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(Sharecast News) - Amaroq Minerals reported encouraging exploration results from its 2024 drilling campaign at the Nalunaq gold project in southern Greenland on Thursday, reinforcing the high-grade potential of key mineraliced zones.
The AIM-traded firm said the results would be incorporated into the company's upcoming mineral resource estimate update as it refined the project's development strategy.
A total of 2,985 metres of surface core drilling was completed across 11 drillholes in the Target Block extension zone, alongside 374.5 metres of underground drilling in the Mountain Block and 203 channel samples from the western outcrops of the Main Vein and 75 Vein.
Underground drilling confirmed mineralisation continuity, with a notable intersection of 47.6 grams of gold per tonne over 1.72 metres, supporting this year's mining focus in the Mountain Block.
Surface drilling also identified gold-bearing structures, with a key intersection of 22.7 grams of gold per tonne over 0.5 metres, prompting further evaluation of the Target Block extension.
Channel sampling returned promising grades, including 18.85 grams of gold per tonne from the Main Vein and 6.63 grams per tonne from the 75 Vein, suggesting the potential for further mineralisation to the west, although additional work would be needed to confirm its extent.
Amaroq said it was now planning further underground and surface drilling to assess mineralisation continuity and inform future mine development.
"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," said James Gilbertson, vice-president of exploration at Amaroq.
"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."
At 1408 GMT, shares in Amaroq Minerals were up 1.83% at 100.3p.
Reporting by Josh White for Sharecast.com.
