Amarc Resources Ltd. (“Amarc” or the “Company”) (TSXV: AHR; OTCQB: AXREF) is pleased to announce that it has successfully completed 2024 drill and survey programs at its JOY, DUKE and IKE Copper-Gold (“Cu-Au”) Districts, located in British Columbia (“BC”). Amarc is the operator of all programs.
“It has been an incredible year for Amarc as we worked to advance our JOY, DUKE and IKE Districts,” said Dr. Diane Nicolson, President and CEO. “We have completed over 29,000 metres of drilling with up to five rigs operating and also extensive geophysical, geochemical and geological surveys. I would like to acknowledge the hard work and dedication of the Amarc team, and the support of Freeport and Boliden. Drill results are now flooding in and being assessed, in preparation for release over the coming months. We remain extremely enthusiastic about the prospects for these Districts, particularly during a period of positive market sentiment for commodities like gold and copper, which we believe makes Amarc an even more attractive investment opportunity.”
At Amarc’s JOY Cu-Au District (“JOY”) drilling and District-wide geological, geophysical and geochemical programs over the past two years culminated in this year’s discovery focused drilling program. Work completed included:
- 16,883 m of core drilling in 40 drill holes at seven targets, including the PINE Deposit, the Canyon discovery and the Twins, and Northwest Gossan (“NWG”) deposit targets; and
- 19 line-km of Induced Polarization (“IP”) ground geophysical survey.
The programs at JOY were funded by Freeport McMoRan Mineral Properties Canada Inc. (“Freeport”) through an earn-in agreement established in 2021 (see Amarc’s May 12, 2021 release). The 2024 investment in the JOY District is expected to be approximately $12 million by year end.
A two-phase program was completed at the DUKE Cu-Au District (“DUKE”) during 2024 that included extensive drilling and surface surveys designed to prepare deposit targets for drill testing in 2025.
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- In the winter of 2024, a delineation drilling program was completed at the DUKE Deposit.
- 4,828 m were drilled in nine holes, further defining Cu-Mo mineralization in the central portion of the Deposit as well as identifying potentially important volumes of additional mineralization to the south and north of the main Deposit (see Amarc’s June 25, 2024 release).
- In the winter of 2024, a delineation drilling program was completed at the DUKE Deposit.
- The 2024 summer program focused on:
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- 5,815 m of core drilling in 19 holes, testing of three Cu-Au deposit targets across the prospective Cu-Au District; and
- 121 line-km of ground IP and airborne geophysical surveys to delineate targets for future drill testing.
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The programs at DUKE were funded by Boliden Mineral Canada Ltd. (“Boliden”) through a 2022 earn-in agreement (see Amarc’s November 22, 2022 release). The 2024 investment in the DUKE District is expected to be approximately $10 million by year end.
The 2024 program at the IKE Cu-Au District (“IKE”) focused on the potential of the higher grade historical Empress Cu-Au Deposit, where drilling by previous companies of the replacement style mineralization encountered very encouraging Cu and Au grades, for example, hole 76-3 intersected 76.1 m grading 1.74% CuEQ¹ (0.92% Cu, 1.42 g/t Au and 4.7 g/t Au) including 10.8 m grading 2.86% CuEQ (0.49% Cu, 4.24 g/t Au and 2.3 g/t Ag) and hole 90-21 intersected 52.4 metres grading 1.81% CuEQ (1.10% Cu, 1.21 g/t Au, 2.5 g/t Ag and 0.004% Mo), including 8.5 m grading 3.52 % CuEQ (1.92% Cu, 2.74 g/t Au, 7.8 g/t Ag and 0.006% Mo)². The recent drilling focused on confirming these grades and testing extensions of the deposit laterally and to depth. Self-funded by Amarc, the 2024 program included:
- 25 line-km of IP, 7 km² of drone aeromagnetics and 31 km² of LIDAR³ geophysical surveys;
- re-logging and re-assaying (1,744 samples) of 23 historical core holes; and
- 1,873 m of core drilling in 9 holes, to test for extensions to the Empress Cu-Au Deposit.
Amarc invested approximately $2.9 million in the IKE District this year.
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