Amarc Resources Ltd. announced to report all assay results from the Phase 1 core drilling program at its 100% owned DUKE porphyry Cu-Au district ("DUKE District" or "District") in central British Columbia ("BC"). In total, 24 core drill holes (11,086 m) were efficiently completed in 80 drill days between early December 2022 and mid-March 2023. Two drill rigs focused on further delineating the DUKE Cu-Mo-Ag-Au Deposit, while a third rig tested the shallow overburden covered and robust 4.7 km2 Induced Polarization ("IP") anomaly that surrounds the DUKE Deposit and is indicative of an expansive mineralized system.

Furthermore, with an early snow melt, crews were back on site in mid-May with a District-wide airborne magnetics survey recently being completed, and ground geological, geophysics, geochemical surveys all underway with over 35 technical and logistics crew members now on-site. These surveys are evaluating 16 prioritized porphyry Cu-Au targets across the DUKE District to define targets for planned winter 2023-2024 drill testing. Through 2023, $10 million in exploration expenditures at the DUKE District is being fully funded under the Mineral Property Earn-in Agreement with Boliden Mineral Canada Ltd. ("Boliden") (see Amarc news release November 22, 2022).

Amarc is project operator. Of the 24 Phase 1 holes drilled, 16 widely-spaced drill holes (7,552 m) were completed to further delineate the DUKE Deposit. These holes have increased the size of the DUKE Deposit porphyry Cu-Mo-Ag-Au system, and also Amarc's understanding of the controls on mineralization in the DUKE District.

An exploration template has been developed to effectively screen and advance the additional 16 priority exploration targets within the extensive 678 km2DUKE District tenure. This rapid advance in understanding the controls on mineralization at the DUKE Deposit provides a higher probability of success in these regional target areas. Drill holes at the DUKE Deposit were sited on a nominal 200 m grid as step-outs from previous Amarc drilling.

These holes confirmed that the DUKE Deposit extends to depths of at least 600 m, and also expanded the deposit footprint laterally to over 650 m north-south by 800 m east-west (Figures 1 and 2, and Tables 1 and 2). In addition, on-going detailed geological interpretation and modelling indicates strong potential for further expansion of the deposit laterally, and especially to the east. A notable characteristic of the porphyry Cu-Mo-Ag-Au mineralization in these widely-spaced holes is the presence of zones of higher grade mineralization within broader envelopes of comparatively moderate grade.

Significant potential exists with further drilling, for the definition of internal higher grade zones. The DUKE Deposit consists of a series of Babine porphyry intrusions which were emplaced into volcanic and sedimentary rocks. The resulting contact zones are characterized by elevated Cu-Mo grades, often over several tens of metres in width, in both the intrusions and the adjacent volcanic and sedimentary rocks.

The extension of significant Cu-Mo mineralization from the intrusions into the enclosing volcanic and sedimentary rocks greatly expands the DUKE Deposit volume potential. Amarc also completed eight Phase 1 core holes (3,534 m) outside of the DUKE Deposit but within the surrounding mineralized system as outlined by a 4.7 km2 IP chargeability anomaly (Figure 1). These widely-spaced (300 m to 500 m apart) drill holes tested a series of geophysical and geological targets.

Notably, drill hole DK23012, located 500 m northwest of the DUKE Deposit, returned a significant 30 m intercept of 0.47% CuEQ (0.36% Cu, 0.015% Mo, 0.06 g/t Au and 3.2 g/t Ag) from 264 m. This intercept represents an important target for follow-up drilling. Ongoing data interpretation and modelling is aimed at vectoring outward from the DUKE Deposit toward this target, and other zones of mineralization within the overall mineralized system. Amarc recently completed an extensive 5,759 line-km, helicopter-supported high-resolution aeromagnetic survey covering an area in excess of 500 km2 over the DUKE District, which builds on previous Amarc and historical aeromagnetic coverage.

The very informative results of this survey are being integrated in to the comprehensive District-wide exploration program that is underway to define multiple porphyry Cu-Au deposit drill targets. In addition, a very extensive surface exploration program has commenced with a logistics team, and three geological mapping, three geophysical and three geochemical sampling crews now on-site. The goal of these surveys is to establish well defined drill targets for winter 2023-2024 drilling.

Some initial 16 prospective deposit target areas have been selected based on Amarc's comprehensive compilation of government and historical data over the entire District. The compilation clearly highlighted the surprisingly low exploration maturity of the productive Babine porphyry Cu-Au region and provided a new interpretation of its geological, geochemical and geophysical characteristics. Also, as mentioned above, Amarc's 2022-2023 drilling at the DUKE Deposit has provided important new information about porphyry deposit exploration footprints in the region.