Amarc Resources Ltd. announced the identification of new, and the expansion of known, porphyry copper-gold ("Cu-Au") deposit drill targets across its 482 km, 100%-owned JOY District (or "JOY"), in north-central British Columbia
("BC"). These targets are defined based on the integration of comprehensive geophysical, geochemical and geological field survey work, combined with extensive historical survey results completed by past operators. Over
the past two years, Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport"), which is earning-in at JOY, has invested approximately $20 million towards advancing the exploration program. Amarc is operator of the project. Amarc continues to receive incoming drill assay results from the laboratory for 37 core holes (15,427 m) completed in 2022. It is expected all drill results will be received and compiled over the next few weeks and
reported as soon as possible. IP Geophysical Surveys Integration of 56.3 new line-km of Induced Polarization ("IP") ground geophysical surveys from 2022 with the 154 line-km previously completed by Amarc, and the approximately 150 line-km completed historically by Gold Fields Limited continues to discover and expand clusters of large sulphide-bearing hydrothermal systems. These systems host or have significant potential to host porphyry Cu-Au systems, and are principally aligned along a 12.5 km northeast trending corridor. This corridor includes the PINE mineral system which measures 6 km and is host to PINE Deposit and the Canyon (5 km), Twins (7 km) and SWT (3 km) deposit targets. This trend is similar to the northeast trend of the Nugget, Kemess North, Kemess Underground and Kemess East Cu-Au porphyry deposits in the Kemess Mining District, which is located adjacent to the south of the JOY tenure and held by Centerra Gold Inc. In addition, a second prospective mineralized corridor is defined by a series of IP chargeability anomalies that extend north-northeast over approximately 6 km and remains open to expansion. The corridor includes the More MEX, North MEX, MEX and South MEX deposit targets. The MEX deposit target is known to host porphyry Cu-Au mineralization, and all targets on this trend remain to be fully explored. Furthermore, the NW Gossan (>2.2 km), South MEX (>1.9 km) and SWT (3 km) represent significant newly discovered sulphide systems which remain open to expansion. The 2022 soil geochemical survey (2,468 samples collected) has delineated encouraging new Cu-Au and multielement anomalies, which are in addition to those outlined by previous soils analyses by Amarc and historical operators (10,957 samples) across the JOY District (Figures 2 and 3). Collectively these multielement anomalies are characteristic of porphyry Cu-Au, transitional porphyry-epithermal and epithermal Au-Ag systems. Newly emerging geochemical anomalies include those at the NW Gossan, South MEX, Acapulco, WT, NWT and Jock deposit targets; these targets remain open to expansion and drill testing. Developing Porphyry Cu-Au Deposit Targets: Emerging and established, high-potential deposit scale targets at JOY occur in areas known or inferred to be underlain by highly prospective Middle Triassic to Lower Jurassic rocks of the Stikine Terrane, and are spatially associated with a significant regional Triassic-Jurassic unconformity (~200 Ma) age. This important geological environment extends throughout the well-endowed Golden Horseshoe Trend, including in the Golden Triangle and is host to world class Cu-Au deposits such as Galore Creek, Kerr-Sulphurets-Mitchell (KSM) and Red Chris. Geological work in 2022 has confirmed that the emerging NW Gossan, South MEX, SWT, WT, NWT and Jock deposit targets are optimally located within this geological environment. Notably, in addition to being located in a highly favorable geological environment, the emerging NW Gossan target is characterized by a newly delineated 4 km, Au-Cu-Mo-Ag-As-Pb-Se-Te-Bi soil geochemical anomaly. This geochemical signature is compatible with the peripheries of a porphyry Cu-Au(-Mo) system, and coincides with a new and substantial IP chargeability anomaly that remains open to expansion. This new deposit target remains to be explored with additional surface surveys and has not been drill tested. Exploration Under Cover: Canyon and Twins Deposit Targets: Some of the most significant deposit targets at JOY are in topographically subdued areas characterized by a relatively thin veneer (~2-40 m) of glacially transported overburden cover. In this environment both soils geochemical and geological expressions of potential concealed mineralization can be extremely muted and, as such, these largely covered targets have significant and previously underappreciated discovery upside potential. Located within a low-lying and gently undulating area of topography, the PINE Deposit, which is being systematically delineated by Amarc, notably has little or no soils geochemical signature directly overlying the Cu- Au mineralized porphyry body, the geochemical signature having been transported some 2 km down ice to the northeast. Similarly, the Canyon and Twins deposit targets are largely glacial overburden covered and have subdued soil geochemistry but have strong potential to host concealed porphyry Cu-Au deposits. At Canyon, limited initial scout drilling of this expansive sulphide system by Amarc in 2021 (JP21006: 27 m of 0.18% CuEQ with 0.06% Cu, 0.21 g/t Au) and historical operators (MEX12-013: 49 m of 0.16% CuEQ with 0.05% Cu, 0.20 g/t Au, and PIN09-15: 3 m of 11 g/t Au) intersected promising Cu-Au and Au-only mineralization compatible with the fringes of a potentially significant porphyry Cu- Au system.