Amarc’s ongoing delineation drilling continues to expand Newton gold discovery
VANCOUVER, April 11, 2012 /PRNewswire/ – Amarc Resources Ltd. (“Amarc” or the
“Company”) (TSX Venture: AHR; OTCBB: AXREF) is pleased to announce
assay results from a further ten delineation drill holes recently
completed at the Newton gold discovery, south-central British
Columbia. The new results continue to confirm that an extensive bulk
tonnage gold system has been discovered at Newton, and bring the total
number of holes with important gold intercepts to 53. These holes are
located over an area measuring 900 metres by 600 metres which remains
“Delineation drilling continues to return, from the near surface, long
intercepts of persistent bulk tonnage-style gold mineralization,” said
Amarc Executive Chairman Robert Dickinson. “We remain confident that
ongoing drilling at Newton will confirm this deposit as a major new
gold discovery in BC’s emerging Blackwater-Newton gold belt,”
Based on the encouraging results to date, Amarc has recently added a
third drill rig at site and expanded its core processing facilities to
ensure the efficient handling of additional drill core. “We plan to
methodically advance the drilling program at Newton until the deposit
is fully delineated,” Dickinson said.
Results from the ten new holes are summarized in the Table of Assay
Results on the following page. A drill plan and other information
regarding the Newton Project are available on Amarc’s website at http://www.amarcresources.com/ahr/MapsFigures.asp. Hole 12058 was lost at a depth of 112 metres. Based on its location,
re-drilling is expected to intersect significant widths of the
mineralized felsic volcanic host rock (see Cross Section-Looking
North). Samples from holes numbered 12066 through 12075 and 12077
through 12079 are in the assay stage. Holes numbered 12076, 12080 and
12081 are currently being drilled.
NEWTON PROJECT TABLE OF ASSAY RESULTS Drill Hole(2) Incl. From To Int.(3) Au Ag AuEQ(1) ID (m) (m) (m) (g/t) (g/t) (g/t) 11056 No reportable intercepts 12057 68.0 134.0 66.0 0.60 3.3 0.65 12057 incl. 89.0 134.0 45.0 0.70 3.5 0.76 12057 149.0 164.0 15.0 0.63 2.0 0.67 12057 239.0 254.0 15.0 1.30 2.7 1.35 12057 269.0 305.0 36.0 0.54 0.9 0.56 120584 36.0 42.0 6.0 0.47 7.8 0.60 12059 No reportable intercepts 12060 11.6 332.9 321.3 0.55 3.0 0.60 12060 incl. 11.6 179.9 168.3 0.71 3.8 0.77 12060 and 21.0 99.0 78.0 0.93 6.2 1.03 12060 and 75.0 99.0 24.0 1.84 12.4 2.04 12060 and 147.0 177.0 30.0 0.69 1.5 0.72 12061 82.0 154.0 72.0 0.31 1.6 0.34 12061 334.0 343.0 9.0 0.48 2.3 0.52 12062 354.0 372.0 18.0 0.49 1.2 0.51 12062 390.0 435.0 45.0 0.41 1.5 0.43 12063 28.0 34.0 6.0 1.13 4.6 1.21 12063 52.0 208.0 156.0 0.40 12.7 0.61 12063 incl. 52.0 139.0 87.0 0.49 19.9 0.82 12063 and 52.0 76.0 24.0 0.71 24.1 1.11 12064 22.4 43.0 20.6 0.65 2.7 0.70 12064 76.0 91.0 15.0 0.55 6.1 0.65 12065 19.2 28.0 8.8 0.39 5.5 0.48 12065 43.0 388.0 345.0 0.43 3.6 0.49 12065 incl. 46.0 67.0 21.0 0.49 7.7 0.62 12065 incl. 97.0 112.0 15.0 0.37 17.5 0.66 12065 incl. 205.0 388.0 183.0 0.55 2.0 0.59 12065 and 244.0 328.0 84.0 0.72 2.0 0.76 12065 and 244.0 259.0 15.0 1.09 2.3 1.13 12065 and 292.0 328.0 36.0 0.82 2.5 0.86
1. Gold equivalent calculations use metal prices of Au US$1200/oz and Ag US$20/oz. Metallurgical recoveries and net smelter returns are assumed to be 100%. 2. All holes are vertical, except for holes 12063 and 12064 which were drilled at an azimuth of 90 and dip -50 and azimuth of 180 and dip -50 , respectively. 3. Widths reported are drill widths, such that true thicknesses are unknown. All assay intervals represent length weighted averages. 4. Hole lost at 112 metres when entering favoured host rock.
The Newton property lies within BC’s exciting and newly emerging
Blackwater-Newton gold belt, which includes New Gold’s seven million
ounce-plus bulk tonnage gold deposit at Blackwater. The age and
geological characteristics of the gold mineralization at Newton
demonstrate striking similarities to the mineralization at Blackwater.
Amarc has acquired an 80% interest in the Newton property and is the
operator of the Newton Joint Venture. Newton Gold Corp. has a 20%
Newton is located some 100 kilometres west of the City of Williams Lake,
BC, in a region characterized by gently rolling hills. The district is
well served by existing transportation and power infrastructure and a
skilled workforce, which support a number of operating mines, as well
as late-stage mineral development and exploration projects. Newton is
also located approximately 175 kilometres south of New Gold’s
Blackwater gold deposit (Indicated Resources of 174 million tonnes at
an average grade of 0.98 g/t gold containing 5.5 million gold ounces;
and Inferred Resource of 92 million tonnes at an average grade of 0.78
g/t gold containing 2.3 million gold ounces; New Gold news release
March 7, 2012).
Hubble, Galileo & New Franklin Projects increase exposure in the
Blackwater-Newton Gold District
In addition to its 80% interest in the Newton project, Amarc owns
additional ground in BC’s most exciting new gold district.
The Company owns a 100% interest in the 800-square kilometre Galileo
property and the 140-square kilometre Hubble property located to the
west and east, respectively, of New Gold’s Blackwater deposit.
Extensive Induced Polarization geophysical surveys conducted by Amarc
over these two properties indicate strong potential for six major
sulphide mineralized systems. Four of the defined target areas have
similar dimensions to, or exceed that, of the eight square kilometre
sulphide system at Newton. It is Amarc’s intention to systematically
drill these promising targets for potential gold and/or copper deposits
in the months ahead. New Gold has recently announced additional new
claim acquisitions, bringing its total property holdings in the
Blackwater district to approximately 900-square kilometres.
Amarc has also entered into a purchase agreement with a third party vendor to
acquire the Franklin mineral claim, comprising approximately 5 square
kilometres (the “property”), located midway between its Hubble and
Gallileo properties and some 17 kilometres north of the Blackwater
deposit. Pursuant to the agreement, Amarc can acquire a 100% interest
in the Franklin property by issuing 10,000 common shares and making a
cash payment of $10,000. The agreement is subject to acceptance by the
TSX Venture Exchange.
The Galileo, Hubble and Franklin properties lie approximately 135
kilometres southwest of the town of Vanderhoof and 176 kilometres
southwest of northern BC’s regional hub city of Prince George. The
area is characterized by subdued topography and is well served by
existing transportation and power infrastructure, in addition to which
a skilled workforce supports an active mineral exploration industry.
About Amarc Resources Ltd.
Amarc is a Vancouver-based mineral exploration and development company
focused on making the next major gold discovery in BC. With a strong
working capital position of $16 million, its exploration activities are
focused on the Newton gold discovery through a Joint Venture with
Newton Gold Corp. (Amarc 80%: Newton Gold Corp. 20%) and its 100% owned
Galileo, Hubble and Franklin properties.
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.
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.
ON BEHALF OF THE BOARD
Ronald W. Thiessen
President & CEO
Quality Assurance/Quality Control
Sample preparation and analysis for the Newton project is done at ISO
9001:2008 accredited, and ISO-IEC 17025:2005 accredited for gold fire
assay with gravimetric finish, Acme Analytical Laboratories (Vancouver)
Ltd. All samples are assayed for gold by 30 g lead collection fire
assay fusion with Inductively Coupled Plasma Emission Spectroscopy
(ICP ES) finish. Silver and 33 additional elements are determined for
all samples by Aqua Regia digestion, followed by ICP ES and ICP Mass
Spectroscopy (ICP MS) finish. All over limit gold (greater than 10 g/t)
are re assayed by 30 g lead collection fire assay fusion with a
gravimetric finish. As part of a comprehensive QA/QC program, one
standard and one preparation duplicate are inserted into the sample
stream in each group of 20 samples, as well as one or more field blanks
in each analytical batch.
Neither the TSX Venture Exchange nor any other regulatory authority
accepts responsibility for the adequacy or accuracy of this release.
Forward Looking and other Cautionary Information
This release includes certain statements that may be deemed
“forward-looking statements”. All statements in this release, other
than statements of historical facts that address exploration drilling,
exploitation activities and other related events or developments are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially
from those in the forward looking statements. Factors that could cause
actual results to differ materially from those in forward-looking
statements include market prices, potential environmental issues or
liabilities associated with exploration, development and mining
activities, exploration and exploitation successes, continuity of
mineralization, uncertainties related to the ability to obtain
necessary permits, licenses and title and delays due to third party
opposition, changes in and the effect government policies regarding
mining and natural resource exploration and exploitation, continued
availability of capital and financing, and general economic, market or
business conditions. Investors are cautioned that any such statements
are not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on Amarc Resources
Ltd., investors should review the Company’s annual Form 20-F filing
with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedar.com.
SOURCE Amarc Resources Ltd.