Amaroq's Nalunaq 2024 Exploration Results: Unlocking High-Grade Potential

Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mining company with a substantial land package of gold and strategic mineral assets in Southern Greenland, has announced highly encouraging underground exploration results and continued expansion of key mineralized veins at its cornerstone Nalunaq mine. The 2024 exploration programme, which encompassed both surface and underground drilling, has provided valuable insights into the deposit's potential and reinforced the Company's commitment to unlocking the mine's full potential.

Underground Drilling – Mountain Block
Amaroq's underground core drilling programme at Nalunaq has successfully targeted the up-dip continuity of the Mountain Block, yielding valuable insights into the form and extent of the Main Vein ahead of mining operations. The programme has provided valuable data on mineralisation continuity, with notable intersections of up to 47.6g/t Au over 1.72m, reinforcing the high-grade potential of the Mountain Block where mining activities are focused this year. Core samples are collected and logged by the Amaroq mining team, with target intervals analysed on-site using the innovative detectORE™ system, developed by Portable PPB, and validated through traditional fire assay testing at ALS Geochemistry.

Surface Drilling – Target Block Extension
Surface drilling identified gold-bearing structures, including an intersection of 22.7g/t Au over 0.5m, supporting further evaluation of the Target Block extension. Channel samples from the Main Vein (18.85g/t Au) and 75 Vein (6.63g/t Au) suggest mineralization may extend further west, though additional work is required to confirm continuity. These findings are being integrated within an upcoming Mineral Resource Estimate update (MRE4) to refine the deposit's potential and inform future mine planning.



James Gilbertson, VP Exploration for Amaroq, commented: "Our 2024 exploration results continue to validate the geological model at Nalunaq, with underground drilling returning highly encouraging high-grade intersections, reinforcing confidence in the Mountain Block's potential. In addition, our findings increasingly suggest that previous surface drilling may have under-reported gold grades, as evidenced by both underground drilling results and our high-grade variability study, and we look forward to providing the updated Mineral Resource Estimate expected at the end of this quarter. These insights will be instrumental as we refine our exploration and development approach. With further targeted drilling due to take place in 2025, we remain confident in our ability to define additional high-grade zones and optimise our production strategy."

In conclusion, Amaroq's 2024 exploration results at Nalunaq have significantly impacted the Company's Mineral Resource Estimate update (MRE4) and the potential for increased production. The successful exploration programme, along with the validation of the geological model and the expansion of mineralized veins, suggests that Nalunaq has the potential for increased production. The Company is working towards this goal by refining the exploration and development approach and planning further targeted drilling for 2025.