AMARC 2022 A TRANSFORMATIVE YEAR & CORPORATE OUTLOOK Significant Programs & Strategic Partnerships: A testament to the high quality of our BC Cu-Au Districts
AMARC 2022 A TRANSFORMATIVE YEAR & CORPORATE OUTLOOK
Significant Programs & Strategic Partnerships: A testament to the high quality of our BC Cu-Au Districts
January 17, 2023 - Amarc Resources Ltd. (“Amarc” or the “Company”) (TSXV: AHR) (OTCQB: AXREF) is pleased to
provide this summary of its major achievements and milestones over the last twelve months, as we look towards
another highly active exploration year progressing our JOY, DUKE and IKE Districts. In 2022, we successfully
expanded the opportunities for development within our portfolio of copper -gold districts, add ed further depth
and breadth to our exploration and management team and engaged a communication group, enhancing our ability
to provide effective and timely information to shareholders and the market.
Advancing our portfolio of porphyry copper-gold districts
Amarc and Freeport-McMoRan Mineral Properties Canada Inc. (“Freeport”) made considerable progress at the
JOY District (“JOY”), completing a second comprehensive program with a substantial drilling component in 2022.
In November, Amarc and Boliden Mineral Canada Ltd. (“Boliden”) completed an agreement on the DUKE District
(“DUKE”), and initiated drilling at DUKE before year end. Freeport at JOY and Boliden at DUKE can earn up to a
70% interest in the districts by funding CDN$1 10 million and CDN$90 million of staged earn-in expenditures,
respectively. At both JOY and DUKE we are the Operator, which is a positive reflection on our team’s operational
abilities and high standards across all aspects of exploration and development.
We believe that these strategic earn-in agreements are a testament to the high quality of our project portfolio ,
located in British Columbia - a premier mining jurisdiction, and its attractiveness to major mining companies. The
investments made through these agreements will be important catalysts to the advancement of exploration and
development of our projects , while being non -share dilutive, and will further the growth of the Company . In
addition, the fully-funded, ongoing exploration activities at the JOY and DUKE Districts will provide a significant
flow of results in 2023.
JOY District
Leading into 2022, Amarc revealed expansions of the PINE Deposit laterally and to depth through a
comprehensive CDN$5.94 million Freeport-funded program in the JOY Copper-Gold District in 2021. Notably, the
three long core holes completed at the PINE Deposit in 2021 intercepted some of the highest grades over the
longest intervals encountered to date (March 7, 2022 release) . This program also confirmed the potential for
additional, large-scale, porphyry copper-gold deposits in the District.
In 2022, we operated a significant exploration program that included core drilling, designed to target additional
extensions to the known mineralization at the PINE Deposit and initially test the more advanced deposit -scale
copper-gold targets clustered across the JOY District. Geological mapping, geochemical sampling and geophysical
ground surveying was also completed to better define existing and also new copper-gold targets within the District
in preparation for current and future drilling. As work progr essed, the drilling component of the program was
significantly expanded with three drill rigs active; all told, some 15,427 m was completed in 37 drill holes. In line
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with increased activities, the initial exploration budget was also significantly expanded to approximately CDN$14
million. Although we experienced significant processing delays at the laboratory in 2022, assays are now being
received and we look forward to releasing assay results over the coming weeks.
DUKE District
In late November, we announced an earn -in agreement with Boliden Mineral Canada Ltd., a wholly -owned
subsidiary of the Boliden Group, for our 100% owned DUKE Copper-Gold District and immediately commenced a
drill program focused on delineating the size of the DUKE Deposit, that will continue into this year . The DUKE
District’s excellent infrastructure enables the Company to drill year -round. In addition to the drilling at DUKE
Deposit, ground geophysical and other surveys are planned as part of a comprehensive program to advance both
the DUKE Deposit and prioritized porphyry copper deposit targets for drill testing. To the end of 2023, Boliden is
to fund CDN$10 million of which CDN$5 million are committed expenditures.
Amarc also continues to focus on plans to advance the IKE District, which includes the higher grade copper-gold
Empress Deposit and the IKE Deposit - a porphyry copper-silver-molybdenum discovery, and our other copper -
gold porphyry projects in British Columbia.
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Building our management team for the long term
Early in 2022, Amarc strengthened our experienced management team with the appointment of Dr. Roy Greig,
P.Geo., as the Company’s new Vice President, Exploration. The appointment of Dr. Greig enhances Amarc’s
leadership team for the longer term and reinforces the Company ’s existing relationship with C.J. Greig &
Associates, one of Canada ’s premier minerals exploration and discovery groups. C.J. Greig & Associates will be
assisting with Amarc’s initiatives to explore and develop our porphyry copper-gold districts in BC.
Outlook
Copper has typically been recognized as an important economic indicator. This was reflected in its performance
in 2022, particularly in the latter half of the year when prices dropped as global economic growth slowed as a
result of factors such as “tighter U.S. monetary policy, the energy crisis arising from Russia’s war in Ukraine and
China’s combination of strict Covid -19 lockdowns and a weak property market ”; however, the influential Wall
Street Bankers Goldman Sachs and Bank o f America expect copper prices to recover in 2023 as China opens up
and supplies tighteni.
And the outlook for copper is positive over the longer term as the green transition gains momentum. A growing
number of countries have set net zero policies with aggressive goals. Canada has acknowledged the key part that
copper plays in the generation, transportation and transmission of energy by including copper in its critical
minerals strategyii. The United States is making massive public and private investmentsiii in renewable power, EVs,
charging stations and other electrification technologies that are heavily reliant on copper, and has announced its
intent to work with Canada to secure a reliable supply chain to meet its policy goals iv. The influence is already
being felt: “…collated data on demand growth rates from sectors linked to net-zero policies indicated an expansion
in copper consumption of 4.5% year-on-year out to 2030…in contrast to demand growth …[of] 2.1% over the past
two decades,” noted Bank of America analyst Michael Widmerv.
Expert studies such as The Future of Copper by S&P Global show the world needs to find and develop more
deposits of copper vi - and soon. We believe that Amarc is ideally position ed to do so. British Columbia is the
heartland of Canada’s copper production. With two agreements with major producers, it is clear that our district
scale projects are being noticed. The fundamentals of the copper market over the long term are highly po sitive.
The stage is set for an exciting 2023!
A collaborative effort
The p lanning and successful execution of productive programs is dependent on the ongoing efforts of the
members of Amarc’s team inclusive of our partners, consultants and contractors and, in particular , on the
willingness of Indigenous groups, local governments and stakeholders to work collaboratively with us. We extend
our thanks to all of you. We would also like to acknowledge our shareholders for their continued support that
contributes to the success of the Company.
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About Amarc Resources Ltd.
Amarc is a mineral exploration and development company with an experienced and successful management team
focused on developing a new generation of long-life, high-value porphyry Cu-Au mines in BC. By combining high-
demand projects with dynamic management, Amarc has created a solid platform to create value from its
exploration and development-stage assets.
Amarc is advan cing its 100% -owned IKE, DUKE and JOY porphyry Cu±Au districts located in different prolific
porphyry regions of southern, central and northern BC, respectively. Each district represents significant potential
for the development of multiple and important -scale, porphyry Cu±Au deposits. Importantly each of the three
districts is located in proximity to industrial infrastructure – including power, highways and rail.
Amarc is associated with HDI, a diversified, global mining company with a 35-year history of porphyry Cu deposit
discovery and development success. Previous and current HDI projects include some of BC’s and the world’s most
important porphyry deposits – such as Pebble, Mount Milligan, Southern Star, Kemess South, Kemess North,
Gibraltar, Prosperity, Xietongmen, Newtongmen, Florence, Casino, Sisson, Maggie, IKE , PINE and DUKE. From its
head office in Vancouver, Canada, HDI applies its unique strengths and capabilities to acquire, develop, operate
and monetize mineral projects.
Amarc works closely with local governments, Indigenous groups and stakeholders in order to advance its mineral
projects responsibly, and in a manner that contributes to sustainable community and economic development. We
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pursue early and meaningful engagement to ensure our mineral exploration and development activities are well
coordinated and broadly supported, address local priorities and concerns, and optimize opportunities for
collaboration. In particular, we seek to establish mutually beneficial partnerships with Indigenous g roups within
whose traditional territories our projects are located, through the provision of jobs, training programs, contract
opportunities, capacity funding agreements and sponsorship of community events. All Amarc work programs are
carefully planned to achieve high levels of environmental and social performance.
Qualified Person
Dr. Roy Greig, P.Geo ., a Qualified Person as defined by National Instrument 43 -101, has read and approved all
technical and scientific information related to the Duke Project contained in this news release. Dr. Greig is Amarc’s
Vice President, Exploration.
For further details on Amarc Resources Ltd., please visit the Company’s website at www.amarcresources.com or
contact Dr. Diane Nicolson, President and CEO, at (604) 684-6365 or within North America at 1-800-667-2114, or
Kin Communications, at (604) 684-6730, Email: [email protected].
ON BEHALF OF THE BOARD OF DIRECTORS
Dr. Diane Nicolson
President and 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 news release includes certain statements that may be deemed "forward -looking statements". All such statements, other than
statements of historical facts that address exploration plans and plans for enhanced relationships 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 explo ration 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 environmenta l 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 co nditions, as
well as risks relating to the uncertainties with respect to the effects of COVID-19. 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 Amarc'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.
i https://www.cnbc.com/2022/12/13/copper-prices-traditionally-a-barometer-for-the-global-economy-are-expected-to-soar-next-
year.html
ii https://www.canada.ca/en/campaign/critical-minerals-in-canada/canadian-critical-minerals-strategy.html
iii https://www.whitehouse.gov/briefing-room/statements-releases/2021/08/02/updated-fact-sheet-bipartisan-infrastructure-
investment-and-jobs-act/
iv https://www.iea.org/policies/16060-canada-us-joint-action-plan-on-critical-minerals-collaboration
v See endnote 1
vi https://ihsmarkit.com/Info/0722/futureofcopper.html