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Amaroq Minerals Increases Mineral Resource Estimate at Nalunaq Gold Project

By Joe Hoppe

Amaroq Minerals Ltd. said Tuesday that it has increased both grade and contained gold in an updated mineral resource estimate for its flagship Nalunaq gold project in South Greenland, after an assessment of drilling results from 2020 and 2021.

The Canadian mining company said that the site now has a total inferred mineral resource of 355,000 metric tons of gold at a grade of 28.0 grams of gold per ton, a 30% increase in contained gold compared to the previous estimated in June 2020 and a 50% increase in average grade.

Due to the high grade nature of the deposit, it is relatively insensitive to cut-off grade and will remain robust at a range of gold prices, Amaroq said.

The company said its new Dolerite Dyke geological model will allow it to define continuous high grade zones within the main vein, making mining more efficient and profitable.

“This model continues to be instrumental in guiding the drilling of the higher grade zones now and in the year ahead as we aim to progressively increase the resources at Nalunaq to provide increased scale and optionality ahead of recommissioning this high grade gold operation,” Chief Executive Eldur Olafsson said.

Shares at 0821 GMT were up 1.5 pence, or 4.0% at 39.0 pence.

Write to Joe Hoppe at joseph.hoppe@wsj.com

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