Business
Amarc Divests the Newton Gold Property to Carlyle and Retains a 2% NSR Royalty
VANCOUVER, BC / ACCESSWIRE / December 17, 2020 / Amarc Resources Ltd. ("Amarc" or the "Compa...
About this update from Amarc Resources Ltd.
[{"type":"text","content":"Amarc Divests the Newton Gold Property to Carlyle and Retains a 2% NSR RoyaltyVANCOUVER, BC / ACCESSWIRE / December 17, 2020 / Amarc Resources Ltd. (\"Amarc\" or the \"Company\") (TSXV:AHR)(OTCQB:AXREF) reports that it has closed the previously announced sale of its Newton Property (the \"Property\" or \"Newton\") located in south-central British Columbia (\"BC\") (see Amarc news release December 9, 2020). The arm's length private company, Isaac Mining Corp. (\"IMC\"), has achieved the go-public event required under the terms of the agreement by amalgamating with a wholly-owned subsidiary of Carlyle Commodities Corp. (\"Carlyle\") (CSE:CCC)(FSE:OZ)(OTC PINK:DLRYF) pursuant to which Carlyle has acquired all of the issued and outstanding shares of IMC and its treasury of more than $2 million (see Carlyle release December 17, 2020).Also under the terms of the agreement, Amarc has received consideration comprising total cash of $300,000 and 5.5 million equity units (share plus warrant) in Carlyle valued at $0.25 per unit. Amarc now holds more than 12% of the issued and outstanding shares in Carlyle. In addition, Amarc retains a 2% Net Smelter Return (\"NSR\") Royalty in the Property.The divestment of the Newton Property allows Amarc to retain exposure to the upside gold potential at Newton through its equity position in Carlyle and the retained NSR Royalty, whilst maintaining strategic focus on the development of its three high-value and expansive, 100%-owned copper±gold districts - the IKE, JOY and DUKE. These districts are host to four known copper±gold deposits that are prime for moving toward development, and also 10 porphyry copper-gold deposit targets that are fully permitted and ready for drill discovery. Combined, Amarc's portfolio provides tremendous optionality for work program advancement and partnership transactions.The Newton Gold PropertyExploration drilling of 27,944 m in 89 core holes completed by Amarc at Newton Property successfully discovered and delineated a bulk tonnage, low to intermediate sulphidation gold-silver deposit, which extends over an area of approximately 800 m by 400 m and to depths of around 560 m from surface. An initial mineral resource estimate announced in September 2012 confirms Newton as a significant bulk tonnage gold discovery that remains open to further expansion. At a 0.25 g/t ...