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
Chairman
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.