Amarc Resources Ltd. announced 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. 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. 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. Under the terms of the Agreement Boliden has a two-staged option to earn up to a 70% interest in the DUKE District.

To earn an initial 60% interest Boliden must fund CDN$30 million of exploration and development expenditures within four years of the effective date of the Agreement, of which CDN$5 million is a committed amount to be spent in 2022 and early 2023. Amarc will be the operator during this initial earn-in stage. Upon earning a 60% interest, Boliden can elect to earn an additional 10% interest in the Duke District, for an aggregate 70% interest, by funding an additional CDN$60 million of exploration and development expenditures at a minimum rate of CDN$10 million per year over the upcoming six years.

Once Boliden has earned a 60% interest it will also have the right to become the operator. Upon Boliden finalizing its earned ownership interest, Amarc and Boliden will form either a 60:40 or 70:30 unincorporated joint venture to further advance the Duke District. At that stage each party will be responsible for funding its own pro-rata share of project costs, or be subject to customary equity dilution, converting to a capped royalty if it falls below a 10% participating interest.

Although explored historically, the porphyry Cu system at the DUKE Deposit discovery has seen only limited drilling. Many of the 21 historical shallow and closely-spaced core holes intersected and ended in significant mineralization. In the main area of known mineralization, these holes extended to only 124 m vertical depth from surface.

Examples of the historical results are: hole 71-14 intersected 87 m of 0.40% Cu, 0.021% Mo, 2.2 g/t Ag and 0.05 g/t Au from 29 m to the end of the hole that includes 40 m of 0.48% Cu, 0.023% Mo, 2.6 g/t Ag and 0.07 g/t Au; and hole 70-02 intersected 113 m of 0.30% Cu, 0.012% Mo, 1.1 g/t Ag and 0.06 g/t Au from 30 m that includes 12 m of 0.41% Cu, 0.010% Mo, 1.6 g/t Ag and 0.09 g/t Au. The historical drilling was restricted to a small portion of a robust, 3 km north-south by 1 km east-west Induced Polarization ("IP") chargeability anomaly, which is thought to have been offset by faulting. When reconstructed, this IP chargeability anomaly has a classic donut shape that was the target of Amarc's eight core holes completed in 2017 through 2018.

Seven of the eight core holes drilled over an area measuring approximately 400 m north-south by 600 m east-west successfully intersected porphyry copper-style mineralization to a vertical depth of 360 m. This mineralization remains open to expansion. The historical drilling was restricted to a small portion of a robust, 3 km north-south by 1 km east-west Induced Polarization ("IP") chargeability anomaly, which is thought to have been offset by faulting. When reconstructed, this IP chargeability anomaly has a classic donut shape that was the target of Amarc's eight core holes completed in 2017 through 2018.

Seven of the eight core holes drilled over an area measuring approximately 400 m north-south by 600 m east-west successfully intersected porphyry copper-style mineralization to a vertical depth of 360 m. This mineralization remains open to expansion. Further, DUKE lies within the Babine Region, a belt of rocks that is highly prospective for discovery of Cu-Au deposits yet is relatively unexplored due to widespread glacial cover (4 m to 18 m thick in the Amarc DUKE Deposit discovery drill holes). Amarc has completed a comprehensive compilation of government and historical data over the entire DUKE District which provided a new interpretation of the geological, geochemical and geophysical characteristics of the Babine belt, identifying 12 previously unrecognized porphyry Cu deposit targets with exciting potential.