AHR.V · 2024-06-25 12:00:00

Amarc Recommences Drilling at the Duke District Reports ON Duke Deposit Winter Drilling

Exploration Programs

AMARC RECOMMENCES DRILLING AT THE DUKE DISTRICT

REPORTS ON DUKE DEPOSIT WINTER DRILLING

June 25, 2024 - Amarc Resources Ltd. ("Amarc" or the "Company") (TSXV: AHR; OTCQB:AXREF) is pleased to announce

that it has recommenced drilling at its 100% owned DUKE porphyry copper-gold (“Cu-Au”) district (“DUKE District” or

“District”) in British Columbia (“BC”). The current drill program follows the 2024 winter delineation drilling of the DUKE

Deposit. The initial focus of this summer’s drilling is the SVEA Cu-Au Deposit Target and the new JO porphyry Cu -Au

discovery identified by the Company’s comprehensive surveys across the prospective 722 km2 District. Ground and

airborne geophysical surveys are also currently underway with up to 30 crew members onsite.

The Svea Deposit Target shares many attributes with some of the premier deposits and occurrences within the prolific

Babine Porphyry Cu-Au Region (the “Babine”) . Svea is defined by a 7 km 2 Induced Polarization chargeability (“IP”)

anomaly indicating a large sulphide mineralized system. Widespread and strong Cu -Au-Mo-in-soil geochemical

anomalies and favorable biotite-feldspar porphyry (“BFP”) intrusive rocks are co -incident with the IP chargeability

anomaly. In addition, results from short historical drill holes1 suggest excellent potential for important Cu -Au

mineralization, for example, DDH 69-3 returned 0.36% Cu and 0.18 g/t Au over 23.7 m (see Amarc release January 19,

2024). Another new target, the JO discovery is characterized b y coincident IP chargeability and magnetic geophysical

anomalies. Initial grab sampling of outcrop within the target returned 0.18% Cu, 0.52 g/t Au, 16 g/t Ag and 55 ppm

Mo (see Amarc release April 16, 2024).

Boliden Mineral Canada Ltd. ("Boliden"), under the DUKE District Mineral Property Earn -in Agreement is continuing

its earn-in during 2024 with a further $10 million of budgeted expenditures (see Amarc release December 13, 2023).

Amarc continues as project operator.

“The Amarc team is excited to be back on the ground commencing the summer drilling program at Svea and JO and

plans to complete twelve holes between these Targets,” said Amarc President and CEO Diane Nicolson. “ In addition

to current exploration drilling on the Svea and JO, nine drill holes were completed during the winter drilling at the

DUKE Deposit. These drill holes further defined the Cu-Mo mineralization in the central portion of the DUKE Deposit

as well as identifying potentially important volumes of mineralization to the south and north of the main Deposit

which remain to be fully drill delineated.”

DUKE Deposit Drill Results and Key Implications

During the winter of 2024, two rigs continued with delineation drilling of the DUKE Cu-Mo Deposit and testing the DUKE

Offset (Figure 1). Nine core holes were drilled, totalling some 4,828.2 m . Assay data and drill hole information are

provided in Tables 1, 2 and 3. Seven of the 9 drill holes intersected Cu-Mo mineralization above an approximate grade of

0.15% CuEQ* over widths of 104 m to 385 m (Tables 1 and 2).

Highlights from the 2024 winter drilling at the DUKE Deposit include:

• 71 m of 0.45% CuEQ* (0.35% Cu, 0.016% Mo, 0.06 g/t Au, 1.6 g/t Ag) and

104 m of 0.38% CuEQ (0.29% Cu, 0.016% Mo, 0.06 g/t Au, 1.3 g/t Ag) in hole DK24033

1 Copper assays for nine 1969 Texas Gulf drilling are from copies of original drill logs, accessed at

https://propertyfile.gov.bc.ca/showDocument.aspx?docno=830869 (BC Ministry of Energy, Mines and Petroleum Resources (“BC MEMPR”) Property File

Document 830869), and for gold in from Carter, 1992, Geological and Geochemical Report, Sampling of Diamond Drill Cores and S oil Sampling, on the Trail

Mineral Claim, 31 pages, BC MEMPR Assessment Report 22719. Assay summaries are available for some of these historical drill holes, but much of the assay

data, along with drill logs, is not available. These results are historical in nature and at the time of this release have not been verified by Amarc or its Qualified

Person, as the drill core, and original sample material are not a vailable, however, the Company intends to verify this information through drilling during its

summer 2024 campaign.

• 110 m of 0.38% CuEQ (0.25% Cu, 0.028% Mo, 0.04 g/t Au, 1.1 g/t Ag) and

30 m of 0.39% CuEQ (0.26% Cu, 0.025% Mo, 0.05 g/t Au, 1.4 g/t Ag) in hole DK24034

• 30 m of 0.44% CuEQ (0.35% Cu, 0.013% Mo, 0.05 g/t Au, 1.5 g/t Ag) within

203 m of 0.28% CuEQ (0.2% Cu, 0.015% Mo, 0.03 g/t Au, 1.0 g/t Ag) in hole DK24035

• 48 m of 0.34% CuEQ (0.26% Cu, 0.010% Mo, 0.05 g/t Au, 1.8 g/t Ag) in hole DK24036

• 15 m of 0.69% CuEQ (0.52% Cu, 0.024% Mo, 0.11 g/t Au, 1.9 g/t Ag) and

29 m of 0.47% CuEQ (0.31% Cu, 0.030% Mo, 0.06 g/t Au, 1.7 g/t Ag) within

208 m of 0.26% CuEQ (0.19% Cu, 0.013% Mo, 0.04 g/t Au and 1.0 g/t Ag) in hole DK24037

The 2024 ongoing DUKE Deposit delineation drilling results complement those returned from the 2022-2023 drilling

program which included:

• 183 m of 0.43% CuEQ* (0.31% Cu, 0.019% Mo, 0.07 g/t Au,1.5 g/t Ag) in hole DK22009**

• 217 m of 0.45% CuEQ (0.33% Cu, 0.018% Mo, 0.08 g/t Au, 1.5 g/t Ag) in hole DK22010**

• 30 m of 0.47% CuEQ (0.36 % Cu, 0.015% Mo, 0.06 g/t Au, 3.2 g/t Ag) in hole DK23012**

• 30 m of 0.43% CuEQ (0.31% Cu, 0.014% Mo, 0.09 g/t Au, 1.6 g/t Ag), and

33 m of 0.44% CuEQ (0.20% Cu, 0.053% Mo, 0.06 g/t Au, 1.3 g/t Ag) in hole DK23015**

• 82 m of 0.41% CuEQ (0.30% Cu, 0.017% Mo, 0.06 g/t Au, 1.1 g/t Ag) in hole DK23022**

• 36 m of 0.47% CuEQ (0.34% Cu, 0.024% Mo, 0.06 g/t Au, 1.5 g/t Ag) in hole DK23024**

• 33 m of 0.40% CuEQ (0.30% Cu, 0.017% Mo, 0.05 g/t Au, 1.5 g/t Ag) in hole DK23026**

* Copper equivalent (CuEQ) calculations use metal prices of: Cu US$4/lb, Mo US$15/lb, Au US$1,800/oz and Ag US$24/oz and con ceptual

recoveries of: Cu 85%, Mo 82%, Au 72% and 67% Ag.

** Holes DK22009 to DK23026 were previously reported in Amarc releases dated January 26, 2023, February 15, 2023 and June 15, 2023.

Figure 1: On-going Delineation Drilling Continues to Expand DUKE Deposit

A new and positive structural element, the South Graben Fault (“SGF”) was recognized principally from the results of drill

hole DK24036. The SGF, like many other mineralized corridors in the Babine, likely has a spatial relationship to the

development of significant Cu-Mo mineralized zones. Notably, recognition of the SGF indicates the possibility to expand

the DUKE Deposit over a potential strike length of 700 m. A few short historical holes drilled in the 1970’s cut the

shallowest portions of this targeted volume. In most cases the holes were well mineralized, for example, 70-02 returned

113 m of 0.38% CuEQ (0.29% Cu, 0.012% Mo 0.06 g/t Au, 1.1 g/t Ag) including 12 m of 0.51 % CuEQ (0.41% Cu, 0.010%

Mo, 0 .09 g/t Au, 1.6 g/t Ag) ( see Amarc DUKE Project 2020 Technical Report available on the website

at https://amarcresources.com/projects/duke -project/technical-report).

Using orientated core drilling and changing drilling orientations to along north-south sections (from previous east-west

sections) (Figures 1, 2 and 3) has provided valuable information for the modelling of the Deposit. This knowledge is also

being applied to the drill testing of deposit targets in the DUKE District.

Figure 2: Significant Volumes of Cu-Mo-Ag-Au Mineralization Being Drill Delineated at the DUKE Deposit,

Section A-A'

Figure 3: DUKE Deposit Remains Open to Expansion, Section B-B'

DUKE Offset Drill Results

Drill holes DK24038 and DK24040 returned important Cu-Mo intercepts (Figure 1, Table 2) and with a previously reported

intercept in DK18004 (see Amarc release June 12, 2018), are outlining a newly recognized volume of mineralized rock to

the west of the D UKE Fault which represents a portion of the DUK E Deposit that was displaced some 450 to 500 m

northwards (Figure 1). The initial drilling suggests that this new target has a strike length of approximately 500 m and an

estimated true width of around 120 m. It remains to be fully drill delineated.

Importantly, the new accurate determination of the displacement along the DUKE Fault permits targeting - for the first

time - the location of the fault-offset portion of the Cu-Mo-Au mineralization intersected in hole DK 17001 (see Amarc

release see Amarc release June 12, 2018). The last 93.5 m of th is drill hole cut 0.31% CuEQ (0.23% Cu, 0.001% Mo, 2.7

g/t Ag, 0.12 g/t Au), including a significant Au intersection of 0.68 g/t Au over 9 m from 509 to 518.5 m at the bottom of

the hole.

Table 1: DUKE Deposit 2024 Assay Results

Drill

Hole5

Azim

(°)

Dip

(°)

EOH

(m)

Incl. From

(m)

Int.1,2,3

(m)

CuEQ4

(%)

(g/t)

DK24033 0 -45 704 347.10 507.00 159.90 0.34 0.25 0.014 0.05 1.1

Incl. 347.10 451.00 103.90 0.38 0.29 0.016 0.06 1.3

and 364.50 436.00 71.50 0.45 0.35 0.016 0.06 1.6

DK24034 0 -45 730.4 54.00 81.00 27.00 0.21 0.18 0.006 0.01 0.7

108.00 123.00 15.00 0.27 0.22 0.008 0.02 1.0

229.00 339.35 110.35 0.38 0.25 0.028 0.04 1.1

379.00 520.40 141.40 0.32 0.21 0.021 0.04 1.1

Incl. 472.40 502.40 30.00 0.39 0.26 0.025 0.05 1.4

DK24035 180 -44 749 176.00 203.50 27.50 0.27 0.16 0.023 0.03 0.9

Incl. 176.00 185.00 9.00 0.48 0.25 0.054 0.04 1.1

221.00 242.90 21.90 0.24 0.17 0.014 0.02 0.9

280.00 298.53 18.53 0.25 0.19 0.011 0.03 1.1

385.70 589.10 203.40 0.28 0.20 0.015 0.03 1.0

Incl. 430.88 485.90 55.02 0.31 0.21 0.020 0.03 1.2

Incl. 506.00 587.00 81.00 0.31 0.24 0.013 0.03 1.0

and 557.00 587.00 30.00 0.44 0.35 0.013 0.05 1.5

662.00 738.37 76.37 0.23 0.16 0.017 0.02 0.7

DK24036 0 -44 605 105.00 153.00 48.00 0.34 0.26 0.010 0.05 1.8

239.00 376.00 137.00 0.21 0.15 0.009 0.03 0.7

Incl. 239.00 312.00 73.00 0.25 0.19 0.009 0.04 0.8

DK24037 180 -44 794 371.00 756.12 385.12 0.23 0.16 0.014 0.03 0.8

Incl. 371.00 579.50 208.50 0.26 0.19 0.013 0.04 1.0

and 389.00 480.72 91.72 0.28 0.21 0.011 0.04 1.1

and 466.06 480.72 14.66 0.69 0.52 0.024 0.11 2.9

and 496.85 551.00 54.15 0.37 0.25 0.022 0.04 1.3

and 496.85 526.00 29.15 0.47 0.31 0.030 0.06 1.7

Incl. 602.54 612.47 9.93 0.32 0.17 0.035 0.03 0.8

Incl. 636.36 756.12 119.76 0.22 0.15 0.015 0.02 0.6

and 636.36 697.30 60.94 0.26 0.17 0.020 0.02 0.8

and 656.00 697.30 41.30 0.29 0.19 0.023 0.03 0.8

Table 2: DUKE Deposit Offset Drill Holes

Drill

Hole5

Azim

(°)

Dip

(°)

EOH

(m)

Incl. From

(m)

Int.1,2,3

(m)

CuEQ4

(%)

(g/t)

DK24038 90 -46 296 64.00 195.00 131.00 0.21 0.15 0.011 0.04 0.8

Incl. 64.00 84.00 20.00 0.28 0.21 0.008 0.06 1.1

and 76.87 84.00 7.13 0.37 0.28 0.010 0.08 1.4

DK24039 270 -45 182 32.00 88.00 56.00 0.15 0.13 0.003 0.02 1.0

DK24040 90 -50 392.8 68.00 282.00 214.00 0.24 0.17 0.012 0.03 0.9

Incl. 148.00 282.00 134.00 0.26 0.18 0.014 0.04 0.9

and 212.76 282.00 69.24 0.28 0.19 0.017 0.05 0.9

and 248.00 282.00 34.00 0.30 0.20 0.018 0.05 0.9

DK24041 90 -45 375 No significant intercepts

Notes:

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/lb, Au US$1800/oz., Ag US$24/oz. and Mo US$15/lb

and conceptual recoveries of: Cu 85%, Mo 82%, 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)) + ((Mo% * (Mo recovery / Cu recovery) * (Mo $

per lb.) / Cu $ per lb.)).

5. The collar locations in UTM NAD83, Zone 9N coordinates for drill holes are listed in Table 3.

Corporate

In other news Amarc regrets to report that Dr. Paul Johnston has had to step down as VP Exploration for personal reasons.

The Company thanks Dr. Johnston for his contributions and wishes him well.

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 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 are

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 e ach 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

>0.30% CuEQ

0.15 - 0 30% CuEQ

for these Districts. In addition, Amarc intends to solo drill the higher grade Empress Deposit in the IKE District

allocating funds from its 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 c apabilities 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.Geo, a Qualified Person (“QP”) as defined by National Instrument 43-101, has reviewed and approved

all technical and scientific information related to the Duke Project contained in this news release. Mr. Rebagliati is not

independent of the Company.

Quality Assurance/Quality Control Program

Amarc drilled NQv (48.1mm) size core in the winter of 2024. All drill core was logged, photographed, and cut in half with

a diamond saw. Half core samples from the DUKE drilling were sent to ALS Canada Ltd., Kamloops, Canada, for

preparation and to North Vancouver, Canada for analysis. Surface rock samples from the 2023 program were sent to

either Kamloops or North Vancouver for preparation and were also analyzed in North Vancouver. Both facilities are

ISO/IEC 17025:2017 accredited. At the laboratory, samples were dried, crushed to 70% passing -2mm, and a 250 g split

pulverized to better than 85% passing 75 microns. Samples were analyzed for Au by fire assay fusion of a 30 g sub-sample

with an ICP -AES finish, and for 60 elements including Cu, Mo and Ag by a four -acid digestion, multi -element ICP-MS

package. As part of a comprehensive Quality Assurance/Quality Control ("QAQC") program, Amarc control samples were

inserted in each analytical batch of the core samples at the following rates: standards one in 20 regular samples, in-line

replicates one in 20 regular samples and one coarse blank per hole. For surface rock samples, at least one standard was

inserted in each analytical batch. The control sample results were then checked to ensure proper QAQC.

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 diffe r 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 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.sedarplus.ca.

Table 3: 2024 Drill Hole Information

Target Drill Hole Easting Northing

EOH Azimuth Dip

(m) (o) (o)

DUKE Deposit DK24033 679,900 6,125,304 704.00 0 -45

DK24034 679,603 6,125,337 730.40 0 -45

DK24035 679,535 6,125,950 749.00 180 -44

DK24036 680,102 6,125,205 605.00 0 -44

DK24037 679,703 6,126,003 794.00 180 -44

DUKE Offset DK24038 678,759 6,126,448 296.00 90 -46

DK24039 678,759 6,126,448 182.00 270 -45

DK24040 678,778 6,126,278 392.80 90 -50

DK24041 678,960 6,126,410 375.00 90 -45

Figure 1: On-going Delineation Drilling Continues to Expand DUKE Deposit

Figure 2: Significant Volumes of Cu-Mo-Ag-Au Mineralization Being Drill Delineated at the DUKE Deposit, Section

A-A'

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