26th Nov 2024 15:53
(Alliance News) - Amaroq Minerals Ltd on Tuesday said it has found high-grade gold intercepts in an inaugural drill programme in Greenland.
The Canada-based gold miner said the maiden drilling results show the project's "robust potential".
This was the first drill programme at the Nanoq project in southern Greenland which the company said "benefits from a prime location".
Amaroq said 133.1 metres of scout drilling confirmed the high-grade gold potential of the project and the prospect of an expanded 2025 drilling programme to make further progress.
The company said it is exploring the feasibility of processing material from the project at its nearby Nalunaq facility.
Chief Executive Officer Eldur Olafsson said: "These results mark a significant milestone in our Greenland exploration efforts, confirming Nanoq's exceptional gold potential and strengthening our understanding of the Nanortalik gold belt. The visible gold intersected in these first drill holes reflects the high-grade zones we see at Nalunaq, highlighting the potential for multimillion-ounce discoveries in the region."
Olafsson said using the Nalunaq facility for processing "would not only confirm Nanoq's high-grade potential and economic viability but also position us to enhance production and cash flow by leveraging and potentially expanding the processing capacity of our existing infrastructure."
Amaroq Minerals shares were up 5.5% to 84.39 pence in London on Tuesday afternoon.
By Michael Hennessey, Alliance News reporter
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