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.