Business
Amarc and Quartz Mountain Amend ZNT and Galaxie Joint Venture Agreement
VANCOUVER , July 5, 2013 /CNW/ - Amarc Resources Ltd (" Amarc ") (TSX-V: AHR; OTCBB: AXR...
About this update from Amarc Resources Ltd.
[{"type":"text","content":"\n\n\nVANCOUVER, July 5, 2013 /CNW/ - Amarc Resources Ltd (\"Amarc\") (TSX-V: AHR; OTCBB: AXREF) and Quartz Mountain Resources Ltd. (\"Quartz Mountain\") (TSX-V: QZM; OTCBB: QZMRF) announce they have entered into an\n amendment agreement (the \"Amendment\") with respect to their previously\n executed joint venture agreement (the \"JV Agreement\") on the ZNT and\n Galaxie properties (the \"Properties\") located in central and northern\n British Columbia (\"BC\").\n\n\nUnder the terms of the Amendment, Amarc has the right to acquire a\n controlling interest in both properties by funding surface exploration\n programs to be completed during the 2013 field season. ZNT is\n considered to hold significant potential for the discovery of bulk\n tonnage-style silver deposits and Galaxie for porphyry copper deposits.\n\n\nThe Amendment\n\n\nUnder the terms of the Amendment, Amarc and Quartz Mountain have agreed\n that the current single joint venture between the companies will be\n divided into two separate joint ventures, namely the \"Galaxie Joint\n Venture\" and the \"ZNT Joint Venture\", effective June 26, 2013. Each\n joint venture will continue to be governed by the terms of the JV\n Agreement.\n\n\nThe parties have also agreed to amend the option granted by Quartz\n Mountain to Amarc under the original terms of the JV Agreement. Under\n the amended terms, Amarc has an option until October 31, 2013 to\n increase its interest in both the ZNT and Galaxie joint ventures from\n its current 40% interest to a 60% ownership interest by funding\n exploration expenditures of $210,000 and $235,000, respectively.\n Effective immediately, Amarc is appointed operator of both joint\n ventures. The field programs have been permitted and are expected to\n commence at ZNT in the next few weeks followed by work at Galaxie in\n late July through August.\n\n\nThe transactions contemplated by the Amendment are subject to regulatory\n approval.\n\n\nThe ZNT and Galaxie Properties\n\n\nThe 389-square kilometre ZNT property, located near Smithers in central BC, was staked by Quartz Mountain on\n the basis of significant zinc concentrations in regional till samples\n as reported by Geoscience BC. In late 2012, approximately 2,400 grid\n soil geochemical samples and 20 line kilometres of Induced Polarization\n (\"IP\") ground geophysical survey were complete...