Proactive Investors - Amaroq Minerals Ltd (LON:AMRQ) told investors that results from its 2023 exploration drilling program at Nalunaq have revealed the highest grades at the gold project since the company was founded in 2017.
The results mark another step forward to meeting Amaroq’s internal objective of expanding the mineral resource at the southern Greenland project towards 1 million ounces and potentially beyond, CEO Eldur Olafsson commented in a statement.
The company highlighted a high-grade intersect of 182 grams per ton (g/t) gold over 0.69 metres (m) at Nalunaq, extending the Mountain Block high-grade zone ahead of the commencement of trial mining in 2024.
It also noted the discovery of a new high-grade vein, 75m above the Main Vein, with the highest ever grade intersect of 256 g/t gold over 0.5m, significantly increasing Nalunaq's resource potential.
“These results highlight the substantial upside potential to our development plans and confirms the extension of the high-grade zone, which sits within our current mine plan and extends beyond,” Olafsson said.
“This year's drilling programme at the Mountain Block extension, from two high-altitude mountain locations is testament to the effective collaboration between the Amaroq technical team and our long-term contractors. Together they have safely delivered these results from our high-quality targets in the timescale required to meet our seasonal objectives.”
The company said it successfully completed six drillholes for 1,731.43m of diamond core drilling from two high mountain platforms.
All six drillholes intersected the Main Vein structure, with four confirming the significant extension of the high-grade mineralisation in the Mountain Block.
"We deliberately focused this year's Nalunaq exploration programme on the Mountain Block, the planned area for our initial mining programme due to commence in 2024,” the company’s vice president of exploration James Gilbertson said.
“Our efforts will now turn to developing a further mining front at Nalunaq, with underground exploration and drill planning on the Target (NYSE:TGT) Block high-grade zone.
“In addition, these results have confirmed the presence of a potential orebody in the hanging wall, referred to now as the ‘75 Vein', which adds upside to Nalunaq's prospectivity and mine life."
The company said it expects further results from two additional sampled intersections of the 75 Vein, which are currently being processed by ALS Geochemistry.
References to the accompanying presentation on the Nalunaq results can be found here.