Amarc and Freeport ARE Planning a Significant 2025 Drill Program in Their Joy District, Including at the High Grade Copper-GOLD-Silver Aurora Discovery
AMARC AND FREEPORT ARE PLANNING A SIGNIFICANT 2025 DRILL PROGRAM IN THEIR JOY DISTRICT,
INCLUDING AT THE HIGH GRADE COPPER-GOLD-SILVER AURORA DISCOVERY
May 2 9, 2025 , Vancouver, BC – Amarc Resources Ltd. (“Amarc” or the “Company”) (TSXV: AHR; OTCQB: AXREF) is
pleased to announce that planning in collaboration with Freeport -McMoRan Mineral Properties Canada Inc.
(“Freeport”), ahead of a significant 2025 drill program , is well advanced. Drilling is planned to be focused at the
Company’s new, high grade, gold-rich porphyry copper-gold-silver (“Cu-Au-Ag”) AuRORA Deposit, the PINE Deposit and
the Twins and Canyon Discoveries as well as several high potential and drill-ready Cu-Au Deposit Targets across the JOY
District (or “JOY” or the “District”) in north-central British Columbia (“BC”). Comprehensive exploration of the JOY
District is indicating high potential for the development of a major Cu -Au district, hosting multiple important scale
deposits.
Freeport is fully funding work programs at JOY , and has provided notice under the Mineral Property Earn-In Agreement
(the “Agreement”) (see Amarc release May 12, 2021) that it has invested CAD $35 million, under an accelerated time
frame, and earned an initial 60% interest in the JOY District. The 2025 program of CAD $10 million is subject to Freeport
electing to proceed to fund an additional CAD $75 million in exploration and development programs under Stage 2 of
the Agreement, which election is anticipated by Amarc to be made during the third quarter of 2025. At Freeport’s
request, Amarc has agreed to continue managing all aspects of the exploration work programs.
High Grade Cu-Au-Ag AuRORA Deposit
The impressive AuRORA Deposit Discovery , announced earlier this year , is located within the expansive
approximately 4 km 2 Northwest Gossan (“NWG”) Target, an area within the 495 km 2 JOY District that had not
previously been drill tested ; much of the NW G Target remains unexplored. AuRORA is characterized by its high
grades, near -surface location and excellent lateral and vertical continuity (see table below, and Amarc releases
January 17, 20 and February 28, 2025). Importantly, AuRORA remains open to further expansion.
Following completion of discovery hole JP2 4057, Amarc began systematically stepping out , drilling with three core
rigs along six 100 m spaced sections to start outlining the exciting AuRORA Cu-Au-Ag discovery, and confirm its high
grade potential. None of these drill sections were completed as the Amarc team had to demobilize from the Centerra
Gold Inc.’s Kemess Mine Camp by mid-October 2024, which was scheduled to be winterized at that time. The AuRORA
deposit currently extends over 600 m by 500 m and remains open to lateral expansion.
The grade range encountered so far in AuRORA drill intersections is higher than that mined historically by Northgate
Mineral Corp. at the Kemess South deposit (218 MT at 0.63 g/t Au and 0.21% Cu1) in the Kemess Mining District located
immediately to the south of the JOY mineral claims. Centerra Gold Inc., which owns and is currently advancing the
Kemess District, has recently reported Au and Cu resources for the Kemess Open Pit (Indicated of 111.7 Mt grading 0.27
g/t Au, 0.14% Cu and 1.19 g/t Ag), Kemess Underground (139.9 Mt grading 0.50 g/t Au, 0.25% Cu and 1.90 g/t Ag) and
Kemess East deposits (Indicated of 93.4 Mt grading 0.39 g/t Au , 0.30% Cu and 1.66 g/t Ag )2. Members of the Amarc
team were the first to recognize the porphyry potential of the Kemess area within the Toodoggone, and discovered and
transacted the Kemess South Deposit in 1996. Additionally, members of the Amarc team have collectively worked on
all nine known porphyry deposits in the Toodoggone-Kemess region, providing a significant local knowledge advantage.
1 Golder Associates, “Technical Report for the Kemess Underground Project and Kemess East Project, BC,” for AuRico Metals Ltd., July
2017
2 Centerra website: www.centerragold.com; as at December 24, 2024; cut off for Kemess OP is NSR cutoff of C$12.92/t; NSR shut off valve
of C$22.92/t Kemess UG and Kemess East for block cave UG method. Amarc’s qualified person has been unable to verify this information
and the information is not necessarily indicative of the mineralization on the JOY property.
Highlights from the AuRORA DEPOSIT Discovery Drill Holes Include:
Drill
Hole
Int.1,2,3
(m)
From
(m) Incl. Au
(g/t)
Cu
(%)
Ag
(g/t)
CuEQ4
(%)
JP24057 82 18 1.24 0.38 2.47 1.08
42 58 Incl. 1.97 0.49 3.58 1.61
JP24059 271 24 0.98 0.25 1.93 0.81
171 24 Incl. 1.32 0.34 2.62 1.09
89 106 and 2.29 0.46 3.65 1.76
JP24071 2125 21 1.36 0.40 3.35 1.18
108 104 Incl. 2.38 0.60 5.17 1.96
JP24074 162 69 2.19 0.63 6.95 1.90
147 84 Incl. 2.40 0.69 7.60 2.08
108 111 and 3.09 0.82 8.99 2.59
81 135 and 3.69 0.92 9.72 3.04
JP24060 130 74 2.40 0.61 5.33 1.98
81 104 Incl. 3.58 0.85 7.36 2.89
JP24063 132 70 1.01 0.30 2.80 0.88
99 103 Incl. 1.17 0.33 3.15 1.00
JP24068 192 47 0.52 0.25 2.63 0.56
83 104 Incl. 0.75 0.34 3.77 0.78
JP24073 219 102 0.98 0.24 2.01 0.80
131 102 Incl. 1.40 0.34 2.81 1.13
95 138 and 1.62 0.37 2.94 1.28
JP24075 266 34 1.24 0.31 3.42 1.02
109 37 Incl. 2.41 0.51 5.27 1.89
JP24080 132 137 1.87 0.63 5.22 1.71
90 167 Incl. 2.53 0.81 6.45 2.26
JP24083 204 74 0.74 0.28 3.86 0.72
51 157 Incl. 1.51 0.53 6.47 1.41
Notes to Table:
1. Widths reported are drill widths, such that true thicknesses are unknown.
2. All assay intervals represent length-weighted averages.
3. Some figures may not sum exactly due to rounding.
4. Copper equivalent (CuEQ) calculations use metal process prices of: Cu US$4.00/lb, Au US$1800/oz., and Ag
US$24/oz. and conceptual recoveries of: Cu 85%, Au 72% and 67% Ag. Conversion of metals to an equivalent
copper grade based on these metal prices is relative to the copper price per unit mass factored by conceptual
recoveries for those metals normalized to the conceptualized copper recovery. The metal equivalencies for
each metal are added to the copper grade. The general formula for this is: CuEQ% = Cu% + ((Au g/t * (Au
recovery / Cu recovery) * (Au $ per oz./31.1034768 / Cu $ per lb. * 22.04623)) + ((Ag g/t * (Ag recovery / Cu
recovery) * (Ag $ per oz./ 31.1034768 / Cu $ per lb. * 22.04623)).
5. Drill hole JP24071 interval 179-182 m comprised broken ground, no core was recovered, and it was therefore
averaged at zero grade.
6. Further details are available in Amarc’s January 17, 20, and February 28, 2025 releases.
Other JOY District Potential – Twins Discovery, Canyon Discovery, PINE Deposit and a Pipeline of High Potential Cu -
Au Deposit Targets
Amarc has also established nine other large (up to 7 km2) sulphide systems at JOY, mainly located approximately 15 km
to the southeast of the AuRORA Discovery (see Amarc release February 28, 2025). Drilling to date in three of these
sulphide systems - Twins, PINE and Canyon - has intersected important porphyry Cu -Au mineralization. The highly
prospective Twins discovery , made in 2024, represents Amarc’s third new Cu -Au porphyry system discovery in three
years of drilling with Freeport in the JOY District.
New scientific information gleaned from the AuRORA Discovery, the Twins and Canyon Discoveries, PINE Deposit and
several other large -scale sulphide systems and targets across the JOY District is being further assessed, and these
systems along with newly emerging deposit targets will require additional drilling. Deposit targets have been
established through systematic exploration including 290 line -km of property wide Induced Polarization ground
geophysics surveying, the collection and analyses of 8,400 soil and 1,540 rock samples, and geological mapping and
prospecting.
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 advancing its 100%-owned JOY, DUKE and IKE porphyry Cu±Au Districts located in different prolific porphyry
regions of northern, central and southern 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 are
located in proximity to industrial infrastructure – including power, highways and rail.
Amarc’s exploration is led by an internationally successful team of experienced geologists specializing in porphyry
Cu-Au deposits. Members of this team have been involved in and have tracked porphyry Cu -Au exploration
advancements in the Toodoggone region since 1990. Their experience and early recognition of the porphyry potential
at the NWG Target in terms of a shallowly overburden covered and underexplored transitional epithermal-porphyry
geological setting, led to the discovery of the Au-rich AuRORA porphyry Cu-Au-Ag Deposit.
Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport"), a wholly owned subsidiary of Freeport -McMoRan
Inc. at JOY and Boliden Mineral Canada Ltd. ("Boliden"), an entity within the Boliden Group of companies at DUKE,
can earn up to a 70% interest in e ach District through staged investments of up to $110 million and $90 million,
respectively. Together this provides Amarc with potentially up to $200 million in non -share dilutive staged funding
for these Districts. Amarc has completed an initial self -funded drilling program at its higher grade Empress Cu-Au
Deposit in the IKE District. Amarc is the operator of all programs.
Amarc is associated with HDI, a diversified, global mining company with a 35 -year history of porphyry Cu deposit
discovery, development and transaction 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, AuRORA, PINE, IKE and
DUKE. From its head office in Vancouver, Canada, HDI applies its u nique 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
pursue early and meaningful engagem ent 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 partn erships with Indigenous groups 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 program s are
carefully planned to achieve high levels of environmental and social performance.
Qualified Person
Mark Rebagliati, P.Eng, a Qualified Person (“QP”) as defined by National Instrument 43-101, has reviewed and approved
all technical and scientific information related to the JOY Project contained in this news release. Mr. Rebagliati is not
independent of the Company.
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 OF AMARC RESOURCES LTD.
Dr. Diane Nicolson
President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) 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
exploration of Amarc's projects will continue to be positive, and no geological or technical problems will occur. Factors that cou ld 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 relate d to the ability to obtain
necessary permits, licenses and tenure and delays d ue 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 ass erted 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 cautione d 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.sedarplus.ca.