Amaroq Minerals discovers high-grade gold at Eagle's Nest

(Sharecast News) - Greenland-focussed mining developer Amaroq Minerals announced the discovery of high-grade gold at its Eagle's Nest exploration project on Thursday. The AIM-traded firm said the site, located within the Anoritooq licence area 31 kilometres from its Nalunaq Gold Mine, had yielded promising results from recent sampling efforts.

It said the campaign identified gold grades as high as 54.5 grams per tonne within two distinct quartz veins.

The veins, collectively spanning a width of 10 to 15 metres and extending downdip for 105 metres, were believed to be the source of multiple prior float samples with grades exceeding 10 grams per tonne.

Early geochemical analysis suggested a mineralisation style similar to that of Nalunaq, aligning with Amaroq's strategy of leveraging satellite targets to enhance the throughput of its recently commissioned Nalunaq processing facility.

Amaroq said Eagle's Nest is one of nine satellite targets it identified within the Nanortalik Gold Belt, an area known for its gold potential.

Further exploration was expected to evaluate the full potential of the site.

"These encouraging results from Eagle's Nest provide a compelling validation of our exploration strategy in the Nanortalik Gold Belt," said vice-president of exploration James Gilbertson.

"The discovery of high-grade gold veins, combined with the geological similarities to the Nalunaq mine, positions Eagle's Nest as a strategically significant target in our portfolio.

"We are now leveraging these insights to refine our resource development strategy to support the growth of our operations in Southern Greenland."

At 1100 GMT, shares in Amaroq Minerals were up 4.7% at 95.8p.

Reporting by Josh White for Sharecast.com.