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Greenland Resources Increases Gold License Portfolio and Completes Spectral Analysis Survey

Greenland Resources Increases Gold License Portfolio and Completes Spectral Analysis Survey

Figure 1

Copenhagen Minerals Inc. Exploration Licenses
Copenhagen Minerals Inc. Exploration Licenses
Copenhagen Minerals Inc. Exploration Licenses

Figure 2

Copenhagen Minerals Inc. Prospecting License
Copenhagen Minerals Inc. Prospecting License
Copenhagen Minerals Inc. Prospecting License

TORONTO, Oct. 13, 2020 (GLOBE NEWSWIRE) — Greenland Resources Inc. (“Greenland Resources” or the “Company”) is pleased to announce that the Government of Greenland granted the Company’s fully owned subsidiary Copenhagen Minerals Inc. a new Mineral Exploration license surrounding the Company’s Storø gold project and a new Mineral Prospecting License in west Greenland. In addition, the Company conducted a spectral analysis and synthetic aperture radar survey in the new Mineral Exploration license with very positive results.

Highlights

  1. New exclusive Mineral Exploration License totaling 540km2 surrounding the Company’s Storø gold project for which a maiden Mineral Resource was reported by SRK in 2018 written in accordance with National Instrument 43-101. The Place Name Committee (Grønlands Stednavnenævn) has given the new Exploration License area the name of Qingaaq (Figure 1)

  2. Recent spectral analysis conducted by the Company in Qingaaq identified some eight new Storø gold type signatures, several of which coincide with synthetic aperture radar anomalies which indicate conductive bodies at shallow depths with potential for gold mineralization such as that found at Storø

  3. New non-exclusive Prospecting License covering most of western and southwestern Greenland and totaling one third of Greenland’s total surface area has been approved. This covers prospecting for precious metals, base metals, platinum group metals, and industrial and minor metals, in the west of Greenland (Figure 2)

  4. None of the new and existing Company Mineral Licenses carry any financial cost this year as the Government of Greenland has recently set exploration obligations for year 2020 to zero due to COVID-19.

Figure 1 https://www.globenewswire.com/NewsRoom/AttachmentNg/ac8e3bd4-23cf-4de4-8093-472717e03ccc

Figure 2 https://www.globenewswire.com/NewsRoom/AttachmentNg/195eb184-fade-4c3c-ae2c-68dca2bf1e51

Introduction

The new exploration license Qingaaq covers the Storø Island (236 km2) which contains

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