VANCOUVER, Dec. 13, 2013 /CNW/ - Amarc Resources Ltd. ("Amarc" or the
"Company") (TSX-V: AHR; OTCBB: AHR) is pleased to announce that it has
entered into an Option and Joint Venture Agreement ("Chilcotin Belle
Agreement") with Oxford Resources Inc. ("Oxford") in relation to the
Chilcotin Belle property, located in central British Columbia ("BC").
Amarc's management considers the Chilcotin Belle property to be
prospective for bulk tonnage, porphyry-style copper-molybdenum-silver
Under the Chilcotin Belle Agreement, Amarc will acquire an 80% ownership
interest in the Property by making cash payments totaling $125,000,
issuing 300,000 shares and by completing approximately $1.86 million in
exploration expenditures on or before November 30, 2015. The mineral
claims are subject to an underlying 2% net smelter returns royalty,
which can be acquired by Amarc for $4 million. Upon exercise of the
option by Amarc, the two parties will form an 80:20 joint venture to
further develop the project.
The Chilcotin Belle property is located some 150 kilometres southwest of
the City of Williams Lake in a region characterized by moderate
topography (see location map on the Company's website at http://www.amarcresources.com/ahr/MapsFigures.asp). Limited historical drilling indicates the presence of a mineral
system with characteristics that are highly favorable for the
development of a viable copper-molybdenum-silver porphyry deposit. Of
particular significance are three widely-spaced, historical drill holes
(81-02, 891-01 and 891-02) which intercepted, from surface, long
intervals of continuous, coarse grained chalcopyrite and molybdenum
mineralization with encouraging grades. Examples of intersections from
these holes are 289 metres of 0.36% copper equivalent (CuEQ1) comprising 0.28% Cu, 0.020% Mo (no silver assays available), including
91 metres of 0.51% CuEQ, comprising 0.39% Cu and 0.029% Mo; 216 metres
at 0.39% CuEQ comprising 0.29% Cu, 0.020% Mo and 1.9 g/t Ag, including
58 metres at 0.53% CuEQ comprising 0.39% Cu, 0.031% Mo and 2.0 g/t Ag;
and 120 meters of 0.42% CuEQ comprising 0.31% Cu, 0.020% Mo and 3.3 g/t
Ag, including 32 metres of 0.60% CuEQ comprising 0.42% copper, 0.028%
molybdenum and 6.3 g/t silver. All three holes ended in mineralization.
Other, generally shallower, historical drill holes returned
geologically significant intersections of copper and molybdenum
concentrations indicative of a sizable mineralized system. These holes
are believed to have not intersected the main area of interest.
Amarc plans to drill test the extent and grade of the known system at
Chilcotin Belle, which remains open in all directions. A drill permit
is in hand, however, a date to commence field activities is yet to be
determined. In the interim Amarc will continue to effectively manage
The transactions contemplated by the Chilcotin Belle Agreement are
subject to the approval of the TSX Venture Exchange.
1Copper equivalent (CuEQ) calculations used metal prices of: Cu
US$3.00/lb, Mo US$12.00/lb and Ag US$20/oz.
Metallurgical recoveries and net smelter returns are assumed to be 100%.
About Amarc Resources Ltd.
Amarc is a Vancouver-based mineral exploration and development company
focused on making the next major metal deposit discovery in BC. Despite
ongoing challenging conditions in the equity market, Amarc has a sound
base of approximately $4.5 million in working capital. The Company
continues to take a prudent approach to treasury management and has
adapted its exploration strategies to evaluate its portfolio of assets
in an efficient and cost effective manner.
Amarc is associated with Hunter Dickinson Inc. (HDI) - a diversified,
global mining group with a 25-year history of mineral development
success. Previous HDI projects in BC include Golden Bear, Mt. Milligan,
Kemess, Gibraltar and Prosperity. From its head office in Vancouver,
Canada, HDI applies its unique strengths and capabilities to acquire,
develop, operate and monetize mineral properties to provide superior
returns to shareholders.
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
Samples from drill holes 891-01 & 891-02 were taken by the previous
operators & shipped to ISO 9001:2008 registered Acme Analytical
Laboratory Ltd in Vancouver, BC in 2011. There they were crushed to 80%
minus 10 mesh and pulverized to 85% minus 200 mesh. Analysis was by
Acme Group 1DX2, a geochemical method in which a 15 g sub-sample is
digested in aqua regia and analyzed by inductively-coupled plasma-mass
spectrometry (ICP-MS) for Cu, Mo, Ag and additional elements. One
over-limit was re-analyzed for Mo, by Acme Group 7AR. In this method, a
1 g sample is digested in aqua regia, then analyzed by
inductively-coupled plasma-optical emission spectroscopy (ICP-OES).
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