Today we spoke with Edward Wyvill, Corp. Development commented on the successful completion of its significantly oversubscribed proposed Fundraising as announced on 12th Feb 2024. Greenland is home to vast, untapped deposits of valuable minerals with high-grade extension of Target Block confirmed at Nalunaq 

 Amaroq Minerals Ltd., an independent mine development company with a substantial land package in Southern Greenland, has been listed on the Nasdaq Main Market in Iceland. This move from the Nasdaq First North Growth Market Iceland to the Main Market is expected to increase the visibility of the company and possibly make it eligible for inclusion in Icelandic and international stock market indices. 

The transition to the Main Market is seen as a strategic step for Amaroq, potentially attracting more Icelandic institutional investors, including pension funds. This could be significant given the substantial assets managed by these funds.

On Monday the company confirmed, further to its announcement on 11 February 2024, its intention to conduct a placing and subscription of new common shares to raise gross proceeds of approximately £30.0 million (equivalent to approximately C$51.0 million or ISK5.2 billion) at a price of 74 pence (C$1.25, ISK127) per new Common Share, with the net proceeds being used to accelerate development and exploration activities.

Eldur Olafsson, CEO of Amaroq, commented:

“We are investing to increase recoveries at Nalunaq and to accelerate our exploration plans in our strategic mineral acreage across Southern Greenland, which has become one of the last frontiers for Western governments and companies to secure scaled supply of strategic minerals so desperately needed for the energy transition. By further de-risking the development of Nalunaq whilst also advancing exploration in both gold and strategic minerals, we believe we can deliver value for shareholders. It is a very exciting time to be the largest acreage holder in Southern Greenland.”

On January 24, 2024, Amaroq Minerals announced the provisional results from its 2023 exploration programme on the Sava copper project, at the centre of the developing South Greenland copper belt.

James Gilbertson, VP of Exploration of Amaroq, commented:

“Our 2023 drill programme at Sava has identified further evidence of a significant copper mineral system at Target West. These results, on previously overlooked ground, suggest the presence of a typical large scale porphyry-style system and are testament to our discovery strategy and geological team. Target West is the first of multiple copper targets within Amaroq’s portfolio. We have now confirmed skarn mineralisation with up to 11.6% Cu at Kobberminebugt, porphyry-style mineralisation at Sava with assays up to 2.0% CuEq and numerous other porphyry, and epithermal targets across a belt extending over 120km.

“2023 proved to be a very promising first year for our 3-year funded exploration programme through the Gardaq JV. At present we have identified tonnage and remain close to surface. We will now continue to drill the targets to identify and locate high-grade mineralisation. Subject to results, we would expect to be in a position to define the feasibility of a project such as this after 3-5 years and at that stage establish a pathway towards permitting and development.”