2026 Nanoq Drilling Programme Completed and Initial Positive Metallurgical Test Work Results
Initial metallurgical testing indicates Nanoq mineralisation is amenable to processing at the existing Nalunaq facility.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Amaroq (AMRQF) completed its 2026 Nanoq drilling programme in South Greenland and reported initial metallurgical results for potential processing at Nalunaq.
The programme covered 4,728.9 metres across 33 holes, including Central Zone infill drilling and step-out drilling to the south and at West 1. Approximately 88% of holes intersected visible mineralisation; assays remain pending. Provisional SGS Lakefield test work indicated approximately 97–99% total gold recovery using the existing Nalunaq flowsheet, or processing sequence. Construction began on a beach landing facility and starter access track. Amaroq said these results support evaluation of a maiden Mineral Resource Estimate and provide a basis for bulk sampling Nanoq ore at Nalunaq towards the end of 2027 or into 2028.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate point4,728.9 metres across 33 holes completed, supporting planned resource estimation and testing additional targets.
- Moderate pointProvisional metallurgical testing indicated approximately 97–99% total gold recovery using the existing Nalunaq flowsheet.
- Minor pointVisible mineralisation intersected in approximately 88% of holes, including visible gold and copper sulphides.
- Minor pointBeach landing facility and starter access track construction commenced, supporting access and potential bulk sampling.
- Minor point. Forward-looking: it has not happened yet and may not happen.Amaroq envisages bulk sampling at Nalunaq towards the end of 2027 or into 2028.
Negative
- Moderate point2026 drilling assays remain pending; visual observations are not yet accompanied by assay results.
- Minor pointMetallurgical results are provisional, rather than final test-work findings.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Reykjavík, Oct. 01, 2026 (GLOBE NEWSWIRE) --
Amaroq Ltd.
(“Amaroq” or the “Company”)
2026 Nanoq Drilling Programme Completed and Initial Positive Metallurgical Test Work Results
1 October 2026 - Amaroq Ltd. (LSE and NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland's mineral potential, is pleased to announce the completion of its 2026 resource drilling programme at the Nanoq Gold Project in South Greenland, alongside successful metallurgical test work results of Nanoq mineralisation, in relation to future processing at the Nalunaq facility. The Company has also commenced development of limited site infrastructure at Nanoq.
Highlights
- 2026 drilling completed: 4,728.9 metres of core drilling across 33 holes, focussed on infill drilling of the Central Zone, to support a planned maiden Mineral Resource Estimate, together with step-out drilling to the south and at the West 1 target.
- Strong visual indications: Visible gold and copper sulphides, similar to that observed in 2024 and 2025, have been identified with approximately
88% of holes intersecting visible mineralisation. Assay results remain pending. - Positive metallurgical test-work: Test work undertaken by SGS Lakefield indicates that Nanoq mineralisation is amenable for processing at the Nalunaq facility. Overall total gold recoveries using the existing flow-sheet of approximately 97–
99% . - Infrastructure development underway: Construction has commenced on the Nanoq beach landing facility and starter access track, improving access to the mineralised area, supporting potential bulk sampling and future resource drilling.
Eldur Ólafsson, CEO of Amaroq, commented:
“The completion of this year’s drilling at Nanoq marks another important step in advancing the project towards a maiden Mineral Resource Estimate. We have significantly increased the geological information across the Central Zone, while continuing to test the broader potential of the system to the south and at West 1.
“The metallurgical results are also very encouraging, demonstrating strong gold recoveries using a flowsheet consistent with that at Nalunaq. This supports our strategy of evaluating Nanoq as a future source of material for processing at Nalunaq. Together with the new infrastructure, these results provide the basis for bulk sampling Nanoq ore at Nalunaq towards the end of 2027 or into 2028 and further resource and exploration drilling, as we continue to de-risk Nanoq’s full development potential.”
Assay results from the 2026 drilling programme will be released as they become available. The results will support continued geological modelling and evaluation of the potential for a maiden Mineral Resource Estimate at Nanoq.
About the Nanoq gold project
Nanoq is located in South Greenland, approximately 130km northeast of the Nalunaq gold mine, on the eastern flank of the Nanortalik Gold Belt. The project hosts multiple gold-bearing quartz vein systems within folded volcanic and sedimentary rocks and is being evaluated as a potential future high-grade gold source within Amaroq's South Greenland portfolio.
In 2025, Amaroq completed 4,807m of diamond drilling across 27 holes, testing approximately 600m of strike within the Central Zone. The programme returned shallow high-grade intersections, including 187.4g/t Au over 1.5m and 19.6g/t Au over 4.9m, as well as broader mineralised intervals up to 9.0m. Mapping extended the interpreted Central Zone strike to approximately 1.5km and identified the parallel West 1 Zone approximately 500m to the west.
Qualified Person Statement
The technical information presented in this press release has been reviewed and approved by James Gilbertson, CGeol, Vice President Exploration of Amaroq and a Chartered Geologist with the Geological Society of London, who is a Qualified Person as defined by National Instrument 43-101. Mr Gilbertson has reviewed the provisional SGS metallurgical results and considers the information reliable for the purpose of this disclosure, subject to the qualifications described above.
-ENDS-
Enquiries:
Amaroq Ltd. C/O
Ed Westropp, Chief Corporate Development and Strategy Officer
+44 (0)7385 755711
ewe@amaroqminerals.com
Canaccord Genuity Limited (Corporate Broker)
James Asensio
Rory Blundell
Harry Rees
+44 (0) 20 7523 8000
Citigroup Global Markets Limited (Corporate Broker)
Andrew Miller-Jones
David Herring
+44 (0) 207 986 3463
Panmure Liberum Limited (Corporate Broker)
Scott Mathieson
Piers Shimwell
+44 (0) 20 7886 2500
Camarco (Financial PR)
Elfie Harkell
Rebecca Waterworth
Charlie Ramos
+44 (0) 20 3757 4980
Further Information:
About Amaroq
Amaroq's focus is the identification, acquisition, exploration and development of gold and strategic metals in Greenland. The Company's principal asset is the
Amaroq's significant exploration portfolio includes opportunities in gold, copper, nickel and rare earth elements across South Greenland, as well as zinc, lead, silver, germanium and gallium at its West Greenland Hub centred on the past-producing zinc-lead-silver mine at Maarmorilik and the nearby Kangerluarsuk exploration licence, and the Minturn iron oxide copper gold prospect in northwest Greenland. The Company's strategy is to unlock Greenland's resource potential through continued exploration and development while building a responsible, full-cycle mining company, including through its Suliaq subsidiary, which provides mining services and logistics capabilities for Greenland's developing mining sector, and Imeq ApS, Greenland's first private hydroelectric project.
The Company is listed on the LSE Main Market and Nasdaq Iceland Main Market under the ticker AMRQ, and on OTCQX under AMRQF.
Inside Information
This announcement does not contain inside information.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Amaroq’s 2026 Nanoq drilling programme complete?
Amaroq completed 4,728.9 metres of core drilling across 33 holes. Work focused on infill drilling in the Central Zone to support a planned maiden Mineral Resource Estimate, with step-out drilling to the south and at West 1. Assay results remain pending.
What gold recoveries did Amaroq report from Nanoq metallurgical testing?
Provisional SGS Lakefield testing indicated approximately 97–99% overall total gold recovery using the existing Nalunaq flowsheet. The testing indicated that Nanoq mineralisation is amenable to processing at the Nalunaq facility.