Business
Amarc Establishes Indigenous Scholarship for Lake Babine Nation as Part of Duke Area Claims Option With Prospector Richard J Billingsley
VANCOUVER, BC / ACCESSWIRE / September 5, 2023 / Amarc Resources Ltd. ("Amarc" or the "Company")...
About this update from Amarc Resources Ltd.
[{"type":"text","content":"Amarc Establishes Indigenous Scholarship for Lake Babine Nation as Part of Duke Area Claims Option With Prospector Richard J BillingsleyVANCOUVER, BC / ACCESSWIRE / September 5, 2023 / Amarc Resources Ltd. (\"Amarc\" or the \"Company\") (TSXV:AHR)(OTCQB:AXREF) announces that it and well-known British Columbia minerals prospector Richard J (Dick) Billingsley (\"Optioner\"), have agreed to establish an indigenous scholarship as part of the terms of an option agreement (\"the \"Agreement\"). Under the terms of the Agreement, Amarc may acquire from Mr. Billingsley a 100% interest in a group of mineral claims, covering some 2.34 km2, that are located internal to and near to the northern extent of the 678 km2 DUKE property.Amarc CEO, Dr Diane Nicolson said, \"We are very pleased with the outcome of our negotiations with Dick who has generously agreed that Amarc's funding of the scholarship would satisfy an important part of the consideration to him for the transfer of these mineral claims to the Company. It is planned that Amarc, Mr. Billingsley and representatives from the Lake Babine Nation would participate in a scholarship awards committee. Education and training are a priority for Amarc. We hope that local young people will benefit from this scholarship, acquiring additional knowledge and skills that will lead them to a career in mineral exploration or another rewarding field.\"Lake Babine Nation, Chief Murphy Abraham commented, \"Lake Babine Nation invites and supports this scholarship program, and it's one of many initiatives Diane and her team at Amarc have been working towards when it pertains to reconciliation. This will be a great opportunity for the next generation to further educate themselves in the field of mining exploration and/or other related fields. Much appreciation to Mr. Billingsley and Amarc for providing this opportunity which will help build the capacity Lake Babine needs to be able to sustain itself in the future of this industry.\"Under the terms of the Agreement, Amarc can acquire 100% of these claims, subject to a 2% Net Smelter Returns royalty retained by the Optionor that is capped at $10 million, by issuing 200,000 Amarc shares (subject to a four month hold under Canadian securities rules) and making annual cash payments of $5,000 to the Optionor plus funding an annual scholarship for Indigenous studen...