Amarc Commences Work on Five Major Targets at its Galileo Project Near Blackwater, British Columbia
VANCOUVER, June 28, 2012 /PRNewswire/ – Amarc Resources Ltd. (“Amarc” or the
“Company”) (TSX Venture: AHR; OTCBB: AXREF) announces that field
evaluation of five extensive, sulphide mineralized systems defined in
2011 by Induced Polarization (IP) ground geophysical surveys has
commenced at its 100%-owned Galileo Project, located in south-central
British Columbia (BC). The approximately 990 square kilometre Galileo
property lies 16 kilometres west of New Gold’s seven million ounce-plus
bulk tonnage gold discovery at Blackwater and proximal to the notable
gold-silver deposits at Capoose and 3Ts.
“We are very encouraged by the extensive IP chargeability anomalies
delineated last year on the Galileo property,” confirmed Amarc Executive Chairman Bob Dickinson. “Our field teams are now out on Galileo mapping and sampling over these
five target areas so that they can be prioritized for drilling. In
addition, results received from recent airborne geophysical surveys
over our expanded claim position in the Blackwater region have
identified further deposit-scale targets for ground follow up.”
In 2011 Amarc completed 4,000 line kilometres of helicopter-borne
magnetic and electromagnetic geophysical surveys from which a number of
deposit-scale targets were identified for field evaluation. More than
140 line kilometres of follow-up IP ground geophysical surveys over
these epithermal gold-silver and porphyry gold-copper-type targets
identified five target areas with the potential to represent important
sulphide systems (see maps at http://www.amarcresources.com/ahr/MapsFigures.asp). Four of the defined Galileo targets areas have similar or greater
dimensions than the eight square kilometre sulphide system at the
Newton project, some 175 kilometres to the south. Amarc crews are now
in the field carrying out geological mapping and soil and rock
geochemical sampling over these five target areas so that drill
priorities can be established.
In addition, the Company recently completed some 600 line kilometres of
helicopter-borne, magnetic geophysical surveying over new mineral
claims that have been added to the Galileo land package. A number of
encouraging deposit scale targets have been identified for field
evaluation this season. Permit applications for IP ground geophysical
surveys over the new areas have been submitted to government.
Analytical results have also been received from an initial diamond drill
program at Amarc’s 100%-owned Hubble property, located approximately 35
kilometres northeast of New Gold’s Blackwater deposit. A 700 metre
drill program was completed to test a three square kilometre
chargeability anomaly defined by IP ground geophysical surveys
completed last year. The recent drilling encountered broad intervals of
pyrite-bearing lithologies but no economic mineralization.
Exploration activities are ongoing at Hubble with 33 line kilometres of
helicopter-borne, magnetic and electromagnetic geophysical surveying
being recently completed over new mineral claims which have been added
to the property. In addition, field crews will carry out geological
mapping and soil and rock geochemical sampling over select areas within
the property. A location map and other information regarding the Hubble
Project are available on Amarc’s website.
The Galileo property lies 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 a skilled local workforce supports an
active mineral exploration industry.
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.
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 $11.5 million, its exploration activities
are focused on its 100% owned Newton gold discovery and the Galileo
property which lies adjacent to New Gold’s Blackwater property.
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.
ON BEHALF OF THE BOARD
Ronald W. Thiessen
President & CEO
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.