|July 25, 2012|
Amarc Assembles Bulk Tonnage-Style Silver-Copper Project In British Columbia--Aggressive Exploration Planned
July 25, 2012 - Vancouver, BC - Amarc Resources Ltd. ("Amarc" or the "Company") (TSX Venture: AHR; OTCBB: AXREF) announces the acquisition of a 100% interest in the Silver Vista property, located in west central British Columbia. Previous exploration on the Silver Vista property indicates the potential for a significant bulk tonnage silver-copper discovery. In addition Amarc has staked approximately 420 square kilometres of mineral claims in the region of Silver Vista to cover prospective host rocks. Amarc is planning to aggressively explore this new project to achieve its goal of making the next major precious metals discovery in BC.
"Amarc is very excited to have purchased 100% of the Silver Vista property, which we believe holds significant potential to host an important, bulk tonnage-style silver-copper deposit", said Amarc Chairman Bob Dickinson. "Limited historical drilling has intersected broad intervals of silver-copper mineralization at one end of a strong and extensive silver-in-soils geochemical anomaly," Dickinson said. "Amarc is planning an aggressive exploration program at Silver Vista focused on determining the full extent and geometry of the silver-copper mineralization. As a first step, a helicopter-borne geophysical survey is already underway over the entire property."
Historical exploration on the Silver Vista property 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. This anomaly remains completely open (see maps at http://www.amarcresources.com/ahr/MapsFigures.asp). Samples of sedimentary rock from historical trenching in the northern part of the soils anomaly returned 16.5 metres at 74 g/t silver and 0.43% copper, 10.2 metres at 38 g/t silver and 0.24% copper, and 15.0 metres at 28 g/t silver and 0.53% copper.
Fourteen shallow core holes have been drilled across a distance of some 600 metres outwards from the area of historical trenching. Nine of the 14 historical drill holes intercepted significant intervals of disseminated silver and copper mineralisation 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. Major portions of core from a number of these drill holes were not assayed and several holes bottomed in strong mineralization. For example, one hole bottomed in 30.5 metres grading 30.0 g/t silver and 0.18% copper from 36.6 metres to the end of the hole at 67.1 metres and another intercepted 63.1 metres grading 40.1 g/t silver and 0.11% copper from 4.0 metres to its end also at 67.1 metres.
Amarc is reporting these historical results from the limited historical trenching and drilling only to indicate the potential and style of mineralization at the Silver Vista project. The extent and geometry of silver-copper mineralization in the trenched and drilled area or its potential extensions cannot be currently determined due to the variable orientation, length, and lack of continuous sampling of the trenches and drill holes.
Reported assay results from historical drilling are given in the Table of Historical Reported Assay Results below.
TABLE OF HISTORICAL REPORTED ASSAY RESULTS3
<< Drag to view the table >>
The silver and copper mineralization (reported to be native silver and chalcocite) and associated alteration at Silver Vista is subtle and at this time poorly understood. However, the Company believes that the project could have similar potential to important bulk tonnage silver deposits found around the world, 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), the Navidad deposit in Argentina (Measured Resources 15 million tonnes at 137 g/t silver, 1.44% lead and 0.10% copper, Indicated Resources 140 million tonnes at 126 g/t silver, 0.79% lead and 0.04% copper and Inferred Resources of 46 million tonnes at 81 g/t silver, 0.57% lead and 0.02% copper (Pan American Silver Corp. website), and the former Candalaria mine in USA (historic production of over 68 million ounces of silver and current Measured & Indicated Resources of 14 million tonnes at 100 g/t silver and Inferred Resources of 46 million tonnes at 46 g/t silver, Silver Standard Resources Inc. website).
Amarc acquired its 100% interest in the approximately 30 square kilometre Silver Vista property by making an $800,000 cash payment to the vendor, Metal Mountain Resources Inc. The mineral claims purchased are subject to an underlying 2% net smelter returns royalty ("NSR"), of which 1% can be acquired by Amarc for $1 million, and thereafter the remaining 1% NSR is subject to a Right of First Refusal.
In addition, Amarc has also staked approximately 420 square kilometres of mineral claims in the Silver Vista region (see maps at http://www.amarcresources.com/ahr/MapsFigures.asp) to cover prospective host rocks and anomalies. The Silver Vista property 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. The area is characterized by gentle topography. The region is well-served by existing transportation and power infrastructure and is connected via CNR at Smithers to the deep water port at Prince Rupert. In addition, a skilled local workforce supports an active mineral exploration industry.
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 precious metals discovery in BC. With a solid working capital position of $11 million, its exploration activities are focused on its 100% owned Newton gold discovery (where a resource estimate is currently being prepared), its 100% owned Galileo property, (an extensive claim holding which is being readied for drill testing adjacent to New Gold's Blackwater gold-silver development) and the new, 100% owned Silver Vista silver-copper project.
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.
For further details on Amarc Resources Ltd., please visit the Company's website at www.amarcresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.
ON BEHALF OF THE BOARD
Ronald W. Thiessen
You can view the Next News Releases item: Wed Sep 26, 2012, Amarc Announces Initial Mineral Resource Estimate For Its Newton Bulk Tonnage Gold-Silver Discovery, British Columbia
You can view the Previous News Releases item: Thu Jun 28, 2012, Amarc Commences Work On Five Major Targets At Its Galileo Project Near Blackwater, British Columbia
You can return to the main News Releases page, or press the Back button on your browser.