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
DUKE District is located 80 km northeast of Smithers within the Babine Region. (Credit: Bishnu Sarangi from Pixabay)
Amarc Resources Ltd. (“Amarc” or the “Company”) (TSXV: AHR; OTCQB:AXREF) is pleased to announce that it has entered into a Mineral Property Earn-in Agreement (the “Agreement”) with Boliden Mineral Canada Ltd. (“Boliden”), a wholly-owned subsidiary of the Boliden Group. Under the terms of the Agreement, Boliden may earn up to a 70% ownership interest, by making staged exploration and development investments, in Amarc’s 100% owned DUKE porphyry Cu-Au district (“DUKE District”) in central British Columbia (“BC”). Amarc is the operator of the project.
Amarc’s 678 km2 DUKE District is located 80 km northeast of Smithers within the Babine Region, one of BC’s most prolific porphyry Cu-Au belts, which hosts Noranda Mines’ past producing Bell and Granisle Cu-Au mines and the advanced stage Morrison Cu-Au deposit (see https://amarcresources.com/projects/duke-project). Significant infrastructure exists in the region, servicing an active forestry industry and also former mining activity. Central to Amarc’s extensive mineral tenure is the DUKE Deposit discovery that is located 30 km north of the Bell Mine. In addition to the DUKE Deposit, some 12 new porphyry Cu deposit targets have been identified on Amarc’s mineral claims.
“We are very pleased to establish this partnership with Boliden, an innovative and globally recognized diversified mine developer and producer,” said Dr. Diane Nicolson, Amarc President and CEO. “Amarc’s collaboration with Boliden – a company with demonstrated experience and a commitment to the full cycle of exploration, development, production and downstream processing – will substantially enhance the opportunity to realize the full potential of the DUKE porphyry copper discovery and the greater DUKE District. 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.”
Permits for drilling and ground geophysical surveys are in place at DUKE. The team is currently finalizing plans for a comprehensive program at DUKE to advance both the DUKE Deposit and prioritized porphyry Cu deposit targets for drill testing.
“Today’s announcement is Amarc’s second important, non-share dilutive strategic partnership with a major mining company, and will provide a significant catalyst to our exploration and development activities, and the growth of the Company,” Nicolson said, noting that Amarc is also working, as project operator, to advance its JOY Cu-Au District located in the Golden Horseshoe of northern BC with funding partner Freeport-McMoRan Mineral Properties Canada Inc., a subsidiary of Freeport-McMoRan Inc.
Source: Company Press Release