VANCOUVER, Nov. 7, 2017 /CNW/ - Amarc Resources Ltd.
("Amarc" or the "Company") (TSX-V: AHR; OTCBB: AXREF) is pleased to
provide an update on its ongoing 2017 exploration work. Amarc has
completed the field components of the $3.3
million 2017 program at IKE and the $1.9 million 2017 program at JOY, while the 2017
drill program at DUKE is underway. Fieldwork has included airborne
magnetic and ground-based induced polarization ("IP") geophysical,
geological, and geochemical surveys and drilling. Assay work on
core samples from drilling at IKE and JOY is still in progress with
the first core samples from DUKE currently being transported to the
laboratory. Amarc will provide the results from drilling for
each project once the Company has the QA/QC'd assay data.
Amarc is focused on developing a new generation of British Columbia ("BC") porphyry copper mines
and is advancing its 100%-owned IKE, DUKE and JOY porphyry copper
districts, located in southern, central and northern BC,
respectively. These projects represent significant potential
for the discovery of multiple and important-scale, porphyry
copper-gold and copper-molybdenum deposits and are being
substantially advanced with their respective 2017 work
programs. Presentations and news will be updated and posted
as compilation of incoming data is completed.
At IKE, Amarc has made a major porphyry copper-molybdenum-silver
discovery, completing over 12,000 m of drilling in 21 wide-spaced
core holes in the IKE deposit from 2014-2016. The IKE deposit has
the potential for extensive resource volumes and remains open to
expansion in all directions. Extensive regional surveys also
identified numerous porphyry copper deposit targets, all within 10
km of the IKE deposit. As announced earlier this year, Amarc has
partnered with Hudbay Minerals Inc. ("Hudbay") (TSX-HBM; NYSE:HBM)
to fund advancement of the IKE Project (see Amarc News Release
dated July 6, 2017), and in 2017 the
partners took the opportunity to explore a number of the regional
targets and also the main IKE deposit area. Amarc is operator
of the field programs. The 2017 IKE site programs included 20
km2 of detailed geological mapping, collection of 616
talus fines geochemical samples, completion of 82-line km of ground
IP surveys over selected targets and drilling of nine core holes
totalling 2,702 m. This year's IP geophysical work showed
that the IKE deposit mineralized system is much larger than
originally considered and now measures at least 3.6 km by 2 km.
Amarc's JOY Project is located adjacent to the north of AuRico
Metals Inc.'s porphyry copper-gold Kemess East project and Kemess
Underground development project, which is in the final permitting
stage. Past operators conducted prospecting-style work on the
JOY claims – collecting some 3,000 soil samples, 800 rock samples
and 30 silt samples – but undertook no drilling. These
historical surveys along with Amarc's soil sampling and IP
geophysical surveys have revealed a number of substantial porphyry
copper-gold deposit targets across the JOY property. Amarc has also
partnered with Hudbay to fund the advancement of the JOY Project
(see Amarc News Release dated August 22,
2017) with Amarc as operator.
The 2017 programs at JOY included 50 km2 of
geological mapping, collection of 638 talus fines samples,
completion of 49 line-km of ground IP and 470 line-km of airborne
geophysical surveys along with drilling of 1,527 m in three core
holes. The drilling tested a coincident IP geophysical and
geochemical target, which extends onto the recently acquired PINE
Property (see Amarc News Release August 29,
2017). Amarc considers the combined areas of the JOY and
PINE mineral claims to be significantly underexplored, and to
represent the northern extension of the Kemess porphyry copper-gold
district. With the recent inclusion of the Pine property to
Amarc's claim holdings, there are now a minimum of 10 porphyry
gold-copper deposit targets ready for surveying and drill
testing.
Amarc's DUKE deposit, central to the 190 km2 porphyry
copper district in the heart of the Babine porphyry copper region,
is located 30 km north of former copper-gold mines (Bell and
Granisle) operated by Noranda Mines. Historically, DUKE has been
explored with surface geochemical and geophysical surveys, as well
as 30 shallow (only 90 metres deep on average) diamond drill
holes. Many of the historical holes drilled intersected
significant lengths of porphyry copper-molybdenum-silver-gold
mineralization, which remains open both laterally and to depth. The
surrounding district, which is covered by Amarc's mineral claims,
hosts multiple second-order porphyry copper deposit targets.
An approximate $0.6 million initial
drilling program, comprised of two (± 500 m) core holes targeting
the DUKE deposit is currently underway.
About Amarc Resources
Amarc is associated with Hunter Dickinson Inc. ("HDI"), a
diversified, global mining company with a 29-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.
Amarc is committed to working collaboratively with governments
and stakeholders to achieve responsible development of its
projects, while contributing to sustainable development of the
communities in which it works. All work programs are
carefully planned to achieve high levels of environmental and
social performance.
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.
The Company cannot guarantee that the Consolidated Loan and
issuance of securities contemplated by this release will
complete. There is no certainty that the Company will be able
to repay the Consolidated Loan or any other outstanding debt or
liability of the Company in a timely manner or at all.
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.
