Amaroq reports high-grade drilling results from Nalunaq

(Sharecast News) - Amaroq reported high-grade drilling results from its Nalunaq gold mine in Greenland, including one intersection grading 1,840 grams per tonne over half a metre, as the company said its 2025 exploration programme had materially reduced risk around near-term production and confirmed the potential for further resource expansion. The AIM-traded miner completed 2,127 metres of underground drilling within Nalunaq's Mountain Block, where 62% of holes intersected the high-grade Main Vein, returning a weighted average grade of 87.6 grams per tonne.

It said the results exceeded modelled grades and reinforced confidence in the area currently being mined.

The company also drilled 4,166.5 metres from surface, discovering that the Main Vein structure extended around 700 metres down-dip from previously exploited zones, opening up new growth potential in the South Deeps area.

Amaroq said the confirmation of the Main Vein extension provided "significant additional future upside potential" beyond its existing exploration target.

All results would feed into an updated geological model and a revised mineral resource estimate due in the first quarter of 2026, which was expected to convert further material from the inferred to indicated category.

Vice-president of exploration James Gilbertson said the new data strengthened Amaroq's understanding of the deposit and supported near-term mining plans.

"I am very pleased to announce the 2025 exploration results at Nalunaq, which as well as confirming additional high-grade intersections, continue to strengthen our understanding of the deposit, derisking near-term production and providing the geological confidence required to continue sustained mining activities," he said.

"The confirmation of the Main Vein extension down-dip is also a key step in refining our exploration model and highlights the potential for further expansion beyond the areas drilled to date."

He added that the campaign validated the company's broader growth strategy.

"These results further validate Amaroq's strategy to target gold expansion within our portfolio and reinforce our belief in the long-term resource growth potential at Nalunaq," he said.

The company said it was continuing underground development to test extensions of the Mountain Block mineral corridor and has expanded surface drilling by around 5,700 metres to define continuity of the Main Vein toward existing workings.

Amaroq said drilling would continue through winter to support mine planning, alongside updates to district-scale geological models.

Nalunaq currently hosts an indicated resource of 158,000 ounces at 32.4 grams per tonne gold and an inferred resource of 326,000 ounces at 29.2 grams per tonne, with an additional exploration target of up to 2.3 million tonnes at 10 to 30 grams per tonne.

Amaroq said the latest results increased confidence in both the mine's high-grade potential and the scope for long-term expansion beyond the present resource envelope.

At 1504 GMT, shares in Amaroq were up 4.44% at 94p.

Reporting by Josh White for Sharecast.com.