VANCOUVER, Aug. 2, 2016 /CNW/ - Amarc Resources Ltd.
("Amarc" or the "Company") (TSX-V: AHR; OTCBB: AXREF) is pleased to
announce that exploration work has commenced at the new IKE
porphyry copper-molybdenum-silver discovery and surrounding
district. Core drilling combined with regional geological,
geochemical and geophysical surveys are now underway. Amarc
is the current operator of the IKE Project in partnership with
Thompson Creek Metals Company Inc. ("Thompson Creek"), which
is funding $3 million of expenditures
over 2016 to continue earning into the IKE Project.
Eighteen holes (10,437 metres) drilled at IKE in 2014/15 all
intersected varying amounts of chalcopyrite and molybdenite
mineralization over an increasingly broad area measuring 1,200
metres east-west by 1,000 metres north-south, and extending to
depths of over 500 metres (see Amarc news release December 9, 2015). This major new BC
porphyry copper discovery remains open to expansion in all lateral
directions and to depth. Grades returned over long continuous drill
intercepts compare favourably to the range of copper equivalent
grades at active BC porphyry copper mines.
This year, a drill rig is at site to complete holes which will
continue to outline the southern extension of the IKE deposit. In
addition, the current program will test the previously undrilled
IKE West deposit-target located 800 metres west of the IKE deposit
(see Amarc Corporate Presentation at (www.amarcresources.com).
Exploration results from Amarc's district-wide surveys completed
in 2014/15, combined with historical fieldwork by previous
operators and the tendency of porphyry deposits to cluster,
indicate a number of important-scale porphyry deposit targets
proximal to the IKE discovery. These targets have high
potential to host additional bulk-tonnage porphyry copper (± gold ±
molybdenum ± silver) mineralization. Currently, the first
comprehensive geological mapping of the entire IKE district is
being completed. In addition, talus geochemical sampling and
Induced Polarization ground geophysical surveys are progressing
over a number of compelling targets that sit outboard of IKE. These
surveys will be fully integrated with all available Amarc and
historical data with the goal of establishing additional high
quality mineral deposit targets for drilling next year.
To efficiently advance the IKE porphyry copper discovery and
surrounding district, Amarc has partnered with Thompson Creek (see
Amarc news release February 29,
2016). Under that Agreement, Thompson Creek can earn an
initial 30% interest in the IKE Project by funding $15 million of expenditures before December 31, 2019, of which $3 million was completed in 2015 and an
additional $3 million has been
committed for 2016. By completing the funding of an initial
$5 million of expenditures, Thompson
Creek has earned its first incremental 10% interest in the Project.
After Thompson Creek earns a 30% interest, it may earn an
additional 20% interest in the IKE Project, for a total of a 50%
joint venture interest by among other things, completing a
feasibility study.
With the IKE Project underway and Thompson Creek on board as a
strong funding partner, Amarc is now assessing the acquisition of
other porphyry copper properties in British Columbia with the goal of expanding
the Company's portfolio of high quality mineral projects.
About the IKE Project
The new IKE discovery is located 45 kilometres northwest of the
historical mining communities of Gold
Bridge and Bralorne, in south-central British Columbia ("BC") near the heartland of
the Province's producing porphyry copper mines. Amarc's discovery
core drilling is located above tree line within a large and barren
cirque. Although current access to the property is by
helicopter, there is good infrastructure in the region. Mainline
logging roads leading east from Gold
Bridge are located 20 kilometres to the south of IKE. Power,
railways and highways are all available in the area of Gold Bridge and the nearby town of
Lillooet.
Amarc is fully committed to working constructively with
governments and stakeholders towards the responsible development of
the IKE Project, while contributing to the sustainable development
of local communities. All work programs are planned to
achieve high levels of environmental performance and local benefit,
including providing opportunities for employment, contracting and
training for local people. Amarc is committed to meaningful
and constructive engagement with First Nations communities and has
offered and remains open to establishing comprehensive and
progressive agreements at IKE. The Company also works
proactively to support government's consultation duties to assist
with timely and fair decision making (www.amarcresources.com).
About Amarc Resources Ltd.
Amarc is a British
Columbia-based mineral exploration and development company
with an experienced and successful management team that is focused
on advancing the IKE Project, a major new porphyry
copper-molybdenum discovery near the heartland of BC's copper
mining industry with proximity to mining infrastructure, power,
rail and highways.
Amarc is associated with Hunter Dickinson Inc. ("HDI") a
diversified, global mining company with a 25 year history of
porphyry discovery and development success. Previous and current
HDI porphyry projects include some of BC's and the world's most
important mineral resources, such as Pebble, Mount Milligan, Kemess
South, Kemess North, Gibraltar,
Prosperity, Xietongmen, Newtongmen, Florence, Sisson, and
Maggie. From its head office in Vancouver, Canada, HDI applies its unique
strengths and capabilities to acquire, develop, operate and
monetize mineral projects to provide superior returns to
shareholders.
Qualified Person as Defined Under National Instrument
43-101
Mark Rebagliati, P. Eng., a
Qualified Person as defined under National Instrument 43-101, has
reviewed and approved the technical content of this
release.
ON BEHALF OF THE BOARD
Ronald W. Thiessen
Chief Executive Officer
Neither the TSX Venture Exchange nor any other regulatory
authority accepts responsibility for the adequacy or accuracy of
this release.
Forward Looking and other Cautionary
Information
This news release includes certain statements that may be deemed
"forward-looking statements". All such statements, other than
statements of historical facts that address exploration drilling,
exploitation activities and other related events or developments
are forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements.
Assumptions used by the Company to develop forward-looking
statements include the following: Amarc's projects will obtain all
required environmental and other permits and all land use and other
licenses, studies and exploration of Amarc's projects will continue
to be positive, and no geological or technical problems will occur.
Factors that could cause actual results to differ materially from
those in forward-looking statements include market prices,
potential environmental issues or liabilities associated with
exploration, development and mining activities, exploitation and
exploration successes, continuity of mineralization, uncertainties
related to the ability to obtain necessary permits, licenses and
tenure and delays due to third party opposition, changes in and the
effect of government policies regarding mining and natural resource
exploration and exploitation, exploration and development of
properties located within Aboriginal groups asserted territories
may affect or be perceived to affect asserted aboriginal rights and
title, which may cause permitting delays or opposition by
Aboriginal groups, continued availability of capital and financing,
and general economic, market or business conditions. Investors are
cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
For more information on Amarc Resources Ltd., investors should
review the Company's annual Form 20-F filing with the United States
Securities and Exchange Commission at www.sec.gov and its home
jurisdiction filings that are available at www.sedar.com.
SOURCE Amarc Resources Ltd.