Kobberminebugt Licence Exploration Results

Copper mineralisation confirmed across licence with up to 11.6% copper returned, highlighting potential of Greenland's emerging copper belt

TORONTO, ON / ACCESSWIRE / January 24, 2023 / Amaroq Minerals Ltd. (AIM:AMRQ)(TSXV:AMRQ)(NASDAQ:AMRQ), an independent mine development company with a substantial land package of gold and strategic mineral assets covering an area of 7,866.85 km² in South Greenland, provides details of its 2022 Kobberminebugt project exploration programme.

Highlights

• Surface and underground surveys completed over the historic Josva copper mine have built an understanding of mineralisation style, extent and controlling geology
• Copper mineralisation confirmed as skarn related, with potential for significant tonnages at depth or along strike. This opens up the potential for numerous similar bodies across more that 40km of granite contact zone, which will be further explored during 2023
• Remaining mineralisation at Josva sampled with channel samples, which recorded up to 4.2% Cu over 2.5m including 11.6% Cu over 50cm
• Mineralisation relates to the same geological events sampled at the Company's Sava project highlighting the significant scale of this emerging copper belt over at least a 120km strike length

Eldur Olafsson, CEO of Amaroq, commented:

"The Company continues to further its strategic metals projects, building upon the mineral potential of South Greenland. These results indicate significant copper mineralisation to the western end of the emerging mineral belt which Amaroq is exploring. Kobberminebugt's high grade nature is unsurprising given the historic small-scale mining in the area, and our team is now working closely to identify extensions and additional mineralised bodies to build a large exploration target through our future field programme. I look forward to presenting further positive results on this in the near future."

References to our accompanying presentation on the Kobberminebugt results on the website by clicking the link below: https://www.amaroqminerals.com/investors/presentations/

Amaroq Exploration Programme

Amaroq acquired the licence covering these occurrences in the summer of 2021, following the conclusion of its mineral system modelling of South Greenland. The exploration conducted across the licence in 2022 consisted of early-stage geological reconnaissance of the metavolcanic/granite contact zones at Josva and up to 40km along strike of the Kobberminebugt shear zone. This work included detailed drone surveying of the outcropping mineralisation at Josva at surface and within the historic adit system. The aim of this programme was to confirm the presence and style of the mineralisation, assess its potential to host a mineral resource through extensions of the historical mine and in multiple bodies along strike and review the most suitable way to generate targets across this licence block in 2023.