VANCOUVER, July 26 /CNW/ - Amarc Resources Ltd. ("Amarc", the "Company") (TSX Venture: AHR; OTCBB: AXREF) is pleased to provide an update on its exploration activities at the Newton bulk tonnage gold project, located in south-central British Columbia ("BC").
Initial results received from the 2010 surface program at Newton have identified significant new mineral potential on the property proximal to the area of Amarc's 14-hole discovery diamond drill program, completed in late 2009. Best intercepts from the 2009 drilling include 189 metres grading 1.56 g/t gold, including 141 metres grading 2.01 g/t gold in hole 9004 and 138 metres grading 0.74 g/t gold, including 63 metres grading 1.17 g/t gold in hole 9014 (further results in Amarc release dated January 19, 2010).
An Induced Polarization ("IP") ground geophysical survey has defined a substantial target that extends some 400 metres north-south by 1,500 metres west-east and is open in all directions. The new IP anomaly, which is located approximately 450 metres south of Amarc's discovery drilling at Newton, was not identified by historical IP surveys. Limited outcrop in the target area suggests the presence of favorable host rocks, as encountered in the 2009 drill program. Two historical drill holes, located immediately to the north of the new target, returned very broad intervals of highly anomalous gold, including 115 metres at 0.17 g/t gold in hole 82-03 and 128 metres at 0.25 g/t Au and 18 metres at 0.51 g/t gold in hole 82-04. Although sub-economic in grade, these very broad continuous intercepts indicate the potential for a large nearby gold-bearing hydrothermal system.
"Amarc's comprehensive 2010 surface program at Newton is defining exciting new potential for a bulk tonnage gold resource in south-central BC," confirmed Amarc Chairman Robert A. Dickinson. "We are tremendously encouraged by the initial results received from our ongoing programs, especially as we believe this property may represent a new gold deposit type in BC. We have a drill tender process underway right now and, once surface exploration activities have been completed, data synthesized and drill targets refined, we will commence drilling."
Previous work at Newton has shown that the most intensively developed mineralization is associated with disseminated sulphides that appear to be preferentially localized by pervasively altered volcaniclastic and epiclastic rock units. These preferred host rocks have a high permeability and an anticipated wide areal distribution - features that are representative of a permissive environment for the development of a bulk tonnage-style mineralized system.
"Our geological team believes the extensive new target area being defined by the IP survey has compelling potential," Dickinson said. "Additionally, detailed surface mapping in the immediate area of Newton Hill has delineated a wider geographic distribution of favorable host rocks than was previously recognized. All of these conditions indicate increased potential for the Newton project to host a significant bulk tonnage gold resource."
Amarc has the right to acquire an 80% interest in the Newton property from New High Ridge Resources Inc. by incurring $5 million in expenditures within seven years. The property is located approximately 110 kilometres southwest of the City of Williams Lake within the Chilcotin region of south-central BC.
Newton is situated 40 kilometres north of the permitting-stage Prosperity copper-gold project, which hosts 831 million tonnes of proven and probable reserves grading 0.41 g/t gold and 0.23% copper, containing 3.6 billion pounds copper and 7.7 million ounces gold at a C$5.50 NSR/t cut-off (Taseko Mines Limited).
Amarc is also making good progress with extensive geophysical, geological and geochemical surveys underway on the approximately 1,700-square kilometre, adjacent property which is part of its Plateau Gold-Copper Belt. The Company expects to provide an update on preliminary results from this work shortly.
Mark Rebagliati, P.Eng., a Qualified Person as defined under National Instrument 43-101, is supervising the exploration and quality assurance and quality control programs on behalf of Amarc and has reviewed the content of this release.
Amarc Resources Ltd. is a Vancouver-based exploration and development company affiliated with the Hunter Dickinson group, a private company associated with a series of successful mineral exploration and development projects in BC - including Golden Bear, Mt. Milligan, Kemess, Gibraltar and Prosperity.
ON BEHALF OF THE BOARD
Ronald W. Thiessen
President & CEO
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, exploitation and exploration 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 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 information: 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