High-Grade Extension of Target Block Confirmed at Nalunaq

***New underground samples beyond the historically mined areas of Target Block, Nalunaq's largest historic mining block, confirms continuation of high grade mineralisation into modelled extension area with grades of up to 48.3g/t Au over 1m***

***Additional intersections of the newly discovered 75 Vein provide further confidence in its thickness and continuity***

TORONTO, ON / ACCESSWIRE / January 29, 2024 / Amaroq Minerals Ltd. (AIM:AMRQ)(TSXV:AMRQ)(NASDAQ Iceland:AMRQ), an independent mine development corporation with a substantial land package of gold and strategic mineral assets across in Southern Greenland, is pleased to provide additional exploration results from within the Nalunaq mine following its 2023 exploration programme.

James Gilbertson, VP Exploration, Amaroq commented:

"A thorough underground exploration programme, guided by our Dolerite Dyke Model, has once again enabled our team to identify further resource and mining potential at Nalunaq. These channel results highlight the continuity of the high grade at the Target Block beyond the last historic stopes. This significantly de-risks a designed underground rehabilitation and exploration programme aimed at advancing additional development faces, which should help the Company to progress towards its target production rate of 300tpd and increase the overall contained resource.

"In addition, further sample results now confirm the significant extent of the newly discovered 75 Vein, now with a total extension similar to that of the Main Vein. This body is now known to extend above all mining blocks with grades of up to 256g/t Au over 0.5m above the Mountain block, 22.59g/t Au over 0.59m above the Target Block, 175g/t Au over 0.51m above the South Block and 15.5g/t Au over 1.45m above the Valley Block. These results enable us to robustly model this second vein and, following further drilling results, we hope to be in a position to define a Mineral Resource for this vein in the near future."

Overview

• Results received from underground channel sampling across three levels within the Target Block, historically the highest grade region of the mine.
• Sampling was aimed at corroborating previously unreported historical channel samples that suggested the continuation of the Target Block into extension areas.
• Results confirm high grade nature of the Target Block extending into previously unmined areas with grades of up to 48.3g/t Au over 1m.
• Following these results, Amaroq intends to commence underground drilling aimed at developing a second mining face at Nalunaq with a potential strike extension of up to 775m.
• Additional samples further confirm the continuity of the newly discovered 75 Vein, with grades of up to 256g/t Au over 0.5m reported in the 2023 Nalunaq drilling campaign.
• Amaroq intends to further expand the sampling of core from historical drillholes in 2024 to aid the geological modelling of the 75 Vein.

Underground Exploration

During an underground exploration programme guided by Amaroq's Dolerite Dyke Model at Nalunaq during 2023, the Amaroq team recognised that the Main Vein appeared to extend beyond the last stope within the western areas of the Target Block. This area was formerly the highest grade region of the Nalunaq mine. This strongly suggested that the mineralisation previously mined within this block extended well beyond the last stopes and into virgin ground. The potential extension from these last stope to the Main Vein outcrop to the west is around 775m.

Historic development and sampling in these areas appears not to have fully appreciate

Sampling proceeded with the use of a twin blade diamond channel cutter with samples taken as full Main Vein widths on the side walls alongside historical chip channel samples. Samples were fully documented and submitted to ALS Geochemistry for sample preparation on site and chemical assaying in Ireland.

The results from this channel sampling programme corroborate the inefficient historical chip channel samples and confirm that the Main Vein beyond the last stope is high grade mineralised with new assays of up to 48.3g/t Au over 1m. This knowledge, coupled with the visual mapping of strong a

programme would be to provide sufficient confidence to allow for the mine design and scheduling in the Target Block extension as the second development face at Nalunaq.

Underground Channel Sample Results

Additional 75 Vein Sampling

Following the discovery of the new mineralised vein, 75 meter stratigraphically above the Main Vein from the 2023 drilling (the 75 Vein, reported October 11, 2023), the Amaroq team reassessed the remaining core from this programme as well as a number of historical drillholes that potentially had intersected the 75 Vein, but not been fully recognised. The results of this now conclude that five of the six 2024 drillholes intersected this body and that now a total of 46 75 Vein intersects have been recognised. In addition to this a further ~100 intersections require review and sampling, this will be conducted during 2024.

The 75 Vein is now the most continuous mineralised body at Nalunaq after the Main Vein, with a similar overall strike extent. Amaroq's intention is to continue the re-logging and identification of additional 75 Vein intersects during 2024, facilitating the robust modelling of this vein, which will in turn allow for Mineral Resource estimation in areas that contain sufficient drill density.

The 75 Vein now also constitutes a potential mine development area towards developing additional mine faces allowing the Company to build towards its target production rate of 300tpd.

Selected Drill Locations for 75 Vein Intersections