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Amarc Begins Drilling Three Separate Deposit Targets in British Columbia
Amarc Begins Drilling Three Separate Deposit Targets in British Columbia
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nSep. 22, 2009 (Canada NewsWire Group) -- VANCOUVER, Sept. 22 /CNW/ -- Amarc Resources Ltd. (\"Amarc\" or the \"Company\") (TSX-V: AHR, OTCBB: AXREF) announces that drill programs will commence on three separate mineral deposit targets in British Columbia (BC). The Newton bulk tonnage gold target is located in south-central BC while the Pinchi porphyry copper-gold and the Bodine zinc-copper massive sulphide targets are located in the north-central part of the province. These three properties have all been optioned from third party vendors and have historical data bases. Based on this data and geological investigations undertaken by Amarc, all three properties are considered to have significant potential for hosting major mineral systems.Newton Bulk Tonnage Gold TargetAmarc recently signed an Option and Joint Venture Agreement (the \"Newton Agreement\") with High Ridge Resources Inc. (\"High Ridge\") on the Newton property, located approximately 120 kilometres southwest of the City of Williams Lake. Historical drilling at the Newton property tested for porphyry-style copper-gold mineralization with low grade results. However, two drill holes (DDH06-12 and DDH06-03) positioned approximately 200 metres apart at the very eastern edge of this historical core drilling intercepted 105 metres of 1.20 g/t gold (including 49 metres at 2.33 g/t gold) and 97 metres at 0.51 g/t gold, respectively within an apparent epithermal, bulk tonnage gold environment. Both of these holes bottomed in mineralization. Amarc plans to drill a series of holes to test if this bulk tonnage-style gold mineralization extends to the east and/or to depth.Under the terms of the Newton Agreement with High Ridge, Amarc has the right to acquire an 80% interest in the Newton property by making a $60,000 cash payment (completed), issuing 100,000 Amarc shares to the underlying owners (completed), expending $240,000 on exploration before December 31, 2009 and funding an additional $4.7 million within seven years. On exercise of the option by Amarc, the two parties will enter into a joint venture agreement. The Newton Agreement is subject to an underlying agreement with arm's length parties, whereby High Ridge has the right to acquire a 100% undivided interest in all claims held under that agreement through a series of staged payments and share issuances, all of whi...