Business
Amarc and Falkirk Agree to Invest $900,000 to Explore the Big Time Copper-Molybdenum Porphyry Target in British Columbia
VANCOUVER, July 6 /CNW/ - Amarc Resources Ltd. ("Amarc" or the "Company") (TSX-V: AHR, OTCBB: AXR...
About this update from Amarc Resources Ltd.
[{"type":"text","content":"\n\n\n\nVANCOUVER, July 6 /CNW/ - Amarc Resources Ltd. ("Amarc" or the "Company")\n(TSX-V: AHR, OTCBB: AXREF) announces that it has signed an Option and Joint\nVenture Agreement ("Agreement") with Falkirk Resources Corp. ("Falkirk") on\nAmarc's Big Time copper-molybdenum property ("Property") in north central\nBritish Columbia.\n\n\nUnder the terms of the Agreement, Falkirk has the right to earn a 50%\ninterest in the Big Time property by committing to issue 200,000 shares to\nAmarc and by funding $900,000 in exploration expenditures before December 31,\n2009. Amarc will act as the operator. On exercise of the option by Falkirk,\nthe two parties will enter into a Joint Venture Agreement. The Agreement is\nsubject to an underlying option agreement ("Bodine Agreement") with an arm's\nlength party, whereby Amarc has the right to acquire a 100% undivided interest\nin all claims held under this agreement through a series of staged payments\nand exploration expenditures. The claims held under the Bodine Agreement\n("Bodine Claim Block") are subject to a 3% net smelter royalty, 2% of which\nmay be purchased for $2,000,000 with the remaining 1% subject to a right of\nfirst refusal in favor of Amarc. Annual advance royalty payments of $50,000\nare required starting in 2012.\n\n\nThe Big Time property is located within the 218 square kilometer Bodine\nClaim Block (a Big Time Location Map is posted on Amarc's website\nwww.amarcresources.com/ahr/NewsReleases.asp). Results returned from\napproximately 360 soil geochemical samples collected on the Property during\nthe 2008 field season defined a significant 1 kilometer by 1 kilometer,\nopen-ended, multi-element anomaly having a strong porphyry copper-molybdenum\naffinity with high gold and silver.\n\n\nTo test this high priority porphyry copper-molybdenum deposit target,\nadditional definition work, including geological mapping, soil sampling and an\ninduced polarization geophysical survey, will be conducted. Drilling is\nplanned to follow in 2009.\n\n\nAmarc Resources Ltd. is a Vancouver-based exploration and development\ncompany, focused on making the next major new mineral deposit discovery in the\nprovince of British Columbia. Amarc is affiliated with Hunter Dickinson\nServices Inc., the personnel and management of whic...