VANCOUVER,
Dec. 13, 2013 /PRNewswire/ - Amarc
Resources Ltd. ("Amarc" or the "Company") (TSX-V: AHR; OTCBB: AHR)
is pleased to announce that it has entered into an Option and Joint
Venture Agreement ("Chilcotin Belle Agreement") with Oxford
Resources Inc. ("Oxford") in relation to the Chilcotin Belle
property, located in central British
Columbia ("BC"). Amarc's management considers the Chilcotin
Belle property to be prospective for bulk tonnage, porphyry-style
copper-molybdenum-silver mineralization.
Under the Chilcotin Belle Agreement, Amarc will
acquire an 80% ownership interest in the Property by making cash
payments totaling $125,000, issuing
300,000 shares and by completing approximately $1.86 million in exploration expenditures on or
before November 30, 2015. The mineral
claims are subject to an underlying 2% net smelter returns royalty,
which can be acquired by Amarc for $4
million. Upon exercise of the option by Amarc, the two
parties will form an 80:20 joint venture to further develop the
project.
The Chilcotin Belle property is located some 150
kilometres southwest of the City of
Williams Lake in a region characterized by moderate
topography (see location map on the Company's website at
http://www.amarcresources.com/ahr/MapsFigures.asp). Limited
historical drilling indicates the presence of a mineral system with
characteristics that are highly favorable for the development of a
viable copper-molybdenum-silver porphyry deposit. Of particular
significance are three widely-spaced, historical drill holes
(81-02, 891-01 and 891-02) which intercepted, from surface, long
intervals of continuous, coarse grained chalcopyrite and molybdenum
mineralization with encouraging grades. Examples of intersections
from these holes are 289 metres of 0.36% copper equivalent
(CuEQ1) comprising 0.28% Cu, 0.020% Mo (no silver assays
available), including 91 metres of 0.51% CuEQ, comprising 0.39% Cu
and 0.029% Mo; 216 metres at 0.39% CuEQ comprising 0.29% Cu, 0.020%
Mo and 1.9 g/t Ag, including 58 metres at 0.53% CuEQ comprising
0.39% Cu, 0.031% Mo and 2.0 g/t Ag; and 120 meters of 0.42% CuEQ
comprising 0.31% Cu, 0.020% Mo and 3.3 g/t Ag, including 32 metres
of 0.60% CuEQ comprising 0.42% copper, 0.028% molybdenum and 6.3
g/t silver. All three holes ended in mineralization. Other,
generally shallower, historical drill holes returned geologically
significant intersections of copper and molybdenum concentrations
indicative of a sizable mineralized system. These holes are
believed to have not intersected the main area of interest.
Amarc plans to drill test the extent and grade
of the known system at Chilcotin Belle, which remains open in all
directions. A drill permit is in hand, however, a date to commence
field activities is yet to be determined. In the interim Amarc will
continue to effectively manage its treasury.
The transactions contemplated by the Chilcotin
Belle Agreement are subject to the approval of the TSX Venture
Exchange.
1Copper equivalent (CuEQ)
calculations used metal prices of: Cu US$3.00/lb, Mo US$12.00/lb and Ag US$20/oz.
Metallurgical recoveries and net smelter returns are assumed to be
100%.
About Amarc Resources Ltd.
Amarc is a Vancouver-based mineral exploration and
development company focused on making the next major metal deposit
discovery in BC. Despite ongoing challenging conditions in the
equity market, Amarc has a sound base of approximately $4.5 million in working capital. The Company
continues to take a prudent approach to treasury management and has
adapted its exploration strategies to evaluate its portfolio of
assets in an efficient and cost effective manner.
Amarc is associated with Hunter Dickinson Inc.
(HDI) - a diversified, global mining group with a 25-year history
of mineral development success. Previous HDI projects in BC include
Golden Bear, Mt. Milligan, Kemess,
Gibraltar and Prosperity. From its
head office in Vancouver, Canada,
HDI applies its unique strengths and capabilities to acquire,
develop, operate and monetize mineral properties to provide
superior returns to shareholders.
Mark Rebagliati,
P. Eng., a Qualified Person as defined under National Instrument
43-101, has reviewed the technical content of this release.
ON BEHALF OF THE BOARD
Robert A.
Dickinson
Chairman
| Samples from drill holes 891-01 & 891-02 were
taken by the previous operators & shipped to ISO 9001:2008
registered Acme Analytical Laboratory Ltd in Vancouver, BC in 2011.
There they were crushed to 80% minus 10 mesh and pulverized to 85%
minus 200 mesh. Analysis was by Acme Group 1DX2, a geochemical
method in which a 15 g sub-sample is digested in aqua regia and
analyzed by inductively-coupled plasma-mass spectrometry (ICP-MS)
for Cu, Mo, Ag and additional elements. One over-limit was
re-analyzed for Mo, by Acme Group 7AR. In this method, a 1 g sample
is digested in aqua regia, then analyzed by inductively-coupled
plasma-optical emission spectroscopy (ICP-OES). |
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, potential environmental issues or liabilities
associated with exploration, development and mining activities,
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 and the effect 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.