Amarc Resources Ltd. introduced the new JO porphyry copper-gold (Cu-Au) target, one of several new drill-ready targets discovered and delineated by the Company's 2023 comprehensive exploration surveys across the prospective 722 km2 DUKE in central British Columbia ("BC"). The success of last year's program is highlighted by the identification of multiple new porphyry Cu-Au centers in the District. Through 2023 Boliden Mineral Canada Ltd. ("Boliden"), under the DUKE District Mineral Property Earn-in Agreement, funded $10 million in exploration expenditures and will continue its earn in during 2024 with a further $10 million of budgeted expenditures.

Amarc continues as project operator. A significant portion of this year's investment will be directed towards drilling the DUKE Deposit and multiple drill ready porphyry Cu-Au targets across the District. Amarc's 2023 District wide field program employed a combination of geochemical, geophysical and geological surveys, and was expressly designed to identify previously unrecognized porphyry Cu-Au deposit targets associated with biotite-feldspar porphyry intrusive rocks.

These BFPs are host to mineralization within the prolific Babine porphyry Cu-Au Region at the former Bell and Granisle Cu-Au mines that were operated by Noranda Mines, the advanced stage Morrison Cu-Au deposit, and also Amarc's DUKE Deposit, SVEA Cu-Au Deposit Target and the JO Target. Prior to Amarc's 2023 District wide exploration programs, no mineral occurrences were identified in the area of the JO Target and this discovery highlights the effectiveness of the survey work. Notably JO is located approximately 6 km to the northwest of Amarc's SVEA Deposit Target and 36 km to the northwest of its DUKE Deposit.

JO shares similar attributes with Amarc's DUKE Deposit and SVEA Deposit Target, and also the known Babine Cu-Au deposits, being characterized by: An association with regional scale faults that exert a common control on the distribution of porphyry Cu-Au in the Babine is likely present. The distribution of silver in reconnaissance soil samples suggests that the Cu-Au mineralized BFP lies close to a north-northwest striking deformation zone. An association with a substantial 3 km2 Induced Polarization ("IP") chargeability anomaly (+15 mV/V) identifying a potential sulphide mineralized system Within this IP chargeability anomaly, a strong 1 km oval-shaped lobe of higher chargeability (+20 mV/V) located toward the east hosts a rare occurrence of BFP in the target area, which is covered by extensive glacial till.

This occurrence is also located on the eastern flanks of a magnetic high. This BFP occurrence can be correlated with other BFP-related porphyry Cu-Au deposits in the Babine through its presumed Eocene age, alteration style and association with regional scale structural controls. The BFP occurrence hosts well developed porphyry-style potassic alteration characterized by both secondary biotite and orthoclase, with disseminated chalcopyrite.

The discovery composite rock sample, comprised of five to six chips from a number of mineralized angular boulders on top of an outcrop, returned 0.18% Cu, 0.52 g/t Au, 16.05 g/t Ag and 55 ppm Mo. A second strong IP chargeability high lobe with similar dimensions and magnetic anomalies is located some 1,500 m to the west of the above. This area also has extensive surficial cover and a bedrock source has not yet been identified.

Due to the extensive glacial cover, LiDAR[1] survey data is currently being used to interpret grid soil geochemical data.