Amaroq Minerals advances toward initial mining activities at flagship Nalunaq gold project

Tue Aug 29 2023

Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ) said exploration at its flagship Nalunaq gold project is progressing on budget and to schedule with a daily average of 30 people working a total of 19,272 hours at the project during the second quarter.

The mine development company, which holds gold and strategic minerals assets in Southern Greenland, reported other operational highlights from the quarter including that the Environmental Impact Assessment and Social Impact Assessment for Nalunaq are being translated, the completion of 1,735 metres of drilling at the project, and progress preparing for exploration projects at the Sava Copper Belt, Stendalen, Kobberminebugt and Paatasoq.

"Most notably during this period, we have been focused on preparations for initial mining activities at Nalunaq. Our programme is progressing on plan and to budget, with rehabilitation works due to commence shortly, and first gold production anticipated next year,” commented Amaroq CEO Eldur Olafsson in a statement.

"Exploration activities within our strategic minerals JV are ramping up, most notably across the Sava Copper Belt, where we have established a new 20-person camp and are commencing drilling at our first target, as we look to improve our understanding of this emerging high-potential resource."

Amaroq exited the second quarter with gold business working capital of $41 million.

During 2Q, the company swung from a net loss of $6.3 million or $0.04 per share to income of $23.4 million or earnings per share of $0.09.

It did not record any revenue for the period.

Source: https://www.proactiveinvestors.com/