Amarc provides exploration update
VANCOUVER, Nov. 15, 2013 /PRNewswire/ - Amarc Resources Ltd. ("Amarc" or the "Company") (TSX-V: AHR; OTCBB: AXREF) provides an exploration update on drilling at the ZNT silver property located in central British Columbia ("BC"). The Company has acquired a 60% interest in the ZNT property which is being explored under a joint venture agreement with Quartz Mountain Resources Ltd. ("Quartz Mountain").
"This year Amarc has evaluated its portfolio of British Columbia copper and silver assets at ZNT, Galaxie and Silver Vista in a cost effective and efficient manner, providing the Company with $4.5 million in working capital moving forward," said Amarc Chairman Bob Dickinson. "In addition, our exploration team is hard at work evaluating a number of other exciting mineral properties in BC for potential acquisition."
The ZNT exploration property was staked on the basis of significant zinc concentrations in regional till samples as reported by Geoscience BC. In late 2012, Quartz Mountain collected approximately 2,400 grid soil geochemical samples and completed 20 line kilometres of Induced Polarization ("IP") ground geophysical survey. These initial exploration activities defined a new and unusually strong silver and multi-element-in-soils anomaly measuring 1.8 kilometres by 1.2 kilometres.
Amarc, as operator of the ZNT Joint Venture, completed in July of this year a pitting and trenching program designed to further refine the target. Some 170 rock and 36 soil geochemical samples were collected from 62 pits and trenches. Integration of the data from these surface programs defined a silver deposit target hosted by volcanogenic sandstones. However, a recent 600-metre, 2-hole drill program indicated a limited extent to the prospective host rock package and did not encounter economic mineralization. No further work is planned at ZNT by Amarc.
The Company has passed operatorship of the Galaxie JV, in which it has a 40% interest, to Quartz Mountain after ground follow-up of prioritized targets this year did not identify any immediate drill targets (see Amarc news release September 19, 2013). No further worked is planned at Galaxie by Amarc. Also, surface exploration programs completed this year at Amarc's 100%-owned Silver Vista property did not define any compelling drill targets. At the current time, no additional work is planned.
Amarc will maintain its Newton gold discovery located 40 kilometres north of the New Prosperity, copper-gold project, and its prospective 1,100 square kilometre Galileo claim package located 16 kilometres west of New Gold's 9 million ounce Blackwater gold deposit. At Newton, gold mineralization is similar in age and geological characteristics to mineralization at the Blackwater deposit. An initial mineral resource estimate completed on June 30, 2012 and based on 24,513 metres of core drilling in 78 holes confirmed that Newton is a significant bulk tonnage gold discovery that remains open to further expansion. At a 0.25 g/t gold cut-off, Inferred Mineral Resources comprise 111.5 million tonnes grading 0.44 g/t gold and 2.1 g/t silver, containing 1.6 million ounces of gold and 7.7 million ounces of silver (see Amarc news release dated September 26, 2012). At Galileo, extensive airborne and ground-based IP surveys have identified four high-quality, overburden covered anomalies that potentially represent important sulphide systems. These targets are ready for drill testing. Amarc's focus with respect to its Newton and Galileo projects is to partner them out to further advance exploration.
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 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 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
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,
Cautionary Note to Investors Concerning Estimates of Inferred Resources
This discussion uses the term "inferred resources". The Company advises investors that although this term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of a mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of economic studies, except in rare cases. Investors are cautioned not to assume that any part or all of an inferred resource exists, or is economically or legally mineable.
SOURCE Amarc Resources Ltd.