Amarc Resources Announces $90 Million Earn-in Agreement with Boliden Mineral Canada for the DUKE District

• Amarc Resources is advancing its DUKE District through an earn-in agreement with Boliden Mineral Canada
• Boliden has the option to earn up to a 70% ownership interest of the DUKE District
• Permits for drilling and ground geophysical surveys are in place across the property and the team is currently finalizing plans for a comprehensive program at DUKE
• Shares in Amarc Resources (AHR) are up 14.81%, trading at CA$0.155 per share on the TSXV

Amarc Resources (TSXV:AHR, OTCQB: AXREF) has entered into a mineral property earn-in agreement with Boliden Mineral Canada, a subsidiary of Swedish-based Boliden Group.

With this new agreement, Boliden has the option to earn up to a 70% ownership interest of Amarc’s DUKE District by making exploration and development investments in two stages.

“As our second non-share dilutive strategic partnership with a major mining operator, […] we believe that today’s agreement represents a significant catalyst in Amarc’s exploration and development activities, and opportunity for growth of the company,” said Amarc’s president and CEO Dr. Diane Nicolson in a message to shareholders.

During the initial earn-in stage, Boliden will fund $30 million of exploration and development expenditures in order to earn a 60% interest in the DUKE District. Of that $30 million, Boliden has committed to spending $5 million in 2022 and early 2023 exploration.

In the second earn-in stage, Boliden has the option to earn an additional 10% interest in the DUKE District by funding an additional $60 million of exploration and development, providing a minimum of $10 million per year over a period of six years.

The DUKE District is located in the Babine Region of British Columbia, one of the province’s most prolific porphyry copper-gold belts.

Historic drilling at the DUKE deposit discovery intersected significant mineralization including 87 m of 0.40% Cu, 0.021% Mo, 2.2 g/t Ag and 0.05 g/t Au. This porphyry copper-style mineralization remains open to expansion, and permits for drilling and ground geophysical surveys are in place across the property.

The team is currently finalizing plans for a comprehensive program at DUKE to advance both the DUKE deposit and prioritized porphyry copper deposit targets for drill testing.

“Our teams are excited about DUKE’s tremendous potential, and the opportunity to responsibly develop metals, such as copper, that are key to supporting modern society and its transition to a low-carbon future,” said Dr. Nicolson.

Amarc is a mineral exploration and development company with an experienced and successful management team focused on developing a new generation of long-life, high-value porphyry Cu-Au mines in BC.

Shares in Amarc Resources (AHR) are trading at CA$0.155 per share on the TSXV, up 14.81% as of 2:24 pm ET. On the OTCQB, AXREF is trading at US$0.101 per share.

To learn more about Amarc Resources and its projects, visit the Company’s website. To read the full press release, click here.

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