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JOY Project

PINE Deposit & MEX Deposit Target

PINE Deposit Cross Section A-A’ Looking NW: Extensive Open Ended Au-Cu MineralizationPINE Deposit Cross Section A-A’ Looking NW: Extensive Open Ended Au-Cu Mineralization

Highly Anomalous Soil Results Indicate Extensive Mineralization in PINE Deposit AreaHighly Anomalous Soil Results Indicate Extensive Mineralization in PINE Deposit Area

Amarc’s reinterpretation of historical drilling at JOY has confirmed the presence of a substantial body of porphyry Cu-Au mineralization at the PINE Deposit.

Pine Deposit Highlights

  • A 2,500 m-long body with good grade Cu-Au mineralization (see PINE Table), which remains open to expansion laterally and to depth
  • Deposit situated within an extensive (6 km2), high-potential mineralized system, defined by IP chargeability geophysics, alteration mapping and variably-spaced historical drilling, that remains to be fully explored
  • Similar geological setting to the Kemess South, North and East deposits, to the Golden Triangle’s KSM and Saddle North deposits and to the Red Chris porphyry Cu-Au mine operated by Newcrest Mining Ltd.

Amarc is planning an initial drill program at PINE with the goal of expanding the current Cu-Au deposit and identifying new areas of proximal mineralization.

PINE DEPOSIT
Selected Historical Drill Intervals

DRILL HOLE FROM (m) TO (m) INT.(m)1,2,3 Cu(%) Au(g/t) Ag(g/t) Mo(%) CuEQ(%)4,5
79-2 1.8 51.0 49.2 0.28 0.669 - - 0.64
  99.0 127.5 28.5 0.32 0.647 - - 0.67
80-07 10.8 48.2 37.4 0.22 1.353* 1.4 0.001 0.97*
Incl. 13.0 15.9 2.9 0.30 3.12 1.3 0.001 1.94*
  57.0 90.5 33.5 0.11 0.531 1.4 0.003 0.41
92-38 14.0 44.1 30.1 0.21 1.116 0.7 0.001 0.82
  53.5 192.2 138.7 0.09 0.381 0.6 0.003 0.31
92-40 14.0 49.2 35.2 0.21 1.506* 1.3 0.001 1.04*
Incl. 20.0 22.0 2.0 0.28 3.34 1.2 0.001 1.93*
  54.5 140.0 85.5 0.14 0.725 0.6 0.002 0.55
  164.5 182.7 18.2 0.08 0.367 0.6 0.001 0.29
93-41 69.5 113.0 43.5 0.13 0.741* 0.8 0.002 0.55*
Incl. 75.0 77.0 2.0 0.28 3.10 3.6 0.001 1.94*
  129.0 137.0 8.0 0.36 0.210 0.1 0.002 0.48
  189.0 197.0 8.0 0.10 0.375 0.6 0.003 0.32
  265.0 273.0 8.0 0.08 0.438 0.1 0.004 0.33
P97-04 55.1 75.3 20.2 0.15 0.510* 4.5 0.002 0.46*
Incl. 74.0 75.3 1.3 0.32 205.20 43.4 0.004 2.25*
  90.7 127.4 36.7 0.15 0.522 2.8 0.002 0.46*
  127.4 192.4 65.0 0.16 0.658* 2.3 0.002 0.54*
Incl. 150.0 153.0 3.0 0.28 39.80 16.1 0.003 2.02*
Incl. 166.8 168.4 1.6 0.17 4.36 4.4 0.001 1.84*
P97-08 127.7 268.6 140.9 0.17 0.492 2.0 0.002 0.46
  >=0.30 & <0.50 CuEQ%
  >=0.50
  1. Widths reported are drill widths, such that the thicknesses are unknown.
  2. All assay intervals represent length-weighted averages.
  3. Some figures may not sum exactly due to rounding.
  4. Copper equivalent (CuEQ) calculations use metal prices of: Cu US$3.00/lb, Mo US$12.00/lb, Ag US$18.00/oz and Au US$1,400.00/oz and conceptual recoveries of: Cu 90%, Au 72%, Ag 67% and Mo 82%. Conversion of metals to an equivalent Cu grade based on these metal prices is relative to the Cu price per unit mass factored by predicted recoveries for those metals normalized to the copper recovery. The metal equivalencies for each metal are added to the Cu grade. The general formula for this is: CuEQ % = Cu% + (Au g/t * (Au recovery / Cu recovery) * (Au $ per oz/ 31.1034768) / (Cu $ per lb* 22.04623)) + (Ag g/t * (Ag recovery / Cu recovery) * (Ag $ per oz/ 31.1034768) / (Cu $ per lb* 22.04623)) + (Mo % * (Mo recovery / Cu recovery) * (Mo $ per lb / Cu $ per lb)).
  5. The estimated metallurgical recoveries are conceptual in nature. There is no guarantee that the metallurgical testing required to determine metal recoveries will be done or, if done, the metallurgical recoveries could be at the level of the conceptual recoveries used to determine the CuEQ.
  6. Details of analysis, QA/QC and data verification for the PINE Deposit drilling are provided in the 2020 JOY National Instrument 43-101 Technical Report, which is posted on the Amarc website and the Company’s profile on SEDAR.
  • (-) means not assayed for.
  • * Au and CuEQ values marked with an asterisk signify capping of very high Au assay results at 3.0 g/t for the composite calculation (3.0 g/t is the 98th percentile for Au in the JOY drill data). The included (Incl.) interval that follows presents the sample interval with the uncapped Au result.

MEX Deposit Target Highlights

  • Situated 3 km E of the PINE Deposit
  • Widely-spaced historical drilling indicates the mineralized system remains open both laterally under shallow cover and to depth
  • Historical intercepts (from Hole M05-01) include:
    • 30 m of 0.48% CuEQ1 @ 0.06% Cu, 0.72 g/t Au, 1.5 g/t Ag , 0.0048% Mo and
    • 32 m of 0.42% CuEQ @ 0.17% Cu, 0.41g/t Au, 2.7 g/t Ag, 0.0042% Mo

Planning is in progress for an initial drill program at MEX to expand the current Cu-Au deposit target.

  1. See PINE Deposit Table for CuEQ

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