🇮🇸 Amaroq: Highly encouraging underground exploration results and continued expansion of key mineralized veins

(“Amaroq” or the “Company” or the “Corporation”)

Amaroq presents Nalunaq 2024 Exploration Results

** Highly Encouraging Underground Exploration Results and Continued Expansion of Key Mineralized Veins **

TORONTO, ONTARIO – February 27, 2025 – 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, is pleased to provide an update on the 2024 exploration results at Nalunaq, aimed at expanding the Mountain Block and Target Block Extension zone.

Highlights

• Total of 2,985 meters of surface core drilling completed from eleven drillholes on the Target Block Extension zone, alongside 374.5m of underground core drilling at the Mountain Block and 203 channel samples from the western outcrops of the Main Vein and 75 Veins.
• Underground drilling 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.
• 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.
• Amaroq is integrating these findings within an upcoming Mineral Resource Estimate update (“MRE4”) to refine the deposit’s potential.
• The Company is strategically planning further underground and surface drilling programmes to continue assessing mineralization continuity 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.”

Overview of Exploration Programme

Following the successful 2023 exploration season and the initiation of underground rehabilitation and development at Nalunaq, Amaroq completed an ambitious 2024 exploration programme, further solidifying its commitment to unlocking the mine’s full potential. The 2024 campaign encompassed both surface and underground drilling, including:

• Underground Exploration:

o    Initiation of an underground drilling programme to support both resource growth and mine definition.

o    High-grade close-space variability studies to refine geological modelling.

• Surface Exploration:

o    A core drilling programme targeting the extension of the Target Block.

o    A mountain channel sampling programme focused on the western outcrop zones.

Underground Drilling – Mountain Block

Amaroq’s underground core drilling programme at Nalunaq is now well underway, managed by Amaroq and executed by Thyssen Schachbau. To date, seven drill holes have been completed, totalling 374.5m, with the first three holes fully logged and sampled. The programme 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.

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. This field-based technology allows for rapid gold assaying, significantly accelerating decision-making. Additionally, all samples undergo traditional fire assay testing at ALS Geochemistry to ensure comprehensive validation.

A total of 229.8m of underground drilling from five holes was completed in 2024, with a further 144.7m from two holes drilled in early 2025. The underground drill locations are detailed below:

2024/5 Underground Drill Locations

*  logged, sampled and detectORE assays received

*Projection WGS 84 UTM zone 23N

Underground High-Grade Continuity Study

To better understand the high-grade distribution and continuity of the Main Vein, a targeted close-space channel sampling programme was conducted. Two high-grade sites, Target Block 600W and Target Block 570W, were selected for this study. Using diamond saw techniques, samples were collected and submitted to ALS Geochemistry for fire assay and screen fire assay analysis.

Surface Core Drilling – Target Block Extension

Following the identification of high-grade material beyond the last western stope in the Target Block during the 2023 field season, Amaroq successfully completed a surface exploratory core drilling programme to assess the Target Block Extension zone potential. This was conducted from two newly constructed mountain platforms allowing access to the extension zone, a 775m long strike from the last stope to the western Main Vein outcrop.

In total 2,985m of core drilling was completed from eleven drillholes as detailed in the below table. All samples were submitted to ALS Geochemistry, Ireland for multi-element and fire assay.

2024 Surface Drill Locations

*Projection WGS 84 UTM zone 23N

Mountain Grab Sampling

Building on previous exploration success, Amaroq expanded its mountain grab sampling programme in 2024 to target both the Main Vein and 75 Vein outcrops. The aim was to confirm the continuation of high-grade corridors to the west, presenting additional resource growth opportunities.

A total of 203 channel samples were collected, analysed at Nalunaq, and sent to ALS Geochemistry for further multi-element and fire assay testing.

Initial Review of Exploration Results

Underground Drilling

Amaroq’s first underground drilling campaign at Nalunaq has been highly successful, confirming mineralisation continuity and delivering multiple intersections of visible gold. Notable results include intersections up to 47.6g/t Au over 1.72m, reaffirming the high-grade nature of the Mountain Block.

Sampled Intersections from the 2024 Underground Drilling Programme

* True thickness calculated using Main Vein intersection angles recorded during geological logging and from 3D modelling in Leapfrog Geo software.

These results, initially assessed using detectORE™, are currently undergoing additional fire assay confirmation at ALS Geochemistry in Ireland.

Underground High Grade Continuity Study

The close-space sampling programme has provided invaluable data on the high-grade variability within the Main Vein, offering insight into why small-diameter surface drilling may sometimes underrepresent gold grades. These findings will directly inform the next Mineral Resource Estimate (MRE4).

Sample results from the High Grade Continuity Study

Surface Drilling

The 2024 drilling campaign was completed during the summer of 2024 before being reviewed, logged, sampled and samples prepared on site. Initial results suggested the continuity of key gold-bearing veins, further supporting Amaroq’s geological model of Nalunaq. The results are still under review, and while vein thickness and consistency were below initial expectations, these variations may be attributed to the significant step-out distance of this year’s drilling from the last stope.

Despite this, high grades were intersected including 22.7g/t Au over 0.5m in hole NAL2403 illustrating that the high-grade nature of the Main Vein and 75 Vein continue into the Target Block Extension.

Moving forward, Amaroq will prioritize targeted underground drilling in areas immediately beyond the last stope to refine mineralization continuity and assess high-grade extensions more precisely.

Sampled Intersections from 2024 Drilling Programme

Originally published on 27 February by Amaroq Minerals.

Announcements are published as a service to readers. The sender is responsible for all content.

Announcements for publication can be submitted to in**@ar*********.com.