Amarc Provides Exploration Update on Silver Vista Bulk Tonnage Silver-Copper Target
Amarc Resources Ltd. (TSXV:AHR)
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VANCOUVER, Nov. 14, 2012 /PRNewswire/ - Amarc Resources Ltd. ("Amarc" or the
"Company") (TSXV: AHR); (OTCBB: AXREF) is pleased to provide an update
of ongoing exploration programs at its 100% owned Silver Vista property
located in west central British Columbia (BC). The approximately 750
square kilometre claim package at Silver Vista is considered by
management to hold significant potential for the discovery of important
bulk tonnage-style silver-copper deposits.
"Results received from Amarc's comprehensive geophysical and geochemical
surveys at Silver Vista are very encouraging," said Amarc Chairman Bob Dickinson. "With a drill permit already in hand we are scheduling a drill program
for the new year to delineate the full extent and geometry of the MR
zone where limited historical drilling has intersected broad intervals
of silver-copper mineralization."
In addition to the MR area, Amarc has staked approximately 720 square
kilometres of mineral claims to cover the regions prospective host
rocks and geochemical anomalies (see Amarc news release July 25, 2012).
In the past few months Amarc has completed approximately 2,700 line
kilometres of helicopter-borne magnetic geophysical surveys, collected
some 700 silt geochemical silt samples, 175 rock samples and
approximately 6,700 grid soil geochemical samples, and has also
relogged and completed sampling of the historical drill core from the
MR zone. As final results are received and compiled, additional drill
targets will also be prioritized for follow up.
Historical exploration at the MR zone within the Silver Vista tenure,
defined a strong and continuous northwest-southeast trending, 1.2
kilometres long by 150 to 500 metres wide silver-in-soils anomaly, with
associated copper values. Fourteen shallow core holes have been drilled
across a distance of some 600 metres. Nine of the 14 historical drill
holes intercepted significant intervals of disseminated silver and
copper mineralization hosted by sedimentary rocks, including: 36.6
metres at 32.3 g/t silver and 0.50% copper including 3.5 metres at
163.9 g/t silver and 3.03% copper, and 45.5 metres at 45.4 g/t silver
and 0.06% copper (see Amarc news release July 25, 2012). Six of these
holes either bottomed in good mineralization or sampling terminated in
mineralization, for example, hole MR91-03 intercepted 63.1 metres
grading 40.1 g/t silver and 0.11% copper from 4.0 metres to the end of
The silver and copper mineralization (reported to be native silver and
chalcocite) and associated alteration is subtle and, at this time, not
fully understood. However, the Company believes that the
mineralization at the MR zone could have similar potential to important
bulk tonnage silver deposits such as the Montanore deposit in Montana
(Measured & Indicated Resources of 82 million tonnes at 58 g/t silver
and 0.75% copper and Inferred Resources 35 million tonnes at 58 g/t
silver and 0.71% copper; Mines Management Inc. website).
In addition, Amarc has entered into an option agreement to acquire a
100% interest in eight mineral claims, comprising approximately 35
square kilometres, internal and adjacent to its Silver Vista property.
Pursuant to the agreement, Amarc can acquire a 100% interest in the
property by issuing 200,000 common shares, making cash payments of
$130,000 and expending $630,000 over six years. The agreement is
subject to acceptance by the TSX Venture Exchange. Any Amarc shares
issued will be subject to a statutory four-month hold period under
Canadian securities requirements.
The Silver Vista property, characterized by gentle topography, is
located approximately 55 kilometres northeast of the town of Smithers,
and 300 kilometres northwest of northern BC's regional hub city of
Prince George (see maps at http://www.amarcresources.com/ahr/MapsFigures.asp. The region is well-served by existing transportation and power
infrastructure and is connected via Canadian National Rail and Highway
16 at Smithers, to the deep water Pacific Ocean port at Prince Rupert.
In addition, a skilled local workforce supports an active mineral
exploration industry in the region.
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
technical content of this release.
About Amarc Resources Ltd.
Amarc is a Vancouver-based mineral exploration and development company
focused on making the next major metal mine discovery in BC. With a
solid working capital position of $8.5 million, Amarc's exploration
activities are focused on: its 100%-owned Silver Vista silver-copper
project; the Galaxie and ZNT properties held under Option with Quartz
Mountain Resources Ltd.; its 100%-owned Galileo property, located
adjacent to New Gold's Blackwater gold-silver deposit; and the
100%-owned Newton gold discovery. Currently the Silver Vista drill
plans are on standby until results from drilling now underway at
Galaxie are returned and careful prioritization of the advancement of
Amarc's numerous major mine discovery opportunities can be made.
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
consistently superior returns to shareholders.
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, 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.