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Upate Nalunaq Technical Report File on SEDAR

17 Oct 2022 15:44

RNS Number : 1467D Amaroq Minerals Lt 17 October 2022 160

160

("Amaroq" or the "Corporation")

Upate Nalunaq NI-43-101 Technical Report File on SEDAR

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TORONTO, ONTARIO - October 17, 2022 - Amaroq Minerals Lt. (AIM, TSXV: AMRQ - formerly AEX Gol), an inepenent mine evelopment company with a substantial lan package of gol an strategic mineral assets covering an area of 7,866.8160km2 in Southern Greenlan, announces that the upate National Instrument 43-101 report pertaining to the Nalunaq project, has been file on the Company's SEDAR profile (www.sear.com).

The Technical report etails the upate Mineral Resource Estimate (MRE) for its flagship Nalunaq Gol project, prepare by SRK Consulting (UK) Limite (SRK). This upate, terme MRE3, was announce on September 6, 2022 an is reporte in accorance with the Canaian Institute of Mining, Metallurgy an Petroleum (CIM) Definition Stanars on Mineral Resources an Mineral Reserves (May 2014).

The upate MRE is summarise in Table 1 below.

Highlights

183160160160 Total Inferre Mineral Resource of 3.0Kt @ 28.0g/t Au for 320Koz gol, reporte accoring to CIM Definition Stanars by SRK.

183160160160 This constitutes a 30% increase in containe gol compare to the previous estimate reporte in June 2020 an a 0% increase in average grae.

183160160160 The Nalunaq project now sits within the top 2% in terms of global reporte gol resource graes.

183160160160 Due to the high grae nature of the Nalunaq eposit, it is relatively insensitive to cut-off grae an remains robust at a range of gol prices.

Table 1: Mineral Resource Statement for Nalunaq gol eposit, Greenlan, as of 3r September 2022

Mineral Resource

Gross

Net attributable

Operator

Tonnes (t)

Grae (g/t Au)

Containe Metal (Oz)

Tonnes (t)

Grae (g/t Au)

Containe Metal (Oz)

In-Mine Inferre

140,000

31.0

140,000

140,000

31.0

140,000

Amaroq Minerals

Extension160 Inferre

21,000

26.0

180,000

21,000

26.0

180,000

Amaroq Minerals

TOTAL

3,000

28.0

320,000

3,000

28.0

320,000

Amaroq Minerals

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Mineral Resource Statement Notes

8226160160160160 Mineral Resources are reporte in accorance with the CIM Definition Stanars.

8226160160160160 Mineral Resources have an effective ate of 3 September 2022, an have been eplete to reflect the current unerstaning of the mining complete up to the ate of prouction ceasing in 2013

8226160160160160 Mineral Resources are reporte as in-situ an unilute. The Mineral Resources are reporte above a cut-off grae of .0 g/t, generate using a gol price of 1,800 USD/ozAu. Given these parameters, SRK consiers there to be reasonable prospects for eventual economic extraction, an as such, fulfil the requirements for reporting a Mineral Resource

8226160160160160 The In-Mine Mineral Resource is accessible from existing unergroun evelopment while the Extension Mineral Resource requires evelopment to be put in place for it to be accesse

8226160160160160 Mineral Resources are not Ore Reserves an have not emonstrate economic viability, nor have any mining moifying factors been applie

8226160160160160 The Competent Person for the eclaration of Mineral Resources is Dr Lucy Roberts, MAusIMM(CP), of SRK Consulting. The Mineral Resource estimates an accompanying Statements were prouce an reviewe by a team of consultants from SRK.

8226160160160160 SRK notes that a site visit to Nalunaq was conucte by the QP in September 2021

8226160160160160 Tonnages are reporte in metric units, with metal graes in grammes per tonne (g/t). Tonnages an graes are roune. Rouning, as require by reporting guielines, may result in apparent summation ifferences between tonnes, grae an containe metal content. Where these occur, SRK oes not consier these to be material.

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Qualifie Person Statement

The Mineral Resource Estimate was prepare by Dr Lucy Roberts, MAusIMM(CP), Principal Consultant (Resource Geology), SRK Consulting (UK) Limite., an inepenent Qualifie Person in accorance with the requirements of National Instrument 43-101 ("NI 43-101"). Dr Roberts has approve the isclosure herein.

The technical information presente in this press release has been approve by James Gilbertson CGeol, VP Exploration for160Amaroq Minerals160an a Chartere Geologist with the160Geological Society of160Lonon, an as such a Qualifie Person as efine by NI 43-101.

Use of a Stanar

The resource information inclue within this announcement is reporte in accorance with the Canaian Institute of Mining, Metallurgy an Petroleum (CIM) Definition Stanars on Mineral Resources an Mineral Reserves (May 2014) as require by CIM Definition Stanars.

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Enquiries:

Amaroq Minerals Lt.160160160160160160160160160

Elur Olafsson, Executive Director an CEO

+34 66 2003

eo@amaroqminerals.com

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Eie Wyvill, Investor Relations

+44 (0)7713 126727

ew@amaroqminerals.com

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Stifel Nicolaus Europe Limite (Nominate Aviser an Broker)

Callum Stewart

Simon Mensley

Ashton Clanfiel

+44 (0) 20 7710 7600

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Panmure Goron (UK) Limite (Joint Broker)

160

John Prior

Hugh Rich

Dougie Mcleo

+44 (0) 20 7886 200

160

SI Capital Limite (Joint Broker)

Nick Emerson

Charlie Stephenson

+44 (0) 1483 41300

160

160

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Charlie Dingwall

+44 (0) 20 377 4980

For Company upates:

Follow @Amaroq_minerals on Twitter

Follow Amaroq Minerals Inc. on LinkeIn

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Further Information:

About Amaroq Minerals

Amaroq Minerals' principal business objectives are the ientification, acquisition, exploration, an evelopment of gol an strategic metal properties in Greenlan. The Company's principal asset is a 100% interest in the Nalunaq Project, an avance exploration stage property with an exploitation license incluing the previously operating Nalunaq gol mine. The Corporation has a portfolio of gol an strategic metal assets covering1607,866.8km2, the largest mineral portfolio in Southern Greenlan covering the two known gol belts in the region. Amaroq Minerals is incorporate uner the160Canaa Business Corporations Act160an wholly owns Nalunaq A/S, incorporate uner the160Greenlan Public Companies Act.

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Forwar-Looking Information

This press release contains forwar-looking information within the meaning of applicable securities legislation, which reflects the Company's current expectations regaring future events an the future growth of the Company's business. In this press release there is forwar-looking information base on a number of assumptions an subject to a number of risks an uncertainties, many of which are beyon the Company's control, that coul cause actual results an events to iffer materially from those that are isclose in or implie by such forwar-looking information. Such risks an uncertainties inclue but are not limite to the factors iscusse uner "Risk Factors" in the Final Prospectus available uner the Company's profile on SEDAR at www.sear.com. Any forwar-looking information inclue in this press release is base only on information currently available to the Company an speaks only as of the ate on which it is mae. Except as require by applicable securities laws, the Company assumes no obligation to upate or revise any forwar-looking information to reflect new circumstances or events. No securities regulatory authority has either approve or isapprove of the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provier (as that term is efine in policies of the TSX Venture Exchange) accepts responsibility for the aequacy or accuracy of this release.

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Glossary

Au

gol

g

grams

g/t

grams per tonne

km

kilometers

Koz

thousan ounces

m

meters

MRE2

Mineral Resource Estimate 2020

MRE3

Mineral Resource Estimate 2022

oz

ounces

t

tonnes

t/m3

tonne per cubic meter

USD/ozAu

US Dollar per ounce of gol

160

160

Insie Information

This announcement oes not contain insie information.

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This information is provie by RNS, the news service of the Lonon Stock Exchange. RNS is approve by the Financial Conuct Authority to act as a Primary Information Provier in the Unite Kingom. Terms an conitions relating to the use an istribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP aress to confirm compliance with the terms an conitions, to analyse how you engage with the information containe in this communication, an to share such analysis on an anonymise basis with others as part of our commercial services. For further information about how RNS an the Lonon Stock Exchange use the personal ata you provie us, please see our Privacy Policy.160 END160160MSCBXBDGXSBDGDR
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