Amaroq Hits 97-99% Gold Recovery at Nanoq, Drills 4,729m

Amaroq Ltd. announced on 1 October 2026 that its 2026 resource drilling programme at the Nanoq Gold Project in South Greenland is complete, with 4,728.9 metres of core drilled across 33 holes, and that metallurgical test work returned overall total gold recoveries of approximately 97–99% using the existing Nalunaq flow-sheet. The company said visible gold and copper sulphides appeared in roughly 88% of holes. Assay results remain pending. Amaroq trades on the LSE and Nasdaq Iceland as AMRQ and on OTCQX as AMRQF.

Context — why Nanoq matters to Amaroq's Greenland strategy

Nanoq sits approximately 130km northeast of Amaroq's producing 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. Amaroq is evaluating it as a potential future high-grade gold source inside its South Greenland portfolio.

The company's 2025 campaign at Nanoq drilled 4,807 metres of diamond core across 27 holes, testing roughly 600 metres of strike within the Central Zone. That programme returned shallow high-grade intersections including 187.4g/t Au over 1.5m and 19.6g/t Au over 4.9m, plus broader mineralised intervals up to 9.0m. Mapping extended the interpreted Central Zone strike to about 1.5km and identified the parallel West 1 Zone some 500 metres to the west.

Against that base, the 2026 programme shifts emphasis. It is weighted toward infill drilling of the Central Zone to support a planned maiden Mineral Resource Estimate, with step-out holes to the south and at West 1. The metreage fell slightly year on year, from 4,807 to 4,728.9, but the hole count rose from 27 to 33 — a denser pattern consistent with resource definition rather than pure discovery.

The metallurgical work is the second catalyst. Test work by SGS Lakefield indicates Nanoq mineralisation is amenable to processing at the Nalunaq facility. That matters because it points to a capital-light route: truck or ship ore to an existing mill rather than build a standalone plant. Amaroq has also begun building limited site infrastructure at Nanoq.

Data — what the numbers show

The headline figure is the recovery range. Overall total gold recoveries using the existing flow-sheet came in at approximately 97–99%, per the company. That is the number that determines whether Nanoq ore is economically treatable at Nalunaq at all.

Drilling coverage is the second data point. Amaroq completed 4,728.9 metres across 33 holes in 2026, versus 4,807 metres across 27 holes in 2025. Average hole depth therefore fell from roughly 178 metres to about 143 metres.

Metric	2025 programme	2026 programme
Core drilled	4,807m	4,728.9m
Holes	27	33
Focus	Central Zone strike test	Infill plus step-out
Visual mineralisation	Not disclosed	~88% of holes

The company said visible gold and copper sulphides, similar to what was observed in 2024 and 2025, were identified in approximately 88% of holes. It did not disclose assay grades for 2026, so no direct grade comparison to the 2025 intersections is possible yet.

Infrastructure is the third strand. Construction has started on the Nanoq beach landing facility and a starter access track, which the company said improves access to the mineralised area and supports potential bulk sampling and future resource drilling.

Analysis — what it means for markets and sectors

The strategic logic here is mill utilisation. Nalunaq is Amaroq's 100% owned and operated producing gold mine. If Nanoq ore can run through that flow-sheet at 97–99% recovery, Amaroq gains an incremental feed option without a second processing plant. That is the difference between a standalone development capex cycle and a tolling-style arrangement.

The recovery range is the strongest single item in the release. A 97–99% figure from an independent lab, SGS Lakefield, is the kind of input that typically feeds into a maiden resource study and a subsequent economic assessment. Without assays, though, the market cannot yet size tonnage or grade.

That is the acknowledged limitation. The 88% visual hit rate is encouraging but not a substitute for assayed grades. Visible gold in core and gold in a laboratory assay are different claims, and the company explicitly said results remain pending. Investors holding AMRQ on the resource-growth thesis are effectively long an assay release, not a defined resource.

Positioning reflects that. Amaroq's shareholder base is dominated by Greenland-focused resource funds and UK small-cap institutions, with Canaccord Genuity, Citigroup Global Markets and Panmure Liberum acting as corporate brokers. Flow into the name around drill-result news tends to be event-driven. The absence of grades in this release means the de-risking is procedural rather than economic for now.

Sector exposure is narrow. Nanoq is a Greenland gold asset, so read-across sits with other Nanortalik Belt explorers and with gold developers pursuing satellite-feed models rather than with large-cap producers. Amaroq's wider portfolio spans gold, copper, nickel and rare earth elements in South Greenland, plus zinc, lead, silver, germanium and gallium at its West Greenland Hub and the Minturn iron oxide copper gold prospect in northwest Greenland.

Outlook — what to watch next

Assay results from the 2026 programme are the immediate catalyst, and Amaroq said it will release them as they become available. Those results will feed continued geological modelling and evaluation of the potential for a maiden Mineral Resource Estimate at Nanoq.

Bulk sampling is the medium-term milestone. The company said the metallurgical results and new infrastructure provide the basis for bulk sampling Nanoq ore at Nalunaq towards the end of 2027 or into 2028, alongside further resource and exploration drilling.

Infrastructure progress on the beach landing facility and starter access track is the third item to track, since both gate the logistics of moving bulk material. No assay date, resource estimate date or bulk-sample tonnage was disclosed.

Frequently Asked Questions

What does 97–99% gold recovery actually mean for Nanoq?

It means the proportion of gold in the ore that a processing circuit can extract. Amaroq said SGS Lakefield testing showed Nanoq mineralisation is amenable to processing at the Nalunaq facility at approximately 97–99% overall total gold recovery using the existing flow-sheet. High recovery supports the case for treating Nanoq ore at Nalunaq, but it says nothing about how much ore exists or at what grade.

Why did Amaroq drill fewer metres in 2026 than in 2025?

Amaroq drilled 4,728.9 metres across 33 holes in 2026, against 4,807 metres across 27 holes in 2025. The metreage is broadly similar but spread over more holes, which points to infill drilling of the Central Zone at tighter spacing to support a planned maiden Mineral Resource Estimate, rather than long step-out holes testing new strike.

What is the biggest unknown in this announcement?

Grade. Amaroq reported visible gold and copper sulphides in approximately 88% of 2026 holes but said assay results remain pending. Visual mineralisation is not a substitute for assayed gold grades, so the 2026 programme cannot yet be compared with the 2025 intersections of 187.4g/t Au over 1.5m and 19.6g/t Au over 4.9m.

Bottom Line

Amaroq has cleared the metallurgical test on Nanoq and finished infill drilling, but the resource case now rests entirely on pending assays.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.