Business
Amarc acquires an important copper-molybdenum-silver porphyry target in British Columbia
VANCOUVER , Dec. 13, 2013 /CNW/ - Amarc Resources Ltd. ("Amarc" or the "Company") (TSX-V...
About this update from Amarc Resources Ltd.
[{"type":"text","content":"\n\n\nVANCOUVER, Dec. 13, 2013 /CNW/ - Amarc Resources Ltd. (\"Amarc\" or the\n \"Company\") (TSX-V: AHR; OTCBB: AHR) is pleased to announce that it has\n entered into an Option and Joint Venture Agreement (\"Chilcotin Belle\n Agreement\") with Oxford Resources Inc. (\"Oxford\") in relation to the\n Chilcotin Belle property, located in central British Columbia (\"BC\").\n Amarc's management considers the Chilcotin Belle property to be\n prospective for bulk tonnage, porphyry-style copper-molybdenum-silver\n mineralization.\n\n\nUnder the Chilcotin Belle Agreement, Amarc will acquire an 80% ownership\n interest in the Property by making cash payments totaling $125,000,\n issuing 300,000 shares and by completing approximately $1.86 million in\n exploration expenditures on or before November 30, 2015. The mineral\n claims are subject to an underlying 2% net smelter returns royalty,\n which can be acquired by Amarc for $4 million. Upon exercise of the\n option by Amarc, the two parties will form an 80:20 joint venture to\n further develop the project.\n\n\nThe Chilcotin Belle property is located some 150 kilometres southwest of\n the City of Williams Lake in a region characterized by moderate\n topography (see location map on the Company's website at http://www.amarcresources.com/ahr/MapsFigures.asp). Limited historical drilling indicates the presence of a mineral\n system with characteristics that are highly favorable for the\n development of a viable copper-molybdenum-silver porphyry deposit. Of\n particular significance are three widely-spaced, historical drill holes\n (81-02, 891-01 and 891-02) which intercepted, from surface, long\n intervals of continuous, coarse grained chalcopyrite and molybdenum\n mineralization with encouraging grades. Examples of intersections from\n these holes are 289 metres of 0.36% copper equivalent (CuEQ1) comprising 0.28% Cu, 0.020% Mo (no silver assays available), including\n 91 metres of 0.51% CuEQ, comprising 0.39% Cu and 0.029% Mo; 216 metres\n at 0.39% CuEQ comprising 0.29% Cu, 0.020% Mo and 1.9 g/t Ag, including\n 58 metres at 0.53% CuEQ comprising 0.39% Cu, 0.031% Mo and 2.0 g/t Ag;\n and 120 meters of 0.42% CuEQ comprising 0.31% Cu, 0.020% Mo and 3.3 g/t\n Ag, including 32 metres of 0.60% CuEQ comprising 0.42% copper, 0.028%\n molybdenum and 6.3 g/t silver. All three holes ended in mineraliz...