Amarc Resources Ltd. reported that results received from the company's comprehensive surveys across the prospective 722 km2 DUKE district (DUKE District or District) in central British Columbia (BC), have identified multiple porphyry copper-gold ("Cu-Au") mineral systems. 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. Sixteen prospective deposit target areas were selected for 2023 field assessment based on a comprehensive compilation of government and historical exploration data from over the entire District.

The results of this successful program have defined six deposit targets for drill testing - in addition to the DUKE Deposit and DUKE Deposit Target where drilling is scheduled to recommence early in 2024 - and also a pipeline of additional porphyry copper-gold targets for further assessment prior to drill testing. Shared attributes between Svea and the known Babine Cu-Au deposits include: An association with regional scale faults and mineralized corridors; An association with volumetrically significant, Eocene-age biotite-feldspar porphyry (BFP) intrusions as detailed in geological survey work: the 1,500 m strike length of the BFP intrusions at Svea, is notably larger than historical interpretations, and is comparable with known BFP-related deposits in this district; An association with widespread hydrothermal fluid flow paths as defined by sheeted and stockwork vein sets, vein density and sulphide development; An association with a large 7 km2 IP chargeability anomaly underlying the interpreted mineralized system; An association with widespread and strong, Cu-Au-Mo-in-soil geochemical anomalies: extensive Cu-in-soil geochemical anomalies exceeding 100 ppm with internal areas of 250 ppm over 1,000 m by 200 m and 500 m by 300 m; and An association with both Cu and Au in historical drilling: limited drilling of 12 short, median 61 m long, drill holes completed in 1969 and 1975 by Texas Gulf Sulphur Co. intersected mineralization, suggesting the BFP's at Svea can be associated with significant Cu and Au contents.

Historical Cu assays are available for only nine of these drill holes, and these indicate varying degrees of Cu mineralization which is interpreted to be due, at least in part, to the presence of inter- and post-mineralization intrusions in which many holes terminated early. An example is historical drill hole DDH 69-3, which returned 0.36% Cu and 0.18 g/t Au over 23.7 m within 0.27% Cu over the total drilled length of 57 m terminating in a post mineral intrusion. Nearby hole DDH 69-4 intersected 0.37% Cu and 0.18 g/t Au over 30.5 m.