Amarc and Boliden Prepare for 2024 Drilling Program at Duke Copper-Gold District

VANCOUVER, BC / ACCESSWIRE / December 13, 2023 / Amarc Resources Ltd. ("Amarc" or the "Company") (TSXV:AHR)(OTCQB:AXREF) is pleased to announce that preparations have commenced with Boliden Mineral Canada Ltd. ("Boliden"), for an extensive 2024 drilling program at its 100% owned DUKE Copper-Gold District (or "DUKE" or the "District") in central British Columbia ("BC").

As part of the budgeted $10 million expenditure on the 722 km² DUKE District in 2024, drilling is planned to commence at site in February. The program will be fully funded by Boliden, which is earning-in at DUKE (see below). Amarc will continue as operator of the project.

Drilling will initially focus on the DUKE Deposit and the surrounding DUKE Target area, following up on positive results from the 11,086 m drill program completed in 2022-2023 (see Amarc release June 15, 2023). The 2022-2023 drilling 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. These successful results also highlighted the potential for further expansion of the Deposit, and for the delineation of zones of higher grade within it. In addition, 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, suggest additional discovery potential warranting follow up drill testing.

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, Boliden 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.