Joint Venture Agreement to Explore Galaxie and ZNT Properties Ratified
VANCOUVER, Dec. 11, 2012 /CNW/ - Amarc Resources Ltd. ("Amarc" or the
"Company") (TSX-V: AHR; OTCBB: AXREF) has received regulatory approval
in relation to a Letter Agreement ("Letter Agreement") with Quartz
Mountain Resources Ltd. ('Quartz Mountain"), on Quartz Mountain's
100%-owned Galaxie and ZNT properties ("Properties") located in British
Columbia ("BC"), which hold significant exploration potential.
Under the terms of the Letter Agreement, Amarc can acquire up to a 50%
ownership interest in the Properties upon making a cash payment and
funding exploration expenditures as announced on November 7, 2012. This
strategic investment provides Amarc with a cost effective opportunity
to participate in projects with strong base and precious metal drill
targets that have the potential to provide a significant return for
The Galaxie Project hosts includes the Gnat porphyry copper deposit
where an historical estimate of an "Indicated Reserve" of 30 million
tonnes grading 0.39% copper was reported in 1972. The deposit remains
open to expansion. A targeted drilling program has commenced to test
newly identified potential extensions to the Gnat system.
Data is still being received from aggressive exploration programs
completed earlier this year at other targets on Galaxie and ZNT, which
included prospecting, grid soil geochemical and Induced Polarization
ground geophysical surveys. Once all the data has been compiled and
reviewed drill targets will be defined.
The historical estimate for the Gnat porphyry deposit was completed by
Lytton Minerals Ltd, reported in a Canadian Stock Exchange Listing
Statement in 1972. The estimate was based on 83 AQ-size drill holes
completed by Lytton and others to that time, and comprises "Indicated
Reserves" of 30,387,850 tonnes grading 0.39% copper, including 20%
dilution by wallrock grading 0.15% copper. As no technical report or
other documentation of reserve estimation parameters is known to exist,
the reliability of the estimate cannot be assessed. There is no
classification of "Indicated Reserves" under current standards and a
Qualified Person has not done sufficient work to classify the estimate
as current mineral resources or reserves, and as such Amarc is not
treating it as current.
The approximately 1,300 square kilometre Galaxie Project is located some
eight kilometres south of Dease Lake, BC, within a region where mining
and mineral exploration is the principal industry (see maps at http://www.amarcresources.com/ahr/MapsFigures.asp). The district is well served by an existing transportation system, a
developing power infrastructure, and a skilled workforce.
Highway 37 passes through the center of the Galaxie Project and provides
year-around direct access to the Gnat deposit, which is located in an
area of flat to gently rolling topography. Construction of the
$400-million Northwest Transmission Line project has commenced, to
include a new 287-kV transmission line to a new substation near Bob
Quinn Lake. The Northwest Transmission Line is scheduled to connect to
the Red Chris copper-gold porphyry mine development project in early
2014, located approximately 42 km south of the Gnat deposit.
About Amarc Resources Ltd.
Amarc is a Vancouver-based mineral exploration and development company
focused on making the next major precious and base metal discovery in
BC. With a solid working capital position of $6.2 million, Amarc's
exploration activities are focused on: its 100%-owned Silver Vista
silver-copper project; the Galaxie and ZNT properties held in the Joint
Venture with Quartz Mountain; its 100%-owned Galileo property, located
adjacent to New Gold's Blackwater gold-silver deposit; and the
100%-owned Newton gold discovery.
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
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.
For further information:
For further details on Amarc Resources Ltd., please visit the Company's website at www.amarcresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.