Amarc Announces Initial Mineral Resource Estimate for its Newton Bulk Tonnage Gold-Silver Discovery, British Columbia
VANCOUVER, Sept. 26, 2012 /PRNewswire/ – Amarc Resources Ltd. (“Amarc” or the
“Company”) (TSX Venture: AHR; OTCBB: AXREF) announces an initial
National Instrument 43-101 compliant mineral resource estimate for its
100% owned Newton bulk-tonnage gold-silver project, located in
south-central British Columbia (BC). The resource estimate is based on
24,513 metres of core drilling in 78 holes completed up to June 30,
2012. It confirms that Newton is a significant bulk tonnage gold
discovery that remains open to further expansion. At a 0.25 g/t gold
cut-off, Inferred Mineral Resources comprise 111.5 million tonnes
grading 0.44 g/t gold and 2.1 g/t silver, containing 1.6 million ounces
of gold and 7.7 million ounces of silver.
The current Newton resource extends over an area of approximately 800
metres by 800 metres and to a depth of 560 metres, and is open to
expansion to the northwest, west and to depth. It is located within the
southeast segment of an extensive eight square kilometre sulphide
system that is characterized by widespread gold enrichment indicating
high potential for the development of substantial additional resources.
This large, fertile mineral system extends well beyond the limits of
the current resource and is largely concealed under shallow cover.
Inferred Mineral resources at various cut-off grades are summarized in
the table below. A drill plan map and cross section are posted on the
Amarc website http://www.amarcresources.com/i/ahr/pdf/AHR2012Sep25_NR.pdf.
____________________________________________________ | Newton Gold Project | | Inferred Mineral Resources | |____________________________________________________| |Cut-Off Grade| Size | Grade | Contained Metal | |_____________|_______|____________|_________________| | |Tonnage|Gold |Silver| Gold | Silver | | (g/t Au) |(000 t)|(g/t)|(g/t) |(000 oz)|(000 oz)| |_____________|_______|_____|______|________|________| | 0.20 |147,069|0.38 | 1.9 | 1,818| 8,833 | |_____________|_______|_____|______|________|________| | 0.25 |111,460|0.44 | 2.1 | 1,571| 7,694 | |_____________|_______|_____|______|________|________| | 0.30 | 85,239|0.49 | 2.4 | 1,334| 6,495 | |_____________|_______|_____|______|________|________| | 0.35 | 65,384|0.54 | 2.7 | 1,130| 5,635 | |_____________|_______|_____|______|________|________| | 0.40 | 49,502|0.59 | 2.9 | 938| 4,596 | |_____________|_______|_____|______|________|________|
1. CIM definitions were followed for this mineral resource estimate. An "Inferred Mineral Resource" is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. 2. Inferred Mineral Resources were estimated using a long-term gold price of US$1,750 per ounce, a long-term silver price of US$25 per ounce, and a US$/C$ 1.00 exchange rate. 3. Bulk density is 2.71 t/m3. 4. Numbers may not add due to rounding. 5. The Effective Date of the Mineral Resource is July 4, 2012. The Effective Date being defined as the date when Roscoe Postle Associates Inc. was in receipt of full data which informed the resource.
Newton exhibits key characteristics that typify significant hydrothermal
gold deposits. The deposit lies within a large, gold-enriched
epithermal system that formed approximately 72 million years ago
contemporaneously with felsic volcanic and intrusive rocks, which were
emplaced into a structurally-active graben environment. Gold, silver
and associated base metal mineralization was precipitated with
extensive zones of strong quartz-sericite alteration. The alteration
types, metal associations and geological setting at Newton are nearly
identical to those which characterize several major intrusion-related
epithermal gold deposits in BC – including the important
Blackwater-Davidson, Brucejack and Snowfields deposits.
Exploration and resource expansion potential are clearly indicated at
Newton by the large scale of the hydrothermal system, the structurally-
and magmatically-active nature of the geological setting at the time of
mineralization, the intensity of the hydrothermal alteration and the
strong, widespread metal anomalies that have been confirmed by
widely-spaced wildcat drilling. In addition, the Newton deposit
occupies only one portion of an extensive Induced Polarization (IP)
geophysics chargeability anomaly. It is important to note that, beyond
the currently delineated Newton resource, anomalous concentrations of
metals have been intersected in almost all exploration holes drilled on
the property. Large portions of the system remain untested or have
been tested only by widely-spaced reconnaissance drilling.
Drilling activities at Newton were suspended at the end of June 2012 in
order that all assay results and geological information could be
complied and assessed and an initial resource estimate for Newton
completed. This work is now completed and provides Amarc’s management
with valuable information for ongoing strategic planning for the
Amarc’s Newton property is located some 100 kilometres west of the City
of Williams Lake, BC, in a region characterized by gently rolling hills
and other characteristics favorable for project development. 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
The Newton estimate was prepared using geostatistical methods by
technical staff at Hunter Dickinson Inc. (“HDI”) and audited by
geological and mining consultants at Roscoe Postle Associates Inc.
under the direction of Reno Pressacco, P. Geo., an independent
Qualified Person. Mr. Pressacco has reviewed the technical information
related to the resource estimate in this release. Sample preparation
and analysis of drill core samples from Newton were completed at the
ISO 9001:2008 accredited and ISO-IEC 17025:2005 accredited Acme
Analytical Laboratories (Vancouver) Ltd. A technical report providing
further details of the estimate will be filed on www.sedar.com within 45 days.
Exploration Surveys Defining Drill Targets at the Galileo and Silver
Amarc field crews are currently active on its extensive and 100% owned
Galileo property, located in BC’s Blackwater gold-silver district.
Further ground IP geophysical and soil geochemical surveys are underway
to define targets for drilling. Four extensive sulphide mineral systems
have already been identified at Galileo for drill testing (see June 28,
2012 news release), and it is expected that more drill targets will be
added over the coming months.
Crews are also working on the Company’s new, 100% owned Silver Vista
project located near Smithers. To date, approximately 540 silt samples
and 3,800 grid soil geochemical samples have been collected, and
surveys are ongoing. The work is designed to refine drill targets such
that the full extent and geometry of silver-copper mineralization
indicated from broad intersections in historical drilling (see July 25,
2012 news release) may be determined.
When the current field work is completed, Amarc management will
prioritize all drill targets established at the Silver Vista, Galileo
and Newton projects with the goal of executing a drill program which
will create significant value for the Company.
About Amarc Resources Ltd.
Amarc is a Vancouver-based mineral exploration and development company
focused on making the next major precious metals discovery in BC. With
a solid working capital position of $9.5 million, Amarc’s exploration
activities are focused on: its 100%-owned Newton gold discovery; its
100%-owned Galileo property, located adjacent to New Gold’s Blackwater
gold-silver deposit; and its new, 100%-owned Silver Vista silver-copper
Amarc is associated with 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
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
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.
Information Concerning Estimates of Inferred Resources
This news release uses the term “inferred resources”. Amarc advises
investors that although this term is recognized and required by
Canadian regulations under NI43-101, the U.S. Securities and Exchange
Commission does not recognize it. Investors are cautioned not to assume
that any part or all of the mineral deposits in this category will ever
be converted into reserves. In addition, “inferred resources” have a
great amount of uncertainty as to their existence, and economic and
legal feasibility. It cannot be assumed that all or any part of an
Inferred Mineral Resource will ever be upgraded to a higher category.
Under Canadian rules, estimates of Inferred Mineral Resources may not
form the basis of feasibility or pre-feasibility studies, or economic
studies except for Preliminary Economic Assessment as defined under NI
43-101. Investors are cautioned not to assume that part or all of an
inferred resource exists, or is economically or legally mineable.
SOURCE Amarc Resources Ltd.