Amarc provides exploration update
VANCOUVER, Sept. 19, 2013 /PRNewswire/ - Amarc Resources Ltd. ("Amarc" or the "Company") (TSX-V: AHR; OTCBB: AXREF) is pleased to provide results from its summer exploration programs at silver and copper properties located in central and northern British Columbia ("BC"). In particular, surface exploration at the ZNT joint venture property has delineated a compelling silver and zinc anomaly that is ready for drill testing. A permit has been received from government and drilling is expected to commence shortly. Given the ongoing challenging financial markets, Amarc has adapted its exploration strategies to evaluate exploration properties in a cost effective and efficient manner.
By option agreement announced in late 2012, the Company intends to acquire a 60% interest in ZNT from Quartz Mountain Resources Ltd. ("Quartz Mountain"), and is also the operator of the joint venture. The ZNT exploration property was staked by Quartz Mountain on the basis of significant zinc concentrations in regional till samples as reported by Geoscience BC. In 2012, approximately 2,400 grid soil geochemical samples and 20 line kilometres of Induced Polarization ("IP") ground geophysical survey were completed. These initial exploration activities defined a new and unusually strong silver and zinc-in-soils anomaly measuring 1.8 kilometres by 1.2 kilometres. In July 2013, a pitting and trenching program designed to further refine the target was completed over 16 days. Some 170 rock and 36 soil geochemical samples were collected from 62 pits and trenches. Integration of the data from these surface programs has defined a sizable silver deposit-target hosted by volcanogenic sandstones. Amarc plans to drill test this target shortly.
A map with results from the ZNT program and other maps referenced in this release are available in the Company presentation at http://www.amarcresources.com/i/ahr/pdf/AHR_Presentation.pdf.
The ZNT property is located 15 kilometres southeast of the town of Smithers, BC. The project area is characterized by gentle topography and easy access. The region is well-served by existing transportation and power infrastructure, and is connected via the Canadian National Railway and Highway 16 at Smithers to the deep-water port at Prince Rupert. In addition, a skilled local workforce supports an active mineral exploration and mining industry in the region.
In other news, at the 100%-owned Silver Vista property, near Lake Babine, results from extensive geochemical surveys conducted in 2012 over the MR Zone defined a strong silver-in-soils anomaly extending over an area of approximately 1.2 kilometres by 1.4 kilometres for ground follow-up. This target area included a 600 metre-long zone of known mineralization defined by historical drilling, which remains open laterally and to depth (see Amarc news release January 29, 2013). A recently completed pitting and trenching program designed to test the MR Zone target suggests that silver-copper mineralization is restricted to the immediate vicinity of the historical drilling, and has limited the potential for a large-scale, bulk tonnage deposit.
Comprehensive surface exploration, including extensive silt geochemical sampling, over the greater Silver Vista property in 2012 delineated copper-molybdenum and silver targets for ground follow-up. In August 2013, all three prioritized targets were geologically mapped. In addition, 125 rock and 838 soil geochemical samples were collected. Two porphyry copper-molybdenum systems of limited dimensions were defined, however, no compelling drill targets were established.
At the Galaxie property, near Dease Lake, which is held under another joint venture with Quartz Mountain, integrated exploration surveys completed in 2012 by Quartz Mountain defined 4 porphyry copper targets at Hu and Hotai and a silver skarn target at the Silver Lode play for ground follow-up (see Amarc news release February 21, 2012). Amarc, as operator of the joint venture, recently completed an efficient two week program, which included geological mapping, 10 line kilometres of IP ground geophysical surveying and the collection of 96 rock and 246 soil geochemical samples. Although no immediate drill targets were identified to meet Amarc requirements, a series of alkali intrusions were observed around the Hu target which are known to be the principal hosts for porphyry copper-gold deposits, and may warrant further exploration. Amarc expects to have a 40% interest in the Galaxie JV when final data compilation is completed next month, with operatorship passing back to Quartz Mountain.
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 the ongoing challenging equity market conditions Amarc has a sound base of approximately $5 million in working capital. The Company has taken a prudent approach to treasury management and 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, Prosperity and Harmony. 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
All soil, silt and rock samples in the 2013 program were prepared at the ACME Laboratories in Smithers or Vancouver and analyzed using their 36 element aqua regia digestion ICP/MS package at the Vancouver, Canada facility (ISO 9001:2008 registered and 17025:2005 accredited). Rock chip samples >10,000 ppm Zn were also analyzed by 4 acid digestion ICP-AES finish.
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.