Amarc Launches 2024 Duke Copper-GOLD District Drilling
AMARC LAUNCHES 2024 DUKE COPPER-GOLD DISTRICT DRILLING
February 8, 2024 - Amarc Resources Ltd. ("Amarc" or the "Company") (TSXV: AHR; OTCQB: AXREF) is pleased to
announce that it has mobilized to commence an extensive 2024 drill program at its 100% owned DUKE Copper-Gold
district (“DUKE District” or “District”) in central British Columbia (“BC”). The 722 km2 DUKE District is hosted in the
Babine Porphyry Cu-Au Region, one of the most mineralized porphyry belts in BC. This year’s budgeted $10 million
program will again be funded by Boliden, which is earning-in at DUKE (see below). Amarc is the project operator.
"We are extremely pleased to be fully funded to commence drilling at the DUKE District early in the year,” said Dr. Diane
Nicolson, Amarc President and CEO. “The winter drilling program is designed to build upon last year’s positive drilling
at the DUKE Deposit and the surrounding DUKE Deposit Target. A second phase of 2024 drilling is planned for the
summer to test a number of deposit targets across the District, including our recently announced, promising and drill-
ready Svea copper-gold target.”
The 2022-2023 drilling (24 core holes, 11,086 m) successfully expanded the DUKE Deposit porphyry Cu -Mo-Ag-Au
system laterally to a footprint of 650 m north-south by 800 m east-west and to a depth of at least 600 m (see Amarc
release June 15, 2023). In addition, results highlighted the potential for further expansion of the DUKE Deposit, and
for the delineation of zones of higher grade within it. Further, encouraging intercepts from initial, widely spaced
drilling in the robust 4.7 km2 Induced Polarization chargeability anomaly that surrounds the DUKE Deposit and forms
the DUKE Target, suggests additional discovery potential.
DUKE District
Amarc’s DUKE District is located 80 km northeast of Smithers within the Babine Region, one of the most mineralized
porphyry belts in BC. It hosts the former Bell and Granisle Cu -Au mines that were operated by Noranda Mines, and
the advanced stage Morrison Cu-Au deposit. Significant potential exists for discovery of new large porphyry Cu
deposits. Infrastructure servicing the former mines and the very active forestry and exploration industries is nearby.
There is an extensive network of forest roads and much of the Duke District is road accessible.
In November 2022, Amarc entered into a Mineral Property Earn -In Agreement (the "EIA") with Boliden Mineral
Canada Ltd. (“Boliden”), an entity within the Boliden Group of companies (see Amarc release November 22, 2022).
Under the terms of the Agreement, Bol iden has a two -staged option to earn up to a 70% interest in the DUKE
District by funding $90 million exploration and development expenditures. A $10 million program was completed
in 2022-2023.
About Amarc Resources
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 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.
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 each District through staged investments of $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. In addition, Amarc intends to solo drill the higher grade Empress Deposit in the IKE District with
funding from a successful 2023 financing. 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 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
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 partnerships 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 programs are carefully planned to achieve
high levels of environmental and social performance.
Qualified Person as Defined Under National Instrument 43-101
Dr. Roy Greig, P.Geo., a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the
technical content in this release.
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 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.
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 plus.ca.