VANCOUVER, Nov. 7, 2011 /PRNewswire/ - Amarc Resources Ltd.
("Amarc" or the "Company") (TSXV: AHR) (OTCBB: AXREF) is pleased to
announce that core drilling has commenced at the Newton gold
project, located in south-central British
Columbia (BC). The Newton Project is one of two important
exploration properties that Amarc is operating in BC; the other is
the 800 square kilometre Galileo property located in the emergent
Blackwater gold district, located 175 kilometres to the north of
Newton.
The Newton drill program has been designed to
delineate the grade and continuity of gold mineralization extending
eastward under shallow cover from Amarc's discovery zone which
hosts drill intercepts of, for example, 69 metres of 1.41 g/t gold
(hole 9001), 128 metres of 0.84 g/t gold (hole 9003) and 189 metres
of 1.56 g/t gold (hole 9004). The discovery zone is open to
the east (see detailed drill plan at www.amarcresources.com).
The high potential for a major eastern extension
was indicated by hole 11040 completed earlier in 2011 and located
200 metres east of Amarc's discovery zone (see Amarc new release
dated February 10, 2011). It
returned 155 metres of 0.58 g/t gold from surface, including 26
metres of 1.12 g/t gold and 39 metres of 0.71 g/t gold.
"The Newton property lies within what I believe
to be BC's most exciting new emerging gold belt, which includes New
Gold's five million ounce-plus bulk tonnage gold discovery at
Blackwater." said Amarc Executive Chairman Robert Dickinson. "The age and geological
characteristics of the gold mineralization at Newton demonstrate
striking similarities to the mineralization at Blackwater.
Based on our drilling and other geological investigations, we are
confident in the potential for Newton to emerge as another
significant new gold discovery." Amarc has acquired an 80%
interest in the Newton property and is the operator of the Newton
Joint Venture, with Newton Gold Corp. contributing 20% of operating
capital.
Additionally, also under the Newton Joint
Venture, Amarc holds an 80% interest in 1,480 square kilometres of
mineral claims to the south of the Newton discovery. Based on
results from its 2010 surface exploration program, Amarc has
secured permits to drill test three copper-molybdenum porphyry
targets (see Amarc press releases dated February 10, 2011). These targets lie in
proximity to Taseko Mines Limited's New Prosperity gold-copper
project (831 million tonnes of proven and probable reserves grading
0.41 g/t gold and 0.23 % copper, containing 3.6 billion pounds
copper and 7.7 million ounces gold at a C$5.50 NSR/t cut-off).
Several additional new targets have been
identified within the Newton Joint Venture area through a
combination of in-house geological knowledge and the results of a
7,000-line kilometre ZTEM survey (Z-Axis Tipper Electromagnetic
system) and a high-sensitivity magnetometer airborne geophysical
survey (see Amarc's January 19, 2010
press release). Field-based target delineation is now underway
(Induced Polarization surveys) to determine which among these
targets represent mineralized systems requiring drill testing.
The Newton Joint Venture properties are located
some 100 kilometres west of the City of
Williams Lake in a region characterized by subdued
topography. The district is well served by existing
transportation and power infrastructure and a skilled workforce,
which support a number of operating mines and late-stage
development projects.
Amarc's 100% owned Gallileo project is located
approximately 16 kilometres west of New Gold's Blackwater deposit
(Indicated Resources of 165 million tonnes at 1.01 g/t Au and 5.1
g/t Ag and Inferred Resources of 38.7 million tonnes at 0.94 g/t Au
and 4.8 g/t Ag at a 0.4 g/t gold cut-off in 2011, New Gold
website). It is also just 13 kilometres south of Silver Quest
Resources Ltd.'s Capoose deposit (Indicated Resource of 31.2
million tonnes at 0.38 g/t gold and 26.5 g/t silver and Inferred
Resource of 37.3 million tonnes at 0.37 g/t gold and 24.6 g/t
silver) and three kilometres west of the 3T's vein gold deposit
(best intercepts include 34 metres at 1.19 g/t gold and 101.2 g/t
silver) (Silver Quest and New Gold have signed a binding letter
agreement whereby New Gold will acquire 100% of the Capoose deposit
and also 9.9% of a new company, McIntyre Minerals, into which the
3T's project is to be placed, see Silver Quest news release dated
October 17, 2011). Amarc has
identified a number of deposit scale targets at Galileo by
combining in-house geological knowledge, the results of a
helicopter-borne magnetic and electromagnetic geophysical survey
and publicly available geological and geochemical data (see
property location maps at www.amarcresources.com). Induced
Polarization field surveys are now underway to determine if the
target areas represent important sulphide systems and the results
of these surveys will be forthcoming. Drill permit
applications have been submitted to the provincial government.
Amarc Resources Ltd. is a Vancouver-based exploration and development
company associated with Hunter Dickinson Inc. (HDI) - a
diversified, global mine development company with a 25-year history
of mineral development success. Previous HDI projects in BC include
Golden Bear, Mt. Milligan, Kemess,
Gibraltar, Prosperity and
Harmony. From its head office in Vancouver, Canada, HDI applies its unique
strengths and capabilities to acquire, develop, operate and
monetize mineral properties to provide consistently superior
returns to shareholders.
Mark Rebagliati,
P.Eng., a Qualified Person as defined under National Instrument
43-101, is supervising the exploration and quality assurance and
quality control programs on behalf of Amarc and has reviewed the
technical content of this release.
ON BEHALF OF THE BOARD
Ronald W.
Thiessen
President & CEO
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 release includes certain statements that
may be deemed "forward-looking statements". All statements in this
release, 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. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploration and exploitation successes,
continuity of mineralization, uncertainties related to the
ability to obtain necessary permits, licenses and title and delays
due to third party opposition, changes in government policies
regarding mining and natural resource exploration and
exploitation, 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.
