature of the area, extending into previously unmined sections with grades reaching up to 48.3g/t Au over 1m.
Amaroq now plans to initiate underground drilling to develop a second mining face at Nalunaq, projecting a potential strike extension of up to 775m.
Furthermore, Amaroq reported additional sample results confirming the significant extent of the newly discovered 75 Vein. The vein's total extension is now comparable to that of the Main Vein, with grades of up to 256g/t Au over 0.5m reported in various blocks. The company aims to define a Mineral Resource for the 75 Vein in the near future, pending further drilling results.
“These channel results highlight the continuity of the high grade at the Target Block beyond the last historic stopes,” James Gilbertson, vice president exploration said in a statement. “This significantly de-risks a designed underground rehabilitation and exploration programme aimed at advancing additional development faces, which should help the company to progress towards its target production rate of 300tpd and increase the overall contained resource.”
Amaroq's underground exploration program, guided by the Dolerite Dyke Model, revealed that the Main Vein extends beyond the last stope within the western areas of the Target Block. The potential extension from the last stope to the Main Vein outcrop to the west is approximately 775m, a significantly unexplored area.
In addition to the Target Block exploration, Amaroq highlighted the progress in identifying and confirming the continuity of the newly discovered 75 Vein. With a similar overall strike extent to the Main Vein, the 75 Vein is becoming a key focus for Amaroq's future development plans. The company plans to expand the sampling of core from historical drillholes in 2024 to aid in the geological modeling of the 75 Vein.
“These results enable us to robustly model this second vein and, following further drilling results, we hope to be in a position to define a Mineral Resource for this vein in the near future,” Gilbertson added.
The 75 Vein, now recognized as the most continuous mineralized body at Nalunaq after the Main Vein, offers significant potential for mine development. Amaroq aims to continue re-logging and identifying additional 75 Vein intersects in 2024 to facilitate robust modeling and eventually estimate Mineral Resources in areas with sufficient drill density.
Amaroq Minerals is on track to reach its target production rate of 300tpd, with ongoing exploration efforts focused on expanding resources and discovering new veins within the Nalunaq mine.