Amaroq Minerals has celebrated a major milestone with the first gold pour at its flagship Nalunaq gold mine in Greenland. The pour occurred on Wednesday, following the Greenlandic government’s approval of Phase 1 commissioning for the Nalunaq processing plant. Over a ten-hour period, the initial pour yielded 1.2 kg of gold.
The company stated it will optimize the processing plant during this initial phase and aims to achieve weekly gold pours. Looking ahead, Phase 2 commissioning, which includes a flotation circuit, is expected to conclude by the second quarter of 2025.
Ramp-up to a steady operational capacity of 260-300 tonnes per day with gold grades of 12-16 g/t is anticipated in the fourth quarter of 2024. Additionally, Amaroq plans to release an updated mineral resource estimate for Nalunaq in early 2025.
The Nalunaq mine previously produced over 350,000 oz. of gold between 2004 and 2013. Since acquiring the project in 2015, Amaroq has expanded the resource base through exploration and introduced a new geological model centered on the Dolerite Dyke.
Following the announcement, shares of Amaroq Minerals rose 2% to reflect a market capitalization of C$559 million ($399 million).
