Amarc Resources (TSXV:AHR) (OTCQB: AXREF) Expands Exploration Program at JOY With Continued Earn-In from Freeport
- Freeport-McMoRan Mineral Properties Canada Inc. (Freeport) has committed to spending approximately $14 million in 2022 for its contribution toward the exploration of the JOY copper-gold district
- The Amarc team has successfully completed a comprehensive exploration program that included over 15,000 metres of drilling
- Amarc expects to release assay results over the coming months following receipt, compilation and interpretation of the data
- Shares in Amarc Resources (AHR) are trading at CA$0.15 per share on the TSXV and US$0.1133 per share on the OTCQB
Amarc Resources announced today that its partner Freeport-McMoRan Mineral Properties Canada Inc. (Freeport) has committed to spending approximately $14 million in 2022 for its contribution toward the exploration of the JOY copper-gold district.
Drilling in 2022 comprised of core drilling and geological, geochemical, and geophysical surveys. The funding provided by Freeport was primarily focused on an expanded core drilling program with a third drill rig being mobilized to the site in September.
Now, the Amarc team is in the process of demobilizing from the JOY site, having successfully completed a comprehensive exploration program this year. The 15,427-metre drill program, completed in early October, consisted of 37 drill holes at the PINE Deposit and across a number of district porphyry copper-gold targets.
“The significant exploration funding provided by Freeport this year as part of the earn-in conditions, coupled with the collaborative nature of our relationship, is key to efficiently unlocking value across the extensive 482 km2 JOY District,” commented Dr. Diane Nicolson, President and CEO of Amarc.
“Not only is Freeport’s funding moving the District-wide exploration program forward in a timely and cost-effective way, we also consider it an important vote of confidence in JOY and our team.”
More than 8,000 core, rock and soil samples have been dispatched to the laboratory for preparation and analyses, and Amarc expects to release assay results over the coming months as data is received, compiled, and interpreted.
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$0.15 per share on the TSXV, up 7.4% as of 12:19 pm EST. On the OTCQB, AXREF is trading at US$0.1133 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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